Kelvin Koh is the Co-Founder, Managing Partner, and Chief Investment Officer (CIO) of Spartan Group, a blockchain investment and advisory firm. Before entering the cryptocurrency sector, Koh had an extensive career in traditional finance, most notably spending 18 years at Goldman Sachs, where he became a Partner and Director of Research. ^{[1] [2]}

Education

Koh attended the National University of Singapore from 1994 to 1997. He graduated with a Bachelor of Business Administration (BBA) with a specialization in Finance. ^{[3] [4] [11]}

Career

Traditional Finance

Koh began his career as a research analyst at Goldman Sachs and remained with the investment bank for 18 years. During his tenure, he worked across the firm's offices in Singapore, Hong Kong, and Beijing, gaining expertise in Asian markets. He progressed through several senior roles, including Executive Director from 2002 to 2006 and Managing Director from 2007 to 2010, ultimately becoming a Partner and the firm's Director of Research. His work focused on financial analysis across various asset classes, , which served as a basis for working in the cryptocurrency sector.

After leaving Goldman Sachs, Koh transitioned to the hedge fund industry. From 2015 to 2017, he served as a Partner at Indus Capital Partners, an Asia-focused equity hedge fund that managed over $6.5 billion in assets at the time. In this role, he also held the position of China CIO. Following his time at Indus Capital, Koh was a Managing Partner at Trident Venture Partners, an early-stage venture capital firm.

In 2018, Koh co-founded The Spartan Group, a digital asset investment and advisory firm headquartered in Singapore and Hong Kong, alongside Melody He and Casper Johansen. He holds the titles of Co-Founder, Managing Partner, and Chief Investment Officer (CIO) of Spartan Capital, the group's asset management division. The firm was established by veterans from banking and hedge funds to provide advisory services for blockchain projects on fundraising and Asia expansion, as well as to make direct investments through its various funds.

Under Koh's leadership as CIO, Spartan Group launched several specialized funds. In June 2021, the firm launched a $110 million DeFi Venture Fund. By September 2022, this fund's assets were valued at $143 million, having backed 108 projects. Koh noted that the fund's return calculations included unrealized gains from locked and non-public tokens, which he described as standard practice for early-stage venture investments. In March 2022, the firm unveiled a $200 million Metaverse and Gaming Venture Fund. The firm also operates a liquid token fund, the Global Blockchain Opportunities Fund, which had $91 million in assets as of October 2022. In 2022, Spartan Group established Spartan Labs, a $100 million venture studio intended to co-build Web3 projects. After its initial head departed in December 2022, Koh confirmed the studio was set to launch its first project in January 2023. ^{[8] [3] [4] [5] [6] [7] [11] [12]}

Achievements

During his 18-year tenure at Goldman Sachs, Koh was recognized for his financial analysis. His research earned him top rankings from several financial industry publications and firms, including Institutional Investor, AsiaMoney, and Greenwich Associates. ^{[2] [5]}

Investment Philosophy and Market Commentary

Koh is a vocal proponent of the disruptive potential of decentralized finance (DeFi), with his public profile stating a belief that "DeFi will eat up TradFi." He views the rise of cryptocurrency as a fundamental, world-changing event that facilitates a "generational wealth transfer from the old to the young... from the establishment to the guys who dare to dream up a new world order." He advocates for a research-intensive investment approach, stating in a June 2020 post, "Alpha should rightfully go to the people who put in the time and effort to find it." ^[9]

Throughout his career in digital assets, Koh has provided public market commentary and predictions.

• In November 2020, he criticized a May 2020 assessment from his former employer, Goldman Sachs, that deemed Bitcoin unsuitable for clients, calling it "one of the worst calls ever."
• For 2021, he predicted Bitcoin would reach $100,000, Ethereum would surpass its all-time high within six months, and Polkadot would become a top-five cryptocurrency by market capitalization.
• During a significant market downturn in May 2021, he drew parallels to a 2017 crash, noting that a 37% drop was previously followed by a substantial rally. By June 2021, he stated that the market was "already in a bear market" due to the magnitude of the correction.
• In July 2021, he identified a market narrative shift away from DeFi and toward blockchain gaming, citing the user adoption of titles like Axie Infinity.

In May 2025 commentary, Koh described the Web3 gaming sector as "very challenged" and "overlooked or under-owned" by investors. He stated his belief that the sector required a "big hit game" to regain market attention and noted that Spartan Group was closely watching the development of games such as Off the Grid, Maplestory Universe, and FIFA Rivals. ^{[9] [10]}

Notable Activities

Koh is an active participant in the high-end non-fungible token (NFT) market. In February 2023, he announced the acquisition of "CLUTCHES," a digital artwork by the crypto artist XCOPY. The purchase was made for 250 ETH, which was valued at approximately $422,697 at the time of the transaction. ^[9]

Interviews

Token 2049 and Web3 Outlook #01

In an interview with White Crypto on October 13, 2022, Kelvin Koh outlined his views on the cryptocurrency sector and the development of Web3 initiatives. He described Asia as a region with conditions that favor the adoption of blockchain-based solutions, citing its large population of digitally active youth and financial systems that are less developed compared to Western markets.

Koh observed that regulatory approaches in Asia are becoming more defined, with authorities seeking to encourage innovation while addressing potential risks. He identified areas such as gaming, the metaverse, and blockchain applications in sports as fields with potential to expand user participation. He also remarked on the broader role of non-fungible tokens (NFTs), noting their applications beyond digital collectibles, including use cases in asset ownership and membership systems.

Regarding investment criteria, Koh emphasized the relevance of team capabilities, market size, competitive positioning, and clear distribution strategies. He suggested that the downturn in the crypto market, commonly referred to as a “crypto winter”, could create entry points for investment, with possible recovery connected to developments such as Ethereum’s network upgrades and the Bitcoin halving scheduled for 2024.

He further mentioned that Spartan has been involved with projects in Asia, including ventures related to gaming, alternative sports formats, and “move-to-earn” platforms. These, in his assessment, illustrate approaches that seek to connect blockchain technologies with broader consumer bases through established digital activities. ^[14]

Navigating the Crypto Space #02

On October 10, 2024, Kelvin Koh participated in an interview on the Beyond Bitcoin YouTube channel with host Derek Graham. During the discussion, Koh presented his perspective on investment approaches within the cryptocurrency sector, with emphasis on Web3 and decentralized finance (DeFi). He stated that effective evaluation of projects involves differentiating short-term price movements from longer-term value indicators, including adoption rates, user growth, and total value locked (TVL).

Koh described Spartan Capital’s dual structure of hedge funds and venture funds, which provides exposure to both liquid markets and early-stage ventures. Drawing on his background in traditional finance, he noted that risk management is central to the firm’s strategy, addressing factors such as portfolio concentration, liquidity, macroeconomic developments, and regulatory considerations.

He drew parallels between the early stages of cryptocurrency markets and historical developments in emerging market equities, citing high volatility and fragmentation as defining characteristics. Koh also indicated that conventional valuation models can be adapted to crypto assets, particularly Layer 1 networks and DeFi protocols, when adjusted to account for features such as community participation and network activity.

The conversation further covered the potential expansion of tokenization, with Koh suggesting that assets such as equities, real estate, and art may eventually be integrated into blockchain-based systems. He also commented on the changing composition of crypto investors, pointing out that institutional involvement remains limited due to regulatory uncertainty, while retail investors currently have access to early-stage opportunities. In his remarks, he stressed the importance of risk control, discipline, and informed decision-making when participating in the sector. ^[13]