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Crypto fund portfolio trust score: 4 steps, 41 of 51 at Fenbushi

By NAUT Research · · 8 min read

5.54 Portfolio trust score median trust score of 41 scored Fenbushi Capital companies on NAUT, read 13 November 2026. Logos: Eclipse, BitDAO, Everclear, Centrifuge, Huma Finance, Moonbeam, iZUMi Finance, Keep Network, WalletConnect, Fuel Network.

NAUT tracks 51 project companies backed by Fenbushi Capital, and 41 of them carry a NAUT trust score, read from NAUT's database on 13 November 2026. Their median crypto fund portfolio trust score is 5.54, above the 5.32 median of all 1,697 scored projects on NAUT, and the top 3 are Eclipse at 7.55, BitDAO at 7.51 and Everclear at 6.97.

This playbook shows how to judge a crypto VC portfolio with those scores, in 4 steps you can repeat on any fund page on NAUT.

Data note.

  • Read from NAUT's own database on 13 November 2026. Scope: every live company row linked to the Fenbushi Capital investor page, 52 rows, none archived or merged.
  • 1 of the 52, FalconX, is held on NAUT as an investor, so it is out of the scored set. That leaves 51 project companies on 55 round records.
  • The NAUT-wide comparison is the median (5.32) and average (5.31) of the 1,697 scored project rows on the same day.
  • 4 of the 51 backings were checked against a published source (Eclipse, BitDAO, Everclear and Centrifuge). The other 47 rest on NAUT's round records alone.
  • Written by the NAUT research desk.

How do you judge a crypto fund portfolio trust score in 4 steps?

Pull the fund's backed list, split scored from unscored, compare the median with NAUT's median, then read the top of the list and confirm each backing at a source. Each step takes a few minutes on a NAUT investor page, and the result is a quick read on VC portfolio quality: it tells you whether a fund's book leans to stronger or weaker projects before you pitch it, raise from it or sell into it.

4 steps to score a crypto fund portfolio
  1. Pull the backed listOpen the fund's NAUT page: Fenbushi Capital shows 52 rows, 51 of them project companies.
  2. Split scored from unscored41 of the 51 carry a trust score and 10 carry none.
  3. Compare the median5.54 for the 41 against 5.32 for all 1,697 scored projects on NAUT.
  4. Read the top 3 and confirmEclipse 7.55, BitDAO 7.51, Everclear 6.97, each backing checked at a source.

Step 1: Which companies sit in the Fenbushi Capital portfolio on NAUT?

Start on the fund's page, Fenbushi Capital, and count the companies it links to. NAUT's data shows 52 live rows there on 13 November 2026, with 0 archived and 0 merged.

Drop any row that is a fund rather than a company you would judge on product quality. Here that is 1 row, FalconX, which NAUT holds as an investor. The 51 project companies left sit on 55 round records: 47 companies have 1 round and 4 have 2 (Eclipse, SemanticLayer, Aztec Network and Recall Network).

Step 2: How many of the 51 carry a trust score?

41 of the 51 project companies carry a NAUT trust score, and 10 carry none. Count the gap before you read any average: a crypto project trust score exists for 41 rows here, and a median over 41 rows says nothing about the other 10.

The 10 without a score are Bribe Protocol, Kibo Finance, bloXroute, Aztec Network, Recall Network, Abstract, CrossCurve, Anichess, Sandstorm and goodcryptoX.

Watch the tier label as well. 5 of those 10 carry a tier label with no score (goodcryptoX "very high", Anichess "high", and Aztec Network, Recall Network and Abstract "medium"). The label and the score are 2 separate fields on NAUT, so judge the portfolio on the score and treat a label alone as unscored.

Step 3: Is the crypto fund portfolio trust score above NAUT's median?

Yes for Fenbushi: the 41 scored companies have a median of 5.54 and an average of 5.57, against a median of 5.32 and an average of 5.31 across all 1,697 scored projects on NAUT. The median row is Intuition Systems at 5.54.

Use the median over the average, because 1 very high or very low score moves an average and leaves a median where it was. Then count how many rows clear the NAUT-wide median: 24 of the 41 score above 5.32 and 17 score below it.

Score band Companies Share of the 41 Highest in band
6.00 and up 13 31.7% , 7.55
5.00 to 5.99 16 39.0% , 5.98
Below 5.00 12 29.3% , 4.93

The lowest score in the portfolio is Oasys at 3.98, so the 41 run from 3.98 to 7.55.

Step 4: Which Fenbushi Capital companies score highest?

Ranked by trust score, highest first, the top 3 are Eclipse at 7.55, BitDAO at 7.51 and Everclear at 6.97. The chart shows the 10 highest of the 41.

Fenbushi Capital portfolio, 10 highest trust scores on NAUT
  1. Eclipse7.55
  2. BitDAO7.51
  3. Everclear6.97
  4. Centrifuge6.93
  5. Huma Finance6.76
  6. Moonbeam6.76
  7. iZUMi Finance6.62
  8. Keep Network6.46
  9. WalletConnect6.40
  10. Fuel Network6.37

Huma Finance and Moonbeam tie at 6.76.

Before you cite a fund's best names, confirm the backing at a source outside NAUT. For the top 4 it holds:

  • : The Block lists Fenbushi Capital among the participants in Eclipse Labs' $50M Series A of March 2024.
  • : in its June 2021 report on a private sale of over $230M, Forkast wrote: "Fenbushi and Kain Warwick of Synthetix are among more than 20 participants in BitDAO."
  • : Fenbushi Capital joined the $7.5M round of Connext in June 2023, per The Block. Connext renamed itself Everclear in June 2024, and the 2024 Everclear round The Block covered does not name Fenbushi.
  • : Forklog's February 2021 report on the $4.3M round says "It also included Rockaway, Fintech Collective, Moonwhale, Fenbushi, TRGC and HashCIB."

All 41 scored Fenbushi Capital companies, ranked by trust score

Ranked by NAUT trust score, highest first, as NAUT held them on 13 November 2026. Tier is the row's own tier label field.

Company Score Tier Sectors
7.55 medium Infrastructure, L1/2/3
7.51 no label none tagged
6.97 no label DeFi, Infrastructure
6.93 no label RWA
6.76 high DeFi, Payment
6.76 no label L1/2/3, DeFi
6.62 no label DEX (Decentralized Exchange), CEX (Centralized Exchange), DeFi
6.46 no label L1/2/3, DeFi, Privacy
6.40 medium Wallet, DeFi
6.37 high Infrastructure, L1/2/3
6.25 no label SocialFi, Gaming
6.08 no label none tagged
6.06 no label Infrastructure, DeFi
5.98 no label Security
5.85 no label Intelligence, DeFi
5.78 no label Gaming, AI
5.76 no label Payment
5.75 no label Infrastructure
5.62 no label AI, SocialFi, DePIN
5.57 no label L1/2/3, DePIN, Privacy
5.54 medium Intelligence, Tools
5.50 no label Infrastructure, Prediction Market
5.40 no label DEX (Decentralized Exchange), CEX (Centralized Exchange), DeFi
5.36 no label AI, Infrastructure, Intelligence, DePIN
5.18 no label AI
5.15 no label DEX (Decentralized Exchange), DeFi, Wallet
5.14 no label none tagged
5.13 no label Gaming
5.03 no label DeFi, Infrastructure
4.93 medium Infrastructure
4.93 no label Gaming
4.83 no label Media, L1/2/3, Gaming
4.77 no label Infrastructure, DePIN
4.67 no label DePIN, AI
4.62 no label Infrastructure
4.50 no label Infrastructure
4.39 no label Security, DeFi
4.19 no label Infrastructure
4.08 no label Infrastructure, RWA, Gaming, DeFi
3.99 no label Media, Infrastructure, L1/2/3, DePIN
3.98 no label L1/2/3, Gaming

What this tells a BD team, a founder and an investor

  • BD team: start with the 13 Fenbushi companies at 6.00 and up, from Eclipse to Morpho. NAUT project pages list the team where NAUT has it, so you can go from the score to the people.
  • Founder raising: a fund whose median sits at 5.54 against 5.32 NAUT-wide has backed projects that score above the middle of the market. Name 2 or 3 of its scored companies in your own sector when you pitch, and check the 10 unscored ones before you use them as references.
  • Investor sourcing co-investors: run the same 4 steps on any fund you plan to syndicate with, and compare medians on the same day. A median read on a different date can drift as scores update.

Related reading on NAUT: How to research a VC fund: 6 checks, 23 rounds, 27 partners and How to verify a crypto investor: 6 checks, 143 funds pass 4.

Can you pull this data through the NAUT API?

Yes: GET https://api.naut.so/v1/investors/fenbushi-capital with your key as $NAUT_KEY returns the fund with its team and portfolio, each row with company, roundType, amountUsd, announceDate and isLead, and GET https://api.naut.so/v1/projects/eclipse returns 1 company with its team. Each data call costs 5 credits, and the Essential plan is $49 a month for 3,000 credits (docs, pricing). Verified Telegram, email and LinkedIn for the people behind these 51 companies unlock on any paid NAUT plan, so start a 7-day trial.

Crypto fund portfolio trust score FAQ

What is the median trust score of the Fenbushi Capital portfolio?

The 41 scored Fenbushi Capital project companies on NAUT had a median trust score of 5.54 and an average of 5.57 on 13 November 2026. The median across all 1,697 scored projects on NAUT was 5.32 that day.

Which Fenbushi Capital companies have the highest trust score?

On 13 November 2026 the top 3 by NAUT trust score were Eclipse at 7.55, BitDAO at 7.51 and Everclear at 6.97, out of 41 scored Fenbushi Capital companies. Fenbushi's backing of all 3 appears in The Block or Forkast coverage, Everclear's under its earlier name, Connext.

How many Fenbushi Capital companies have no trust score?

10 of the 51 Fenbushi Capital project companies on NAUT carried no trust score on 13 November 2026, including Aztec Network, Abstract and bloXroute. 5 of those 10 carry a tier label without a score.

Where can I find the teams behind Fenbushi Capital's portfolio and their contact channels?

NAUT lists all 51 Fenbushi Capital project companies on its Fenbushi Capital page, and company pages name the team where NAUT has it, also returned by GET https://api.naut.so/v1/projects/<slug>. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so start a 7-day trial.

Sources

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