dao5 began as an investment fund first and DAO later, giving founders it invests in governance exposure to the fund itself so they're financially aligned with each other rather than just with fund managers, and it has shown a willingness to back pseudonymous teams, like leading Berachain's seed round despite all three founders being anonymous, while also building an early, hands-on position in Bittensor that includes running a major validator and incubating subnets. The fund has since expanded beyond venture investing into strategies like liquid investing, lending, and treasury bill provisioning, and its current focus is on institutional and government blockchain adoption, including stablecoins, tokenization, and state-sovereign AI.