I have been watching some of the talks from the Berlin bitcoin++, and one of the things I noticed is that the conference was sponsored by something that is called Flux (it doesn't look like they have a website yet, so I linked to their X account).

Allen gave a talk introducing Flux on the second day of the conference. You can find it here, starting at 34:44.

In short, Flux is going to a bitcoin native asset manager. This means they raise in bitcoin, does its accounts in bitcoin, and deploys in bitcoin.

Allen describes two funds that they will begin with. Allen described the funds in the following way:

What this means is that Fund 1 will make the pitch to bitcoin holders that they should give their bitcoin to Flux so that it can run lightning channels with lots of liquidity and earn a (small) yield for them.

Fund 2 is described as being more interesting because it solves the following problem: many of the companies Axiom (Allen Farrington's VC firm) tries to fund often raises in dollars, and then 10% to 30 or 40% of that raise goes towards spot buying bitcoin to then put in a lightning node. Allen describes this as "diluting your equity, to fund your working capital, in the wrong currency." What this means (I think) is that Flux's Fund 2 will make bitcoin investments in companies that want to build in the lightning ecosystem.

Apparently, there are all kinds of regulatory things, so Fund 2 won't launch for a while, but it sounds like Flux Fund 1 will be announced in the next few weeks. I suppose one could have seen this coming if one was paying attention to Axiom's publications.