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Wave Kentucky Whiskey 2021 Digital Fund


Ben Tsai
Wave Financial, President & Managing Partner

Benjamin Tsai, the President & Managing Partner at Wave Financial, is a trilingual financial executive with 15 years of proven success in developing global investment solutions for SWF, insurance firms, non-profits, and private banks. He has managed profitable teams in Tokyo, Hong Kong, Singapore, and Taipei, and served as CEO of Merrill Lynch Singapore Commodities. Subsequently at AllianceBernstein, Ben has served as Senior Portfolio Manager for the alternative investments business across Asia. In addition to his work at Wave Financial, he invests and mentors early stage startups in Southern California. He volunteers at the LA Blockchain Lab, a non-profit connecting academia and government in the field of blockchain technology. He holds a BS in engineering from UC Berkeley, and an MBA from UCLA


Last year’s Fund, despite commencing at the onset of the pandemic, received numerous nods from Forbes, Barron’s, and Institutional Asset Manager to name a few. The Fund won the coveted TADS Best in Class Asset Backed Token award since it offers fractional shares to a portfolio of whiskey barrels, providing exposure to the aging of Kentucky whiskey, a hard to access asset class with promising returns.  For the 2020 Fund, we purchased 2,700 barrels at less than $1,000 per barrel to be sold in 4 years for an anticipated $3,000 - $5,000 per barrel. If this target is reached,  the Fund may attain a 20% target return and estimated 2.3X investor equity multiple.  Our research indicates that whiskey is typically resilient in economic downturns, as during the 2007-2009 crisis, year-over-year sales by volume decreased only once by less than 1%. Similarly, despite declines in 2020 due to the Coronavirus Pandemic, the whiskey category is projected to grow revenue every year through 2024.