Over 5½ years, our hedge fund, Innovative Digital Investors Emerging Technology, L.P., delivered a 56.31% net annualized return after fees - ranking #7 among all actively managed funds globally* - not through passive allocation, but through deep fundamental research, high-conviction positioning, and direct operational involvement in portfolio companies at the frontier of blockchain and digital technology.
Our Track Record Our HistoryInnovative Digital Investors was founded on a clear conviction: that blockchain infrastructure, digital assets, and frontier technology represented a generational dislocation between market pricing and fundamental value.
Our fund, Innovative Digital Investors Emerging Technology, L.P., was the primary vehicle through which that thesis was expressed - through high-conviction positions in digital asset exposures, innovative public equities, and select early-stage opportunities where our team could contribute directly to operational outcomes.
Following the successful closure of the fund in June 2025, the firm's principals carry that same analytical framework, network, and institutional knowledge forward into their next chapter.
Innovative Digital Investors Emerging Technology, L.P. operated from inception through closure as a high-conviction, research-driven hedge fund. Performance was generated through a concentrated portfolio of digital asset exposures, blockchain infrastructure equities, and selective early-stage positions - with direct operational involvement in portfolio companies serving as a core differentiator.
BitMine Immersion Technologies is not a passive investment story - it is an operational one. Innovative Digital Investors Emerging Technology, L.P. seeded the company from a blank page, providing the founding capital, strategic vision, and hands-on management necessary to build a functioning enterprise in one of the most capital-intensive sectors in the digital asset industry.
Jonathan Bates served as Chairman & CEO of BitMine and Raymond Mow served as CFO. Our principals were not advisors to this business - they were its operators, accountable for every stage of its development from a clean, fully SEC-reporting startup to NYSE American-listed public company.
The company's ultimate trajectory - pivoting from Bitcoin mining to an Ethereum treasury strategy and achieving the distinction of the largest holder of Ethereum globally - drove a market capitalization expansion from sub-$100 million to a peak approaching $20 billion. This outcome was the product of deliberate strategic conviction, capital markets execution, and operational follow-through at each stage of the company's evolution.
Past performance is not indicative of future results. The track record presented reflects the performance of a private investment fund and is provided solely for background and due diligence purposes.
Jonathan Bates has served as Chairman of the Board and Chief Executive Officer of Innovative Digital Investors Acquisition Corp. since March 2026. He brings over 35 years of experience in the financial services industry, spanning investment management, capital markets, and executive leadership at public companies and investment firms.
From July 2021 to November 2025, Mr. Bates served as Chairman & Chief Executive Officer of BitMine Immersion Technologies (NYSE MKT: BMNR), leading the company from its early stage as a Bitcoin mining company through its growth into the world's largest holder of Ethereum at the time of his departure.
Mr. Bates previously served as Chief Investment Officer, President, and General Partner of Progression Asset Management. Its subsidiary, Innovative Digital Investors, LLC, served as the general partner of Innovative Digital Investors Emerging Technology, L.P., a private investment fund focused on technology investments, including BitMine Immersion Technologies.
Earlier in his career, Mr. Bates served as Managing Partner of Boustead Capital Partners, LLC, an SEC-registered broker-dealer, as a Managing Director at J.P. Morgan Securities LLC, and as a Director at Barclays Wealth U.S.
Mr. Bates earned a Bachelor of Business Administration in Finance from the University of Texas at Austin and has previously held the Series 7, 9, 10, and 65 securities licenses.
Raymond Mow brings over 30 years of financial industry experience spanning institutional asset management, portfolio construction, and direct executive leadership at a publicly traded company. His career reflects a rare combination of large-scale institutional investment management and hands-on operational involvement at the company level.
As a principal of Innovative Digital Investors, Mr. Mow served as Portfolio Manager of Innovative Digital Investors Emerging Technology, L.P. and concurrently as Chief Financial Officer and a member of the Board of Directors of BitMine Immersion Technologies (NYSE MKT: BMNR) throughout the lifecycle of the fund's investment. In that capacity, he bore direct financial and fiduciary responsibility for the company across every stage of its development - from its establishment as a clean, fully SEC-reporting entity with shares quoted on the OTC markets, through its improvement to the OTCQX market tier, a series of capital raises culminating in a full NYSE American listing, and the ultimate strategic pivot to an Ethereum treasury strategy that made BMNR the largest holder of Ethereum globally.
Prior to Innovative Digital Investors, Mr. Mow served as Managing Director at First Foundation Advisers, where he oversaw $2.3 billion in assets across institutional and retail portfolios, including registered mutual funds, and served on investment policy committees covering asset allocation and customized portfolio construction. Previously, he was Senior Portfolio Manager at Highmark Capital Management, where he oversaw $2 billion in assets. He holds a BBA in Finance from the University of Hawaii, Manoa.
Nicolas Vaughan brings over 15 years of institutional exposure to financial markets, with a career spanning hedge fund management, alternative investments, derivatives, and direct involvement in public company capital markets. His experience encompasses the full lifecycle of an alternative investment vehicle - from fund inception and portfolio construction through ongoing operations and formal fund closure.
As a principal of Innovative Digital Investors, Mr. Vaughan served as Portfolio Manager of Innovative Digital Investors Emerging Technology, L.P. throughout its operational life, contributing to investment research, risk management, and the fund's high-conviction positioning in digital asset exposures and frontier technology equities. His work extended beyond portfolio management into direct capital markets exposure through the fund's involvement in BitMine Immersion Technologies (NYSE MKT: BMNR), where he participated in the strategic and operational processes surrounding the company's public listing and subsequent growth.
Earlier in his career, Mr. Vaughan held roles in boutique investment advisory and developed quantitative market frameworks applied to derivatives and alternative investment strategies. He holds the Chartered Alternative Investment Analyst (CAIA) designation, the Financial Modeling & Valuation Analyst (FMVA) designation, and an undergraduate degree in Business Finance.
We welcome inquiries from anyone looking to learn more about our team, history, or approach. Our principals are directly accessible - reach out to any member of our team.
General. This website has been prepared by Innovative Digital Investors, LLC ("IDI") for informational purposes only. Nothing contained herein constitutes investment advice, an offer to sell, or a solicitation of an offer to purchase any security. Past performance referenced herein relates solely to Innovative Digital Investors Emerging Technology, L.P. (the "Fund"), a now-dissolved private investment fund, and is not indicative of future results. The Fund's performance does not represent the projected returns of Innovative Digital Investors Acquisition Corp. or any other future vehicle.
Registration Status. IDI is an Exempt Reporting Adviser ("ERA") in the State of Nevada and other jurisdictions where applicable. Such status does not imply a certain level of skill or training. IDI provides investment advisory services only to "qualifying private funds" and does not provide services to the general public. The information on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.
Forward-Looking Statements. Certain statements on this website may constitute forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. IDI undertakes no obligation to update forward-looking statements.
No Offer or Solicitation. Nothing on this website constitutes an offer to sell or solicitation to buy securities of Innovative Digital Investors Acquisition Corp. Any offering will be made only by means of a prospectus or other offering documents filed with the U.S. Securities and Exchange Commission.
Track Record. The performance figures presented reflect the net annualized return of Innovative Digital Investors Emerging Technology, L.P. from inception (December 1, 2019) through dissolution (June 30, 2025). Returns are net of fees and expenses. Individual investor returns may have varied based on the timing of capital contributions and withdrawals. Past performance is not indicative of future results and should not be relied upon as a guarantee of any specific outcome.
*Relative Performance. The #7 ranking among all actively managed funds reflects relative performance data sourced from Hedge Fund Research, Inc. (HFR) for all active funds reporting to HFR during the lifetime of Innovative Digital Investors Emerging Technology, L.P. (December 2019 – June 2025). Rankings are based on annualized net returns and are subject to the composition of funds reporting to HFR during the applicable period. Not all actively managed funds report to HFR, and the ranking should not be interpreted as a comprehensive comparison against all actively managed funds in existence during this period. HFR data is provided for informational purposes only, and HFR has not endorsed or verified the fund's performance.
No Testimonials. In accordance with Nevada Administrative Code 90. Sec. 6, IDI does not use or publish testimonials of any kind regarding its advisory services. Any mention of specific portfolio companies is for illustrative purposes only and should not be construed as a recommendation.