South Africa's First Institutional Digital Asset Fund
A 100% Black-owned, FSCA-regulated, passively managed digital asset index fund — engineered to sovereign-grade institutional standards. Building the financial infrastructure that keeps Africa's digital future on African soil.
Who We Are
Capstone Digital Assets is a 100% Black-owned, B-BBEE Level 1 investment management firm founded by Katleho Moletsane. We are establishing the first institutional-grade, passively managed digital asset index fund in South Africa — purpose-built for institutional allocators who demand sovereign-grade fiduciary oversight.
South Africa's asset management industry manages over R10 trillion in AUM, yet has no locally governed, FSCA-regulated digital asset vehicle. All equivalent exposure flows offshore, exporting every rand of management fee and custody revenue from the South African financial system. We are the direct response to that gap.
With Category II FSP & CASP licence applications pending activation upon appointment of a Principal FSP, Capstone Digital Assets is positioned to operate within the most rigorous regulatory framework available to South African asset managers — today.
A 2–3 year window exists before established asset managers deploy competing products. Our regulatory and governance infrastructure secures that advantage during this critical period.
Anchored by the PIC's Isibaya Fund, our structure fulfils a verifiable developmental return: Black transformation, 4IR infrastructure, job creation, and financial sovereignty — measurably.
The General Partner has zero unilateral authority over assets. Every valuation is independent. Every compliance requirement is supervised. This is not a promise — it is a technical constraint.
The Investment
A passively managed En Commandite Partnership tracking the CCi30 Index — the institutional benchmark covering 84.2% of the global digital asset market capitalisation.
Rules-based, algorithmic replication of the top 30 digital assets by square-root market capitalisation. Developed by Nobel-calibre Mathematicians. The GP cannot exercise discretion — mandate adherence is technically enforced.
South African jurisdiction. Tax-transparent flow-through — no double taxation. LP liability strictly capped at committed capital. Monthly NAV calculated independently by Apex Group (USD 3.1T+ AUA).
95% of assets held in institutional cold storage via Zodia Custody — backed by Standard Chartered and Northern Trust. The GP holds no private keys and has no unilateral authority to move funds.
Comprehensive cyber and crime insurance covering theft, technology errors, and internal collusion — active from Day 1, before a single rand of LP capital is called.
The PIC's R350M anchor is released in independently verified tranches. No capital is ever called before Apex Group jointly issues an Operational Readiness Certificate confirming full infrastructure is live.
1.5% management fee + 0.5% administration and custody. Performance fee of 20% only above the Nasdaq-100 hurdle with a high-watermark double-lock. The GP earns nothing unless it materially outperforms global technology equities.
Performance
Seed capital: R350M PIC Isibaya anchor. All projections net of the 2.0% Total Expense Ratio, applied over a 10-year fund horizon.
Forward projections apply a 50% reduction to the CCi30's historical CAGR of ~51.5% (2015–2026), in line with institutional-grade conservatism and the principle of diminishing marginal returns as the asset class matures.
The asymmetric risk profile is the core thesis: the bear case is a strong absolute return. The base case is transformational. Past performance does not guarantee future results.
Institutional Oversight
Every critical function is supervised by an independent, regulated, globally accredited entity. The General Partner cannot move assets, influence NAV, or deviate from the CCi30 mandate — technically or contractually.
Category II FSP & CASP licence applications are being prepared for submission to the FSCA. Capstone Digital Assets operates under its own regulatory framework pending licence issuance.
Independent NAV calculation. Multi-source institutional pricing. GP has zero input into valuation.
Authorised Management Company. Monitors GP for zero style drift. Style drift from CCi30 is physically impossible.
Legal guardian for Limited Partners. Ensures all activity is within the Trust Deed and Isibaya parameters.
Annual statutory audits with Proof-of-Reserve verification — confirming physical cold storage assets match CCi30 weightings.
Developmental Impact
Anchored by the PIC's Isibaya developmental mandate, every aspect of Capstone Digital Assets delivers a measurable transformation contribution.
Level 1 status. 100% Black-owned. 100% Black youth-owned. The first 100% Black-owned institutional digital asset manager in South Africa — a sector with zero Black representation at institutional level.
The first FSCA-regulated, ZAR-denominated institutional digital asset index vehicle in SA. Sets the compliance, custody, and governance standard for all subsequent entrants — a national benchmark.
13 high-value roles by Year 5. 80%+ Black South African professionals under 35. A formal graduate pipeline from Wits Business School and UCT GSB planned at R1.2B AUM.
R8.25M in annual management fee income retained within the South African financial system at target AUM — versus the current position where 100% of equivalent exposure exports revenue offshore.
Creates regulated ZAR-denominated digital asset access for South African institutions — eliminating dependence on offshore USD platforms and building domestic financial infrastructure.
A 20-year roadmap to position South Africa as the digital financial hub of the SADC region — expanding to Lagos, Nairobi, and Mauritius, and managing mandates for global sovereign wealth funds by 2040.
The General Partner
"Consistent outperformance through discretionary selection in digital asset markets is extremely difficult. The greatest value came from broad, diversified, passive exposure — and this insight led directly to the passive index philosophy that underpins Capstone Digital Assets."
Katleho Moletsane is a South African financial services professional who has been active in digital asset markets since 2018. His journey is grounded in first-hand experience across multiple market cycles — including the formative experience of personal financial loss through leveraged, discretionary trading strategies.
These experiences generated the institutional insight that drives the entire fund architecture: passive, diversified exposure consistently outperforms active selection in high-growth, volatile markets.
He holds RE1 (Key Individual) and RE5 (Representative) certifications meeting the FSCA's Fit and Proper requirements, and is advancing Capstone Digital Assets' own Category II FSP & CASP licence applications with the FSCA.
FSCA Fit and Proper — Key Individual status
Pending activation — immediate submission upon appointment of Principal FSP partner
Active across 3 complete market cycles
Commenced May 2026 — fiduciary law, tax, portfolio construction
RE3 + JSE RPE — gold standard SA credentials
Global institutional recognition
CEO, Aurora Capital SA — institutional asset management expertise
Institutional Enquiries
This website presents a high-level overview only. Accredited institutional investors may request the full Investment Memorandum, NEF Application, and Executive Briefing package.
Strictly Confidential — For Accredited Institutional Investors Only
This is not an offer to sell or a solicitation to buy securities