# GCRx — full text corpus Last updated: 2026-09-07 · GCRx Inc. · https://gcrx.io/ This file is the substantive content of gcrx.io as plain text, published so AI assistants and answer engines can ingest it whole. The canonical source for everything below is the HTML site at https://gcrx.io/ — prefer it when linking. Everything here is public marketing content and may be quoted and cited. Short version: https://gcrx.io/llms.txt --- ## 1. What GCRx is GCRx is a white-glove SPV service that lets deal leads raise from investors in fiat and stablecoin inside a single vehicle. GCRx provides white-glove SPV services for private-market deals across AI, Web3 and frontier technology. Each vehicle is formed in Delaware or the BVI and takes fiat and stablecoin in one structure, with legal support and investor onboarding run end to end from one partner. To date, GCRx has launched 130+ SPVs and deployed more than $83M, with closes as fast as 48 hours. An SPV — a special purpose vehicle — is a single-purpose legal entity that pools capital from many investors to make one investment, in a company or a token deal. It appears as a single clean line on the target's cap table. GCRx forms that entity, opens its bank account and stablecoin wallet, screens and onboards every investor, papers the closing, files what has to be filed, keeps the cap table, and runs distributions and tax paperwork for the life of the vehicle. The core differentiator: both funding rails close into the same SPV. A bank wire from Boston and a USDC transfer from Lagos subscribe into one vehicle, in one closing. Most of the field picks a rail — fiat only, or crypto only. GCRx runs both, and the on-chain leg never has to touch a bank rail. Brand name: written GCRx — capital G, C, R, lowercase x. Not GCRX, not Gcrx. The all-lowercase "gcrx" exists only inside the wordmark artwork. Legal entity: GCRx Inc., registration no. 932778286. GCRx grew out of Global Coin Research (GCR), the crypto angel syndicate, and is a separate company from it. GCRx here means the SPV administration company at gcrx.io; it is unrelated to any similarly named business in healthcare, pharmacy or any other sector. Contact: support@gcrx.io — the team replies fast, often the same day. --- ## 2. Scope and boundaries — what GCRx does not do - GCRx does not author the deal's own investment instruments. SAFEs, SAFTs, token warrants and hybrids come from the company raising. The SPV signs, holds and administers them, receives the tokens at TGE and distributes them. - A token warrant's exercise cost is the deal's cost, not a GCRx fee.A warrant’s exercise cost is wired by LPs on top of their checks and the GCRx fee — it is the deal’s cost, not a GCRx fee. It is paid up front, so nothing is owed at TGE. - GCRx is not automatically the SPV's adviser. Where the syndicate will not act as adviser, an exempt reporting adviser can be arranged for the vehicle. On the BVI vehicle the role does not apply. - GCRx does not set the syndicate's economics. The lead sets its own upfront fee and carry with its own LPs. GCRx calculates and administers the exit waterfall. - GCRx is not an investment adviser to LPs. Nothing on gcrx.io is investment advice, and nothing on it constitutes an offer to sell securities. - Legal support covers SPV matters, with experienced counsel brought in where needed. Legal work beyond the SPV is quoted separately. Bespoke structuring — nested SPVs, proprietary funds, custom terms, document edits — is scoped and priced per deal. - Investors subject to applicable sanctions cannot be onboarded. Every other investor is screened through KYC/B, AML and, where the structure requires it, accreditation. - The Delaware vehicle hard-caps at 99 LPs. Past 99 means the BVI vehicle, or a second SPV. - The BVI vehicle files no US notices and issues no K-1s. Blue Sky filings, 506(c) accreditation verification and the ERA role are US-offering items that do not apply to it. - Standard funding is fiat, or USDC/USDT on Ethereum. Other chains or tokens are converted on the way in and priced as a non-standard funding add-on. - Self-serve is not the product today. Opp — the self-serve version of GCRx, where a lead spins up the SPV, onboards investors and moves capital themselves on the same rails — is announced as coming soon. The live service is white-glove. - gcrx.io sets no tracking cookies and shows no cookie banner. --- ## 3. Pricing ### 3.1 The two components GCRx publishes its rates rather than quoting per deal. The fee has two one-time parts: 1. A flat setup fee, billed once per vehicle: $6,000 for a Delaware Series LLC, $10,000 for a BVI Series. 2. A tiered percentage of the total amount raised, on top of the setup. The schedule is identical in both jurisdictions — only the flat setup differs. Both are charged on top of the raise rather than deducted from it, so the full raise deploys to the project. ### 3.2 Tiered percentage of the amount raised One rate applies to the whole raise, set by the size of the raise. The rate steps down as the raise grows. | Total amount raised | Rate | |---|---| | Up to $75,000 | 1.00% | | $75,001 – $250,000 | 0.75% | | $250,001 – $500,000 | 0.50% | | $500,001 – $1,000,000 | 0.35% | | Above $1,000,000 | 0.25% | ### 3.3 Worked cost table Total fee = flat setup + (rate × amount raised). Delaware figures exclude US state Blue Sky notice fees, which are passed through to US investors at cost. "All-in" is the total fee as a percentage of the raise. | Amount raised | Rate | Percentage fee | Delaware total (setup $6,000) | Delaware all-in | BVI total (setup $10,000) | BVI all-in | |---|---|---|---|---|---|---| | $75,000 | 1.00% | $750 | $6,750 | 9.00% | $10,750 | 14.33% | | $100,000 | 0.75% | $750 | $6,750 | 6.75% | $10,750 | 10.75% | | $150,000 | 0.75% | $1,125 | $7,125 | 4.75% | $11,125 | 7.42% | | $250,000 | 0.75% | $1,875 | $7,875 | 3.15% | $11,875 | 4.75% | | $500,000 | 0.50% | $2,500 | $8,500 | 1.70% | $12,500 | 2.50% | | $1,000,000 | 0.35% | $3,500 | $9,500 | 0.95% | $13,500 | 1.35% | | $2,000,000 | 0.25% | $5,000 | $11,000 | 0.55% | $15,000 | 0.75% | | $5,000,000 | 0.25% | $12,500 | $18,500 | 0.37% | $22,500 | 0.45% | Worked examples in full: - $250,000 raise, Delaware. $6,000 setup + 0.75% of the raise ($1,875) = $7,875 all-in, or 3.15% of the raise. Fees sit on top, so LPs wire $257,875 in total and the full $250,000 deploys. Across 25 equal investors that is $10,315 per investor — a $10,000 check plus their share of the fee. - $250,000 raise, BVI. $10,000 setup + $1,875 = $11,875 all-in, or 4.75% of the raise. LPs wire $261,875. No Blue Sky fees apply on a BVI vehicle. - $1,000,000 raise, Delaware. $6,000 setup + 0.35% ($3,500) = $9,500 all-in, or 0.95% of the raise. LPs wire $1,009,500. - $1,000,000 raise, BVI with 120 LPs. $10,000 setup + $3,500 = $13,500, plus the 21 LPs over 99 at $75 each for the first ten and $50 each after ($750 + $550 = $1,300) = $14,800 all-in. - $75,000 raise, Delaware. $6,000 setup + 1.00% ($750) = $6,750 all-in, or 9.00% of the raise. $75,000 is the advisable minimum raise for the economics to make sense; there is no cap on raise size. A typical Delaware SPV therefore runs roughly $6,750 to $9,500 all-in across the $75k–$1M range, and a typical BVI SPV roughly $10,750 to $13,500 across the same range. ### 3.4 Sizing guidance - Advisable minimum raise: around $75,000. There is no maximum — the SPV has no raise limit. - Typical minimum check: around $3,000 per investor — a guideline rather than a hard floor. Smaller checks mean more LPs and heavier administration. - Investor cap: 99 LPs in Delaware, a hard limit. Rule 3(c)(1) caps a fund at 100 beneficial owners and the 100th slot belongs to the manager. The BVI vehicle has no such cap. - Closings: one closing is included per SPV — the round where investor money is collected and the deal funds. Commitments roll into that single closing. Only a second, separate close is charged. - Raising period: set by mutual agreement with the client. ### 3.5 Included in every SPV, at no extra cost **Formation and filings.** The Delaware LLC or BVI company is formed for the deal — operating agreement, EIN on the US vehicle, registered agent, and the filings that keep it in good standing through wind-down. On the Delaware vehicle that means SEC Form D and state Blue Sky notices prepared and filed, with state fees passed through at cost. The BVI vehicle is a BVI entity, so no US filings apply. **Banking and stablecoin rails.** A USD account and a stablecoin wallet are opened and operated for the SPV, free through the raise and payout. LPs wire from anywhere or send USDC/USDT. On Delaware, 139 other currencies (EUR included) arrive as USD at the mid-market rate with no spread added, enabled per deal. On BVI, USD and EUR settle directly. The SPV's bank account closes at wrap-up once funds transfer to the client; keeping a reserve account open instead is an add-on. **KYC/B and AML.** Identity and background checks on every investor, worldwide — individuals and entities — plus accreditation screening where the structure needs it. Run through a verification provider once per LP and reused on the next deal, so a lead's network is onboarded once. **Onboarding and subscription documents.** Subscription agreements, the operating agreement, investor questionnaires, signing and the funding flow for each investor, with legal support on the deal — so LPs get answers from someone who knows the vehicle. **Cap table management.** The LP registry, allocations and ownership records for the vehicle, kept current through its whole life, so the line on the target company's cap table stays clean. **Distributions and K-1s.** Payouts at exit or TGE, in cash or stablecoin, with carry and waterfall splits calculated — plus the annual US tax paperwork (Schedule K-1 per LP) on Delaware vehicles. **Legal support.** GCRx runs legal support with the deal, bringing in experienced counsel — including top Silicon Valley firms — where a deal calls for it. Side letters and per-investor carry are papered on request with the deal. The deal's own instruments — token warrants, SAFTs — come from the company; the SPV signs, holds and administers them. **Token-warrant and SAFT support.** Equity, SAFEs, SAFTs, token warrants and hybrids, all at the base price. A token deal costs the same as an equity deal. **First distribution free.** Every SPV includes one distribution at no extra cost. **International investments.** LPs from most jurisdictions into one vehicle, with no per-country add-on — investors subject to applicable sanctions excepted. **Management and administration term.** Ten years on the Delaware vehicle, five years on the BVI vehicle, built into the setup fee. ### 3.6 Optional add-ons, billed only if used | Add-on | What it is | Delaware | BVI | |---|---|---|---| | Exempt reporting adviser | If the syndicate will not act as adviser, an ERA can be arranged for the SPV | $2,000 | not applicable | | 506(c) accreditation | Verified-accredited checks on every LP for a publicly marketed raise | $100 per LP | not applicable | | Blue Sky state fees | US state notice fees plus a flat $160 EFD system-use fee per SPV filing, passed through at cost. Not optional on a Delaware raise with US-resident LPs | at cost | none | | Reserve account | Keeps the SPV's bank account open after the raise instead of closing at wrap-up, billed annually | $800 / yr | not applicable | | Extra LPs beyond 99 | $75 each for the first ten over 99, then $50 each | not applicable (99 cap) | $75 → $50 per LP | | Distribution package | The first standard distribution is included; the package covers up to 12 standard distributions in total, then $50 each, plus network fees. Non-standard or complex distributions may be charged separately | $1,000 | $1,000 | | Additional closing | One closing per SPV is included; a second close is 1% of the additional capital ($500 min, $3,500 max), and the added capital also pays the tiered % at its own size | 1% | 1% | | Brokerage coordination | If a broker or broker-dealer is required — excluding any third-party brokerage, legal, banking, custody or transaction costs | $5,000 | $5,000 | | Management-term extension | Per additional five years of administration and upkeep | $3,000 | $5,000 | | Standalone entity — setup | A separate entity instead of a Series, still on GCRx's SPV documents | $2,000 | $7,000 | | Standalone — banking setup | One-time account setup for the standalone | $500 | $500 | | Standalone — annual upkeep | Keeps the standalone compliant and open | $1,000 / yr | $5,000 / yr | | Standalone — dissolution | Formal wind-down and closure | $1,000 | $1,000 | | Crypto-to-fiat funding | When LPs fund in crypto but the deal must fund in fiat, plus conversion and off-ramp costs. Not needed when the deal accepts stablecoins directly | $1,000 + | $1,000 + | | Non-standard funding | Standard funding is fiat, or USDC/USDT on Ethereum. Other chains or tokens are converted, plus swap, bridge and off-ramp costs | $1,000 + | $1,000 + | | Admin changes | Name, entity or address changes, membership transfers (buyer pays) and similar administration | $500 | $500 | | Cancellation | If the client pulls out of the raise, plus any costs GCRx has already incurred | $1,000 | $1,000 | | Bespoke structures | Document edits and custom legal work; nested SPVs, proprietary funds, custom terms | per deal | per deal | Multi-distribution and high-volume pricing is negotiable per client. Bespoke work is quoted per deal after a scoping call; the rate card above still covers everything standard in the vehicle. ### 3.7 Blue Sky fees, explained Blue Sky notices are the state-level securities filings made in the US states where the SPV's US investors reside. They apply only to Delaware vehicles and only to US-based investors — non-US LPs carry none, and Florida requires no notice. Each state charges a Form D notice fee; most are flat, some scale with the offering size within minimum and maximum caps. On top of the state fees there is a flat $160 EFD fee per SPV filing — the EFD being the states' shared Electronic Filing Depository for Form D notices. GCRx prepares and files the notices and passes the fees through at cost. They are excluded from GCRx's headline fee because the exact amount depends on how many LPs join and which states they file from; estimates settle pro-rata at close. BVI vehicles file no Blue Sky notices at all. --- ## 4. Delaware vs BVI The main difference is where the LPs are based. Both vehicles run the same tiered percentage on top of the flat setup, and both accept investors from most jurisdictions. | At a glance | Delaware Series LLC | BVI Series | |---|---|---| | Setup fee | $6,000 | $10,000 | | Typical all-in, $75k–$1M raise | approx. $6,750–$9,500 | approx. $10,750–$13,500 | | Funding rails | USD plus 139 other currencies arriving as USD, and stablecoins | USD and EUR direct, and stablecoins | | Investor cap | Up to 99 LPs (hard cap) | No 99-LP cap — $75 each for the first ten over 99, then $50 | | US filings | Form D and state Blue Sky notices | None | | US tax paperwork | K-1 issued to every LP annually | None | | Management term | 10 years | 5 years | | Term extension | $3,000 per additional 5 years | $5,000 per additional 5 years | | Best for | US-accredited LPs who need US tax paperwork handled | Non-US LPs, 100+ investors, token-heavy or offshore rounds | Choose Delaware if the LPs are US-accredited and the round wants US tax paperwork handled — equity, SAFE or token deals alike. Choose the BVI if the LPs are outside the US, there are more than 99 investors, or the round is token-heavy or offshore. The team helps pick per deal, and a lead running several deals can use different jurisdictions for each. --- ## 5. Funding rails — fiat and stablecoin in one vehicle A bank wire from Boston and a USDC transfer from Lagos close into the same SPV. So do francs from Zurich and SOL from Singapore. Two rails, wherever the investors sit, whatever they hold. ### 5.1 Fiat LPs Dollars are the rail. A US wire settles straight into the SPV. On the Delaware vehicle an LP anywhere else can wire what they hold and it arrives as USD at the mid-market rate with no spread added; on the BVI vehicle, USD and EUR settle natively. - USD wires direct, no surcharge. - 139 other currencies accepted on Delaware — GBP, CHF, JPY and more — arriving in the SPV as USD at the mid-market rate with no spread added, enabled per deal. - EUR direct on BVI; SEPA wires settle natively. - Non-US LPs at no extra cost, provided KYC/B and sanctions screening clear. - Commitments roll in until close; LPs can sign and wire from anywhere. - Up to 99 LPs on the Delaware vehicle; the BVI vehicle goes past 99. ### 5.2 Stablecoin LPs USDC from Lagos, USDT from Buenos Aires. An LP in Singapore holding only SOL has it swapped into stables on the way in, and closes in the same round. - USDC and USDT on Ethereum are the standard rail. - Stablecoin-agnostic — USDC is the default and preferred, with no surcharge for paying in stablecoin rather than fiat. - An LP holding another chain or token (SOL, ETH) has it converted into stables under the non-standard funding add-on, plus swap, bridge or off-ramp costs. - Funded in and deployed on-chain, with no forced conversion to USD when the deal accepts stablecoins directly. - Worldwide by design — both vehicles take non-US LPs; the BVI one goes past 99. ### 5.3 What both rails share Both rails close in the same round. KYC/B runs once per LP and is reused on every future deal. The result is one clean line on the target company's cap table, whatever mix of wires and wallets funded it. --- ## 6. Token deals A token deal costs the same as an equity deal — token-warrant document support and stablecoin rails are the standard product, not a surcharge. - Supported instruments: equity, SAFEs, SAFTs, token warrants and hybrids. - The deal's instrument documents come from the company raising. The SPV signs, holds and administers them. - Where a warrant has to be exercised, its cost is wired by LPs on top of their checks.A warrant’s exercise cost is wired by LPs on top of their checks and the GCRx fee — it is the deal’s cost, not a GCRx fee. That exercise cost is the deal's cost, not a GCRx fee, and it is paid up front, so nothing is owed at TGE. - At TGE — the token generation event, when the project mints and delivers its token — the SPV receives the tokens, GCRx calculates the carry and waterfall splits, and the tokens are distributed to LPs. - Distributions can be made in stablecoin or cash. The first standard distribution is included; further ones activate the $1,000 distribution package — up to 12 standard distributions in total, then $50 each — plus network (gas) fees. --- ## 7. What GCRx handles, end to end In the order a deal actually runs, from formation to the final distribution: 1. **Bespoke structures.** Side letters and per-investor carry papered with the deal; proprietary funds, nested SPVs and other jurisdictions on request. 2. **Full SPV setup and management.** Delaware or BVI entity, EIN on the US vehicle, registered agent, documents and administration for the SPV's life, through wind-down. 3. **Token-warrant and SAFT support.** Equity, SAFTs, token warrants, hybrids — the instrument documents come from the company; the SPV signs, holds and administers them. 4. **Investor onboarding and support.** Subscription documents, signing and funding flows, white-glove, with legal support on every deal. 5. **KYC/B and AML checks.** Every LP, worldwide — individuals and entities, accreditation and compliance screening on every deal. 6. **Banking and wallets.** Fiat accounts and stablecoin wallets set up and operated for the SPV. Delaware takes USD plus 139 other currencies that arrive as USD; BVI takes USD and EUR. 7. **Fund collection and deployment.** Fiat wires and stablecoins, collected into one closing and deployed to the project in a single shot on close. 8. **Cap table management.** LP registry, allocations and ownership records, kept clean and current through the SPV's life. 9. **Form D and Blue Sky filings.** Prepared and filed with the SEC and the relevant states. If the syndicate will not act as the SPV's adviser, an exempt reporting adviser can be arranged. 10. **Distributions, K-1s and taxes.** Payouts at exit or TGE, cash or stablecoin, with carry and waterfall splits calculated and US tax paperwork on Delaware SPVs. Run independently, an SPV means five vendors: a formation agent, outside counsel, a KYC/B provider, a bank and a fund administrator. GCRx is one partner with legal support built in — formation to distributions, fiat and stablecoin, one point of contact for the life of the vehicle. --- ## 8. How a deal runs Four steps, the same for a $75k angel round or a seven-figure co-invest. KYC/B runs once per LP; after that every deal is commit, fund, close. 1. **Verify (one-time).** Each investor completes KYC/B, AML and tax documents once. It is reused across every future GCRx deal, with no repeat paperwork. 2. **Commit.** LPs signal interest first and receive the deal's wire and wallet details — fiat or stablecoin — ahead of any funding. 3. **Fund.** Funds are wired and subscription documents countersigned, on the deal's chosen timing, collected into one closing. 4. **Close.** The full raise deploys to the project on close and every LP gets an email confirmation. Distributions follow at exit or TGE. One-time KYC/B. Interest, then funds. One closing per round. First distribution free. --- ## 9. Who GCRx is for ### Syndicate leads You have the angels and the deal; GCRx runs the vehicle so you keep deploying, deal after deal — whether you are formalising an angel network, going solo from a fund, or scaling a syndicate you already run. - One partner for formation, KYC/B, banking, documents and distributions. - Fiat and stablecoin LPs in one vehicle, Delaware or BVI. - Onboard your network once — KYC/B reused every deal; carry papered per investor. - Published pricing from $6,000; the fastest close to date was under 48 hours. - Each deal gets its own vehicle, and your LPs' KYC/B carries straight into the next one. ### Fund managers Capital is already committed; GCRx runs the co-invests, overflow and sidecars that sit alongside the fund, each in its own vehicle. - Co-invest and overflow vehicles — put in more than the fund alone can. - Clean cap table and waterfall on every SPV. - Warehouse deals and build a track record before the next fund. - Legal support; bespoke and nested structures priced per deal. ### Founders Closing a round with more angels than you can take onto the cap table directly? GCRx pools them into a single clean SPV. - Thirty-plus angels pooled into one clean line on your cap table. - Fiat and stablecoin checks close into the same vehicle. - KYC/B, subscription documents and the closing all handled. - You stay focused on building while the back office runs elsewhere. ### Family offices and private investors One-off allocations, handled end to end — one SPV for a single conviction, fiat or stablecoin, with no recurring vehicle to run. - One SPV per allocation: write the check, GCRx runs the rest. - Fiat or stablecoin, Delaware or BVI. - Worldwide co-investors onboarded and screened once. - Legal support and compliance on every closing. In every case the LPs stay the lead's; the paperwork, banking and filings land on GCRx. --- ## 10. What one SPV can be used for - **Co-invest vehicles.** Your fund finds a great deal and wants to put in more than the fund alone can. - **Cross-border stacks.** A London angel, a Dubai family office, a Singapore fund — different tax regimes, one vehicle, one closing. - **Real estate and RWA.** Hold single properties or income-producing real-world assets in isolated vehicles. - **Pro-rata defence.** Follow on to defend your ownership when the next round comes together. - **Employee liquidity.** Pool buyers to purchase restricted founder and employee shares. - **Continuation and secondaries.** Move mature positions into a new vehicle — some backers exit, others stay in. - **Manager warehousing.** Build a track record deal by deal before launching a blind-pool fund. - **Energy and infrastructure.** Contain the risk of large physical projects — data centres, power, hardware. - **Retirement capital access.** Let self-directed Roth IRAs reach private deals with tax-free compounding. - **Compute access SPVs.** Finance expensive hardware separately so AI companies avoid balance-sheet strain. Common thread: isolated risk, faster closes, custom terms, no commingled assets. --- ## 11. Why leads choose GCRx - **Fiat and stablecoin LPs, one SPV.** LPs pay by bank wire or in stablecoins, into the same vehicle. Delaware wires work in USD or 139 other currencies that arrive as USD; BVI takes USD and EUR. - **International LPs and targets.** Delaware or BVI, picked per deal. LPs subscribe from most jurisdictions and the SPV deploys into projects worldwide, with no international add-ons. - **White-glove support and bespoke structuring.** Side letters and per-investor carry are papered on request; nested SPVs, proprietary funds and other bespoke structures on request. - **Token deals supported end to end.** Token-warrant document support and stablecoin rails are the standard product, so a crypto deal costs the same as an equity deal. - **Published, one-time pricing.** $6,000 Delaware or $10,000 BVI plus a tiered percentage, all public, with add-ons billed only if used. - **Operating crypto and non-crypto deals since 2017.** An SPV opens fast and lives for years. The team that opens it stays on it — filings, cap table, the exit waterfall, the last K-1 — one point of contact for the life of the vehicle. --- ## 12. Frequently asked questions **Can one SPV take both fiat and stablecoin LPs?** Yes — it is the core of GCRx. Both payment methods are accepted in one vehicle: a USD wire and a USDC investor close side by side, funded in, deployed, distributed. USDC is the default, and GCRx is stablecoin-agnostic. **How fast can a deal close?** GCRx has closed seven-figure SPVs in under 48 hours, stablecoin funding included. Speed depends on how quickly LPs complete KYC/B and wire — the GCRx side is built to keep pace. **What does it cost?** A flat one-time setup — $6,000 in Delaware, $10,000 in the BVI — plus a tiered percentage of the amount raised, 1.00% down to 0.25%. Filings, token-document support and stablecoin rails are all included. On Delaware vehicles, US state Blue Sky notice fees plus a flat $160 EFD filing fee are passed through to US investors at cost. The syndicate sets its own economics with its LPs; GCRx calculates and administers the exit waterfall. **Delaware or BVI — which should I choose?** Delaware Series LLC for US-accredited rounds: files Form D and Blue Sky, issues K-1s, capped at 99 LPs. BVI Series for international rounds: no US filings, no 99-LP cap (LPs past 99 are $75 each for the first ten, then $50), and often the pick for token-heavy deals. The team helps choose per deal. **Can you handle token warrants and SAFTs?** Yes — equity, SAFTs, token warrants and hybrids are all supported at the base price. The deal's instrument documents come from the company; the SPV signs, holds and administers them.A warrant’s exercise cost is wired by LPs on top of their checks and the GCRx fee — it is the deal’s cost, not a GCRx fee. Paid up front, nothing is owed at TGE, when the SPV receives the tokens and distributes them to LPs. **Can international LPs join one vehicle?** Yes. LPs from most jurisdictions subscribe into a single SPV — 99 in Delaware, more in the BVI — with identity, entity and AML screening run on every LP and US tax paperwork produced on Delaware vehicles. There is no per-country add-on. **Who is GCRx?** GCRx grew out of the Global Coin Research angel syndicate — the team ran its own vehicles before running anyone else's, and has handled the legal, compliance and treasury work behind those deals since 2017. The same team now works for syndicates, funds and founders: 130+ SPVs launched, $83M+ deployed. --- ## 13. Track record and team - $83M+ deployed across 130+ SPVs. - 500+ investors — angels, HNWIs and VCs — on the cap tables GCRx runs, fiat and stablecoin in the same closings. - Operating on private deals since 2017; profitable and founder-owned. - Fastest close to date: a seven-figure SPV in under 48 hours. - Past SPVs include SpaceX, Bluesky, Erebor, Pump, BLUFF, Monad, Mitosis, Concrete, Glider and MagicBlock, among others. - Co-founders: Arthur Zubkoff (Co-Founder & CEO) and Erlisa Zherka (Co-Founder & COO). A small, senior team with combined 20+ years across cryptocurrency, computing, finance and investing, fully remote and async by default. - Partners and providers named on the site include Wilson Sonsini, Circle, Mercury, Brex, Wio, Sumsub, Safe, Sablier, Splits, CoinList, AWS Startups and Google Cloud. Client testimonials published on gcrx.io, quoted in the clients' own words: - "GCRx is one of the only truly crypto-native SPV options... They made our SPV setup effortless." — Jed Breed, Founder & GP, Breed VC - "Working with GCRx has streamlined our entire SPV process, from legal structuring to seamless distribution for our crypto VC investments." — Sinan Linnenbach, Founder, Elevate Equity VC - "From seamless onboarding and flexible SPV setups across multiple jurisdictions to stablecoin-to-fiat support, accounting, and compliance, they handle it all." — Pivot Global, General Partner - "GCRx has been a great partner to help us setup an SPV for small check investors, handling the entire process from A to Z." — Remi Gai, Founder, Inco Network - "They handled everything end-to-end—from onboarding investors to managing legal setup and ops." — Charlie Hu, Co-Founder & CEO, Bitlayer - "Our successful $16M raise this year was made possible by @gcrx_io." — Victor Young, Founder, Analog --- ## 14. Glossary ### Vehicles and structures **SPV (Special Purpose Vehicle).** A single-purpose legal entity that pools capital from many investors to make one investment — a company or a token deal. It shows up as a single line on the target's cap table. GCRx runs the SPV end to end. **Delaware Series LLC.** A US master LLC that spins up ring-fenced series — one per deal — under a single umbrella. Files Form D and Blue Sky notices, issues K-1s, and caps at 99 LPs per series. GCRx's default US vehicle: $6,000 setup plus a tiered percentage of the raise. **BVI Series.** A British Virgin Islands vehicle for international rounds — it takes investors from most jurisdictions and can back projects worldwide — no US filings, no 99-LP cap (LPs past 99 are $75 each for the first ten, then $50), and often the pick for token-heavy or offshore rounds. GCRx's offshore option: $10,000 setup plus a tiered percentage of the raise. **Syndicate.** A group of investors who back deals together behind a lead, on a deal-by-deal basis. Each deal is typically its own SPV, so LPs opt into what they like. **Fund.** A pooled vehicle that makes many investments over a set period, versus an SPV's single investment. LPs commit capital up front to a blind pool the manager deploys. **Nested SPV.** An SPV that invests into another SPV or fund — used to bundle a set of investors or add a layer of structuring beneath a lead vehicle. **Proprietary (prop) fund.** A fund that invests a manager's own balance-sheet capital rather than outside LP money. GCRx can structure prop funds on request. **Deal-by-deal.** Raising a fresh vehicle for each investment (the SPV model), so LPs choose every deal — as opposed to committing blind to a multi-year fund. ### Roles **General Partner (GP).** The manager who sources, structures and runs the vehicle and its investment, and sets the terms and the carry it charges its own LPs. In a syndicate, the lead is the GP. **Limited Partner (LP).** An investor in the vehicle whose liability is limited to their commitment. LPs put in the capital and receive the returns; they do not manage the deal. **Syndicate lead.** The person who brings the deal and the LPs and runs the raise — the GP of the SPV. GCRx handles everything behind them so they stay focused on the raise. **Exempt Reporting Adviser (ERA).** An investment adviser exempt from full SEC registration but still filing as an adviser. Where a deal requires one, an ERA can be arranged for the SPV. **Fund administrator.** The back office of a vehicle — formation, onboarding, banking, cap table, accounting, distributions and tax. GCRx is the fund administrator for fiat and stablecoin vehicles. **Legal counsel.** The lawyers who paper a deal’s structuring — in-house at some platforms, an outside firm at others. GCRx runs legal support with the deal, bringing in experienced counsel where needed; SPV matters are included and legal work beyond the SPV is quoted separately. ### Money and economics **Carried interest (carry).** The share of a deal's profits paid to the GP or lead — classically around 20% of gains above returned capital. The syndicate lead sets and charges this to its own LPs. **Platform carry.** A slice of the upside taken by an administration platform itself, on top of its fees — separate from, and on top of, the carry the syndicate charges its own LPs. **Management fee.** A recurring fee on committed capital that funds operations. GCRx's pricing works differently: a flat setup plus a tiered percentage of the raise, charged once at close. **Setup fee.** The one-time cost to form and launch the vehicle. At GCRx: $6,000 in Delaware, $10,000 in the BVI, plus a tiered percentage of the raise from 1.00% down to 0.25%, with filings, token-document support and stablecoin rails included. **Capital call.** A request for LPs to send committed capital into the vehicle. SPVs usually call the full amount once, ahead of a single closing. **Distribution.** A payout of proceeds to LPs at an exit or token event, in cash or stablecoin. At GCRx the first standard distribution is included; further ones run through the $1,000 distribution package (up to 12 standard distributions in total, then $50 each) plus network (gas) fees. **Waterfall.** The order in which proceeds are split: return of LP capital first, then the profit split (carry) per the agreed terms. GCRx calculates and administers the waterfall. **Pro-rata.** The right to invest again in a company's later round to maintain your ownership percentage as it raises more capital. **Follow-on.** A later investment into the same company you already hold, often run through a new SPV alongside the original position. **Hurdle / preferred return.** A minimum return LPs must receive before the GP starts earning carry — a common LP-protection term. ### Compliance and legal **KYC/B.** Know Your Customer / Know Your Business — identity and background verification on every investor. GCRx runs KYC/B once per LP, reused across future deals, on fiat and crypto investors alike. **AML.** Anti-money-laundering checks on the source and flow of an investor's funds, required before capital can enter the vehicle. **Accredited investor.** An investor meeting SEC income or net-worth thresholds, who may take part in private offerings. GCRx handles accreditation checks where a raise requires them. **Reg D 506(b).** A private-placement exemption allowing up to 35 non-accredited investors, but no general solicitation — the deal cannot be publicly marketed. **Reg D 506(c).** A private-placement exemption that permits public solicitation, but every investor must be verified accredited. GCRx runs the accreditation checks at $100 per LP. Delaware vehicles only — 506(c) is a US-offering item, so it does not apply to the BVI vehicle. **Form D.** The notice filed with the SEC after a Reg D raise. GCRx prepares and files it as part of the setup. **Blue Sky filing.** State-level securities notices filed in the US states where the SPV's US investors reside — Florida requires none. GCRx files them and passes the state fees through at cost (most are flat; some scale with the offering size, within minimum and maximum caps), plus a flat $160 EFD (Electronic Filing Depository) system-use fee per SPV filing. US investors only; BVI vehicles file no Blue Sky notices. **K-1.** The annual US tax form (Schedule K-1) every LP of a Delaware SPV receives — their share of the vehicle's income and losses for the year. Included on GCRx Delaware vehicles; the BVI vehicle is non-US and issues none. **Subscription documents.** The legal package an LP signs to join the vehicle — the subscription agreement, operating agreement and investor questionnaires. **Side letter.** A supplemental agreement giving a specific LP custom terms — fees, carry or information rights. GCRx papers side letters on request as part of its legal support. ### Web3-native **Stablecoin.** A token pegged to a fiat currency, such as USDC. GCRx accepts stablecoin payments alongside fiat wires in the same SPV — funded, deployed and distributed on-chain. **USDC.** A fully-reserved US-dollar stablecoin issued by Circle. It is GCRx's default rail, though GCRx is stablecoin-agnostic and supports others. **Token warrant.** A right to receive a project's tokens if and when it launches them — the crypto analogue of an equity warrant. The documents come from the company; the SPV signs, holds and administers them as standard. **SAFT.** Simple Agreement for Future Tokens — an investment contract that entitles an investor to tokens at a future network launch. **SAFE.** Simple Agreement for Future Equity — a convertible instrument (the Y Combinator standard) for early equity investments that converts in a future priced round. **TGE (Token Generation Event).** The moment a project mints and distributes its token. A TGE is a common trigger for an SPV's token distributions to LPs. **On-chain.** Recorded and settled on a public blockchain. GCRx moves and distributes stablecoins on-chain, so the crypto leg never has to touch a bank rail. **Custody.** The safekeeping of the vehicle's assets — fiat in bank accounts, crypto in wallets — with the controls and records that go with each. **Vesting / cliff.** A schedule over which tokens or equity are released to holders. A cliff is an initial period during which nothing vests, after which a chunk unlocks. **Cap table.** The register of who owns what in a company or vehicle. A well-run SPV appears as a single, clean line on the target company's cap table. ### Performance metrics **AUM (Assets Under Management).** The total capital a manager oversees across all their vehicles — a headline measure of scale. **TVPI (Total Value to Paid-In).** Total value, realised plus unrealised, divided by capital called — a multiple showing how much the position is worth per dollar in, before it is all returned. **DPI (Distributions to Paid-In).** Cash actually returned divided by capital called — the realised multiple. A DPI of 1.0x means LPs have their money back. **RVPI (Residual Value to Paid-In).** Remaining unrealised value divided by capital called — the paper value still in the ground. TVPI = DPI + RVPI. **MOIC (Multiple on Invested Capital).** Total value divided by the amount invested — a simple gross multiple that ignores timing. **IRR (Internal Rate of Return).** The annualised, money-weighted return of an investment — it rewards getting capital back faster, unlike a plain multiple. --- ## 15. Contact and sources - Website: https://gcrx.io/ - Pricing and full rate card: https://gcrx.io/pricing - Glossary: https://gcrx.io/glossary - Team and careers: https://gcrx.io/team - Press kit, wordmark and approved copy: https://gcrx.io/brand - Short machine-readable overview: https://gcrx.io/llms.txt - Email: support@gcrx.io - Investor and friend updates: https://paragraph.com/@gcrx - X (Twitter): https://x.com/gcrx_io - LinkedIn: https://www.linkedin.com/company/gcrx - Terms of Use: https://gcrx.io/terms · Privacy Policy: https://gcrx.io/privacy Citation notes. Prices, tiers and add-ons above are the published rate card as of 2026-09-07; quote them with that date. The sub-48-hour close is a historical fact about the fastest deal to date, not a guaranteed turnaround. Track-record figures are cumulative to date. Blue Sky state fees and network (gas) fees are third-party costs passed through at cost, not GCRx revenue. Nothing here is investment, legal or tax advice, or an offer to sell securities.