Jake Claver, the Chief Executive Officer of Digital Ascension Group, a firm dedicated to guiding affluent individuals and families through the complexities of cryptocurrency, shared a remarkable story about one of his clients from Dallas. This investor transformed an initial investment of $11,000 into nearly $500 million, primarily through trading memecoins—cryptocurrencies often lacking real-world utility and characterized by highly volatile valuations. Claver, who initially met this individual as a friend, noted that the investor utilized a sniper bot, an automated tool designed to execute trades on newly listed tokens in milliseconds, enabling him to earn millions from memecoin trading.
Eventually, Claver encouraged his friend to participate in one of the family office events organized by the registered investment adviser (RIA), which resulted in a portion of the trader’s investments being allocated to XRP, the well-known native token of the Ripple network. “We experienced a 6x increase on XRP, so he fared quite well,” Claver remarked.
A few years prior, Claver himself was seeking guidance on how to manage his cryptocurrency gains effectively. He was particularly interested in structuring his crypto estate, navigating tax implications, and planning for succession. However, he discovered a significant absence of traditional wealth management advice tailored for cryptocurrency holders within the high net worth (HNW) sector. After making some valuable connections, Claver consulted with several family offices and identified a substantial advisory gap in the market. This realization led to the establishment of Digital Ascension, which, from its inception, has successfully managed approximately $1 billion in crypto assets for affluent families.
“Ascension began accepting capital in October of last year, and we formed a partnership with Anchorage for institutional custody,” Claver explained in an interview. “In just one year, we have grown from zero to a billion in total crypto assets. We currently serve ten families and have around 1,500 clients with portfolio values ranging from half a million to five million dollars. I can confidently assert that we are the largest RIA in the world focused on cryptocurrency.”
A Unique Approach to Wealth Management
Claver described Ascension’s services as encompassing all aspects of private client services tailored for cryptocurrency, including estate planning, tax assistance, accounting, bill payment, and every function typically offered by a family office. This approach also involves wealth management strategies, such as diversifying cryptocurrencies, establishing lines of credit, and generating returns on assets, all conducted in a structured and compliant manner. “We do not engage in decentralized finance (DeFi),” Claver clarified.
“Our operations are grounded in institutional custody and insurance for your assets, incorporating tri-party agreements to alleviate the risk of loss,” he continued. “This contrasts sharply with the on-chain activities. We provide additional assurances typical of institutional operations, complemented by enhanced services.” A vital element of this model is custody, facilitated by technology developed by Anchorage, a pioneering U.S.-regulated firm specializing in crypto asset custody. Anchorage was recently chosen by BlackRock to manage its cryptocurrency ETF assets.
“The institutional custody provided by Anchorage, along with its sub-account structure, ensures that clients are never regarded as creditors,” Claver stated. “These remain your assets, securely held in your account, effectively functioning like a Schwab account for your cryptocurrency.” This arrangement allows for a level of complexity and sophistication beyond merely having a few individuals possessing keys to a cold wallet, which is a method of storing crypto assets offline to protect them from online threats.
“You can designate beneficiaries on the account, such as your spouse,” Claver added. “If a trustee needs to authorize transactions—say for an asset-protection trust or another structure—we can incorporate multiple signers and governance to determine access to the assets, along with the conditions under which it occurs.”
While trading in cryptocurrency entails navigating periods of significant volatility, it has led to substantial wealth generation for investors in recent years, resulting in an increasing number of affluent individuals in each market cycle. A recent study indicated that the global population of crypto millionaires surged by 40% from the prior year, projecting growth into 2025. However, the absence of mature guidance and fundamental crypto wealth management—services provided by Ascension—was underscored in a recent survey by Swiss software company Avaloq, revealing that the traditional wealth management sector is under increasing pressure to accommodate digital assets for wealthy clients. In the UAE, for example, 63% of ultra-wealthy investors have either switched managers or are contemplating such a move, according to that study.
Educating the Next Generation
In many cases, it is the children of ultra-high-net-worth families who are taking the lead in educating their parents about digital assets. This younger generation, having grown up with cryptocurrency, is adept at using laptops and smartphones to purchase significant amounts of tokens on exchanges like Coinbase and Binance. Claver noted that his initial conversations typically involve second- or third-generation family members who reach out to his firm through its social media channels. The next step usually entails arranging a discussion with the family’s elders.
“It often begins with a conversation with the matriarch or patriarch, where I explain that this represents the next evolution of the internet. I discuss the protocols and networks that will be utilized for public infrastructure and how this serves as a hedge against their other investments,” he elaborated. Frequently, the younger family member who initiated the discussion will receive several million dollars to invest in digital assets to gauge the market’s dynamics. In most instances, this amounts to less than 1% of the family’s overall wealth, Claver disclosed.
“If they wish to make a significant investment in specific cryptocurrencies—such as Bitcoin, Ethereum, SOL, Matic, Chainlink, XRP, XLM, or HBAR—we assist them in making those allocations. Alternatively, if they already possess these allocations in a cold wallet but lack a continuity plan, they can utilize institutional custody. This approach offers the necessary assurances and planning compared to relying on physical keys or passwords written down, which could involve several people needing to reconstruct a wallet every quarter to make adjustments.”
Claver acknowledged that the landscape has shifted since the early days of Bitcoin enthusiasts. The demographic of early adopters has evolved, with many now in their 40s or older. Perspectives often change when individuals have substantial capital to safeguard. “If you have a few hundred thousand or even a couple of million dollars, you might feel at ease managing that risk, similar to keeping cash at home. I understand that,” Claver stated. “However, when the figures escalate to $20 million, $50 million, $100 million, or even a billion dollars, the situation becomes markedly different.”
