Sylvia To is a Director at Bullish Capital Management, the venture capital division of the Bullish Group. She is responsible for originating and evaluating investment opportunities in the Web3 sector and is a public commentator on topics including stablecoins, institutional adoption of digital assets, and decentralized infrastructure. ^{[1] [2]}

Education

Sylvia To studied at the University of Technology Sydney in 2010, where she pursued a Bachelor of Global Studies with a concentration in International and Global Studies. From 2011 to 2015, she attended the University of New South Wales (UNSW), completing a Bachelor of Economics. She later obtained a Diploma of Financial Planning from Monarch Institute, where she studied from 2015 to 2017. ^[11]

Career

Sylvia To began her career in traditional finance, accumulating over six years of experience on the buy-side in Asian and Australian equity markets. Her first role was as an Investment Specialist at Mirae Asset Global Investments in Hong Kong, where she focused on Asia-ex-Japan strategies for the firm, which had US$245 billion in assets under management during her tenure. Following this, she worked as a Research Associate for Allan Gray Australia in Sydney. In this position, she covered Australian equities and gained experience with contrarian investment strategies, which served as a basis for later work with cryptocurrencies.

To later transitioned into the digital asset industry, joining Bullish. According to professional data, she assumed the title of Director in May 2024. Her role is multifaceted, with titles including Director at Bullish Capital Management, Head of Bullish Capital Management, and Head of Token Partnerships & Research. As Director of the firm's venture capital arm, her primary responsibilities include originating and evaluating Web3 investment opportunities. Her work also involves off-chain and on-chain data analysis and sector research across Decentralized Finance (DeFi), Centralized Finance (CeFi), Non-Fungible Tokens (NFTs), and smart contract platforms. The investment strategy of Bullish Capital Management focuses on supporting founders of blockchain and cryptocurrency projects that deliver tangible, real-world use cases. The firm provides both capital and strategic guidance to its portfolio companies. To leverages her background in public and private markets and her fluency in four languages to advise founders on scaling their companies globally. ^{[1] [5] [2] [3] [4] [11]}

Published Works and Commentary

As a contributor to CoinDesk, a media outlet owned by the Bullish Group, To has authored articles analyzing trends in the digital asset market. Her published works provide insight into her areas of focus, including emerging technologies and stablecoin ecosystems. ^[2]

Her notable articles include:

• "From Hype to Reality: 2025’s Emerging Innovations in DePIN and AI" (May 28, 2025): In this piece, To argued that genuine innovation within Decentralized Physical Infrastructure Networks (DePIN) and Artificial Intelligence (AI) is marked by the development of practical solutions to real-world problems, signaling a market maturation beyond initial speculation.
• "Stablecoin Surge: Tether's Headroom for Growth" (May 8, 2024): To analyzed the growth potential of the stablecoin Tether (USDT), suggesting that its integration with The Open Network (TON), which is associated with the messaging platform Telegram, could be a significant catalyst for its continued expansion.

This commentary reflects her professional focus on investment opportunities that demonstrate clear utility and sustainable growth models. ^[2]

Public Appearances

To is an active participant in industry events, where she speaks on topics related to digital asset infrastructure, investment, and market trends.

• Nasdaq TradeTalks Panel (June 18, 2025): To was a panelist for a discussion titled "The Future & Security of the Digital Asset Ecosystem and Infrastructure for the Intelligent Economy." Hosted by Nasdaq's Global Markets Reporter Jill Malandrino, the panel also featured representatives from CoinDesk, Zokyo, and RYT Chain. Her commentary focused on the growth of stablecoins, institutional adoption pathways, and the importance of real-world utility for the next phase of crypto adoption.
• Consensus Hong Kong 2025 (February 20, 2025): To was scheduled as a moderator for a mainstage session titled "Decentralizing AI: Engineering Tomorrow's Compute Layer." The session focused on the intersection of data, analytics, and artificial intelligence within a decentralized framework, highlighting her expertise in emerging technology sectors. ^{[5] [6]}

Views and Perspectives

Through public panels and published works, Sylvia To has articulated her views on the maturation of the digital asset industry, emphasizing a shift from speculative investment to foundational infrastructure and practical applications.

On Stablecoins and U.S. Dollar Dominance

To has highlighted the significant expansion of the stablecoin market, citing a CoinDesk Indices report that valued the sector at $250 billion, or about 7% of the total cryptocurrency market capitalization as of mid-2025. She also referenced a projection from the U.S. Treasury Secretary suggesting the industry could grow to $3 trillion. In her view, the proliferation of USD-backed stablecoins serves to reinforce the U.S. dollar's status as the global reserve currency, acting as a counterforce to de-dollarization trends and potentially lowering government borrowing costs. To illustrated the scale of stablecoin issuers by pointing out their significant role in the U.S. Treasury market. During a Nasdaq panel, she stated, "Tether is the top 20 holder of US treasuries... and that's above sovereign states like Australia and Germany. It's crazy." ^[6]

On Institutional Adoption

To identifies exchange-traded funds (ETFs) as a critical gateway for institutional capital to enter the digital asset class. She has noted that traditional investors "definitely feel more comfortable investing in ETFs," as the familiar investment vehicle abstracts away the complexities of direct custody and trading of cryptocurrencies. Beyond ETFs, she has observed a growing trend of corporations, such as MicroStrategy and the Japan-based Metaplanet, adopting Bitcoin treasury strategies, signaling a broader acceptance of digital assets as a legitimate component of corporate finance. ^[6]

On Real-World Utility

A central theme in To's commentary is the necessity for the cryptocurrency industry to move beyond building foundational infrastructure and focus on user adoption driven by practical applications. She has stated that the next phase of growth depends on "crypto finding legs of real utility." From her perspective as a venture capitalist who has invested in numerous infrastructure projects, she has emphasized that the industry is "waiting for that adoption of of everyday users." ^[6]

She identifies several key areas driving this adoption:

• Real-World Assets (RWA): The tokenization of tangible and financial assets on the blockchain.
• Stablecoins: Their use as a stable medium of exchange and store of value.
• Cross-Border Transactions: The use of digital assets to facilitate faster and cheaper international payments, particularly for unbanked or underbanked populations in developing regions like Africa, South America, and Southeast Asia.

To believes that these use cases, especially those promoting financial inclusion, align with "the true ethos of what crypto is created for." ^[6]

On Global Regulation

To has commented on the evolving global regulatory landscape for digital assets, identifying Hong Kong as a key jurisdiction leading regulatory development. She has noted that the region is "on the forefront of... crypto regulation," with its leadership extending beyond stablecoin frameworks to include the adoption of Real-World Assets and the facilitation of private credit for developing nations through digital asset structures. ^[6]

Interviews

Unpacking Alpha Podcast #01

On March 19, 2023, Sylvia To participated in Episode 4 of the Unpacking Alpha podcast, hosted by PAC Capital. At the time, she served as Research Lead at Bullish, a regulated digital asset exchange. In the conversation, she described Bullish’s approach of combining automated market maker (AMM) pools with centralized order books as a method designed to provide liquidity suited to institutional participants.

To outlined her perspective on institutional adoption of digital assets, noting its influence on regulatory developments, custody practices, and market structure. She referenced past exchange failures, including the collapse of FTX, as examples that underscored the importance of asset segregation and transparent custody arrangements.

The discussion also addressed stablecoins, where To pointed to differences between collateralized models, such as USDC and USDT, and algorithmic frameworks, which have faced setbacks. She further commented on challenges in decentralized finance (DeFi), emphasizing vulnerabilities exposed during the sector’s expansion, and examined the ongoing tension between decentralization principles and regulatory oversight.

Additional topics included Bitcoin’s decentralized characteristics, the development of non-fungible tokens (NFTs), including ordinal NFTs on the Bitcoin network, and the exploration of tokenization as a mechanism for integrating blockchain with traditional financial markets.

According to her contributions in the interview, these subjects reflected both structural risks and ongoing areas of growth within the cryptocurrency sector, highlighting the sector’s continued process of adaptation and regulation. ^[12]

Developments in Cryptocurrency #02

On May 24, 2024, Sylvia To, Head of Partnership and Research at Bullish, participated in episode 7 of the Independent Reserve YouTube series. The discussion focused on structural changes in the cryptocurrency sector and the evolving role of digital assets in financial markets.

To described the expansion of real-world asset tokenization, noting its progression from stablecoins to instruments such as tokenized U.S. Treasuries. She stated that such mechanisms could provide broader access to financial products, particularly in regions with limited banking infrastructure. The interview also addressed the function of cryptocurrency indices, which she identified as frameworks that enable digital assets to be classified and benchmarked in ways familiar to traditional finance.

Another topic concerned the interest of venture capital firms in areas including liquid staking and liquid restaking protocols. To outlined how these systems operate, pointing to both the potential returns they create and the risks associated with validator slashing and systemic failures. She further commented on the engagement of Australian superannuation funds with digital assets, indicating an emerging form of institutional participation in the sector.

In addition to industry trends, To recounted her transition from traditional finance into cryptocurrency, beginning with her introduction to Ethereum. She also referred to the relevance of international conferences as platforms for monitoring developments and comparing perspectives across global markets. ^[13]