The domestic Two Coin Capital LP was created in 2026 as a Delaware limited partnership. Its general partner is Two Coin Capital GP LLC. The first SEC notice was filed August 17, only days after California business records show both entities registering to operate in the state.
The offering structure is clearly institutional. Section 3(c)(7) generally limits private investment-company participation to qualified purchasers, and the Form D separately reports a $1 million minimum investment. Rule 506(b) means the issuer is relying on a private-offering exemption that does not permit general solicitation in the same manner as Rule 506(c).
The offering is indefinite and expected to last longer than one year. The securities are identified as equity, pooled-investment-fund interests and limited-partner interests.
At launch, no broker-dealer or placement agent was listed. The issuer reported $0 sales commissions and $0 finder's fees.
Item 16 is particularly useful because the filing states that although $0 of offering proceeds are presently identified as payments to named related persons, the investment adviser receives an investment-management fee and the general partner receives a performance allocation. This confirms that Two Coin is intended to have the standard economics of an actively managed hedge fund rather than simply being a passive holding company.
A second vehicle, Two Coin Capital Offshore Ltd, appeared in SEC databases on September 18, 2026. The offshore filing was also a new notice and reported $0 initial sales at filing. The appearance of an offshore counterpart only one month after the domestic fund is significant because it resembles the conventional architecture of an institutional hedge-fund launch: a Delaware partnership for U.S. taxable investors paired with an offshore corporation for non-U.S. and/or certain tax-exempt investors.
Public data reviewed so far is not sufficient to confirm whether the domestic and offshore vehicles feed into a common master fund. Investors should not assume a master-feeder arrangement simply because one would be conventional. The PPM, organizational chart and offshore constitutional documents should establish whether the funds invest pari passu, feed a common trading portfolio or operate separately.
The rapid creation of both onshore and offshore structures nevertheless suggests planning beyond a small friends-and-family vehicle. Building an offshore fund adds legal, administration, tax and governance expense. Managers typically incur that complexity because they expect a broader institutional investor base or need to accommodate investors for whom a domestic partnership is inefficient.
NO STREET CAPITAL: THE STRONGEST PLATFORM CONNECTION AND WHY IT MATTERS
No Street Capital provides the most important context for assessing Two Coin.
No Street's official website states that the firm was established in San Francisco in 2018 and that the affiliated Harvest Small Cap Partners funds have been managed since 2005. Its public contact information is:
505 Montgomery Street, Suite 1250 San Francisco, CA 94111 415-801-4460
Those details exactly match Two Coin Capital's initial Form D.
No Street GP LP is an SEC-registered investment adviser under CRD 299240 and SEC file number 801-114360. Its SEC registration became effective November 30, 2018. The SEC IAPD profile lists No Street GP LP and No Street Capital LLC as associated names.
Public adviser datasets based on Form ADV have recently placed No Street's assets in roughly the $1.8 billion-$2.5 billion range depending on filing date and methodology. Because those values change and third-party sites sometimes lag the latest Form ADV, FilingDossier should avoid presenting one secondary estimate as a precise September 2026 Two Coin figure.
What can be independently confirmed at high confidence is No Street's scale in listed equities. Its June 30, 2026 Form 13F-related data shows approximately $1.66 billion of U.S.-listed long securities. The largest positions included Uber Technologies, Generac, Twilio, Crocs, Fair Isaac and AppLovin.
That portfolio matters because it gives a concrete view of the investment ecosystem surrounding Baum.
This is not a crypto-heavy public book.
It is an active concentrated-equity portfolio involving consumer, software, mobility, fintech/data and industrial businesses.
If Two Coin is indeed an affiliated or successor strategy within that ecosystem, its investment heritage is much more naturally linked to fundamental public equities and special situations than to digital assets.
Again, this is not proof that Two Coin itself uses the same strategy. Its PPM remains necessary.
But it is far stronger contextual evidence than inferring strategy from the fund name.
NO STREET'S 2026 PUBLIC PORTFOLIO: UBER, GENERAC, TWILIO, CROCS, FICO AND APPLOVIN
No Street's June 2026 public long portfolio was concentrated enough to reveal meaningful investment convictions.
Uber Technologies was the largest disclosed position, approximately $137.1 million and about 8.2% of the reported long book.
Generac was approximately $124.4 million.
Twilio was approximately $105.2 million.
Crocs was approximately $98.9 million.
Fair Isaac was approximately $97.7 million.
AppLovin was approximately $87.1 million.
This composition demonstrates a willingness to own companies that can experience significant volatility but have identifiable cash-flow or competitive-positioning theses.
Uber combines mobility, delivery and logistics.
Generac is exposed to backup power, grid reliability and energy systems.
Twilio is a communications-software platform.
Crocs is a global consumer brand.
Fair Isaac owns FICO scoring infrastructure and analytics.
AppLovin operates mobile-advertising and software technology.
The portfolio is not narrowly sector constrained. Instead, it appears to seek idiosyncratic company opportunities across industries.
Position sizing is material. A top position above 8% can substantially affect fund performance.
The broader public portfolio has historically shown meaningful quarterly turnover, indicating that No Street is willing to resize or exit positions rather than simply operating a permanent long-only book.
A new Two Coin fund could theoretically be designed around a subset of these ideas, a different long/short mandate, or an entirely new strategy. Public documents do not yet say.
That uncertainty should remain one of the article's central diligence points.
MOBILE INFRASTRUCTURE: PRIVATE CAPITAL, PIPE INVESTING, CREDIT AND BOARD-LEVEL INFLUENCE
No Street's involvement with Mobile Infrastructure Corporation demonstrates that the broader platform is capable of investing outside conventional exchange-traded equities.
In December 2022, public transaction materials announced that No Street Capital would provide a $10 million PIPE investment supporting Mobile Infrastructure's proposed business combination with Fifth Wall Acquisition Corp. III.
Subsequent SEC filings show Harvest Small Cap Partners and HSCP Strategic III holding significant Mobile Infrastructure securities through the No Street structure.
The relationship became even deeper through credit arrangements. September 2024 SEC ownership filings disclose securities received in connection with a credit agreement under which Harvest Small Cap Partners-related entities acted as lenders to Mobile Infrastructure.
No Street's ownership became extremely significant. Public filings and ownership databases have shown approximately 24.3 million Mobile Infrastructure shares associated with the No Street ecosystem during 2025-2026.
Jeffrey Osher also served at the board level, creating an investor-governance relationship rather than a purely passive stock holding.
This matters for understanding Two Coin because Baum comes from a platform whose toolkit includes:
Public equities Large concentrated ownership positions Activist engagement PIPE investments Structured/credit financings Board participation Special situations
That is a materially broader investment toolkit than the word "hedge fund" alone implies.
GREEN DOT: CRAIG BAUM'S DOCUMENTED ACTIVIST INVESTING EXPERIENCE
The 2016 Green Dot proxy contest provides the strongest primary-source evidence about Baum's direct historical investment activity.
Harvest Small Cap Partners became a major Green Dot shareholder and launched a public campaign challenging the company's strategy, execution and board composition.
Harvest sought changes to the board and publicly criticized what it viewed as poor shareholder-value creation and governance.
Craig Baum was named in SEC Schedule 13D documents alongside Jeff Osher and other Harvest representatives.
Harvest's public campaign materials listed Osher and Baum as investment-firm contacts.
This episode demonstrates that Baum's background includes activist equity investing and corporate-governance engagement rather than only passive security selection.
The contest also illustrates the risks of activism.
Activist investors can generate value if operational or governance changes succeed.
But campaigns can become expensive, adversarial and public.
Management teams may resist.
Other shareholders may reject the proposals.
A company's operating performance can continue deteriorating while the activist campaign plays out.
If Two Coin incorporates an activist or engagement-oriented strategy, these factors would become central to its risk profile.
Current public Two Coin filings do not say that it will, so activism should be described as Baum's prior experience, not the confirmed Two Coin mandate.
WHY "TWO COIN" SHOULD NOT CURRENTLY BE LABELED A CRYPTO FUND
This is one of the most important entity-quality points for Google.
The name "Two Coin Capital" naturally sounds cryptocurrency-related.
But the SEC Form D classifies it simply as a hedge fund.
The filing does not mention:
Bitcoin Ethereum Cryptocurrency Digital assets Blockchain Tokens Stablecoins DeFi Digital-asset derivatives
Craig Baum's documented investment career instead connects to Harvest Capital Strategies, No Street Capital and public-company investing.
The office is also the established No Street office, not an address associated with a crypto-native investment manager.
Therefore, publishing a headline such as "Two Coin Capital Crypto Fund" would currently be unsupported.
If future Form ADV filings, a website or PPM explicitly identify digital assets, that conclusion can be updated.
For now the correct Google entity statement is:
Two Coin Capital is a newly launched Baum-led hedge fund; its investment strategy has not yet been publicly disclosed.
This type of correction is valuable because search engines often create entity associations from names alone.
CRAIG BAUM VERSUS JEFF OSHER: DO NOT MERGE THE TWO MANAGERS
The No Street history also requires careful person-level distinction.
Jeffrey B. Osher is the principal most frequently identified in modern SEC filings as managing member of No Street Capital LLC and as the person controlling investments for Harvest Small Cap Partners-related entities.
Craig Baum has been publicly identified as a No Street founding partner and worked closely with Osher at Harvest, but the new Two Coin filings identify Baum—not Osher—as manager of Two Coin Capital GP.
No current Two Coin Form D reviewed here names Osher as a related person.
Therefore:
No Street/Harvest history provides relevant manager lineage. Osher is an important historical and current No Street figure. Baum is the directly disclosed Two Coin controlling person. Two Coin should not be described as "Jeff Osher's fund" without additional evidence.
This separation makes the article more precise than automated entity aggregation that may treat all organizations at 505 Montgomery Street as identical.
PLUMPJACK BAUM LLC AND ADDRESS PENETRATION
California business records provide another Baum-related entity at the same office: Plumpjack Baum, LLC.
The company was registered in California in 2022, formed in Ohio and lists Craig Baum as registered agent, again at 505 Montgomery Street, Suite 1250.
The public record does not provide enough evidence to establish Plumpjack Baum as an investment adviser, fund, Two Coin affiliate or portfolio holding.
Its relevance is narrower: it further confirms that Baum has used this specific Montgomery Street address for his own corporate activity years before Two Coin was formed.
That strengthens the address/person continuity.
It should not, however, be added to Two Coin's formal fund structure without documentary proof.
FORM ADV GAP: THE MOST IMPORTANT REGULATORY QUESTION AFTER LAUNCH
The most significant missing public document is the adviser relationship.
Two Coin's Form D states that "the investment adviser to the issuer" will receive management fees but does not name that investment adviser in the sections visible in the filing.
Two Coin Capital GP LLC is identified as general partner.
Craig Baum controls the GP.
The exact adviser could potentially be:
No Street GP LP No Street Capital LLC A new Two Coin advisory entity Another affiliated adviser A structure not yet reflected publicly because the fund had not commenced sales
Public evidence currently does not resolve this conclusively.
This is the single most important next regulatory development to monitor.
If No Street GP LP files an amended Form ADV adding Two Coin as a private fund, that would formally resolve the relationship.
If a new Two Coin investment adviser registers or files as an exempt reporting adviser, that would instead support a separate management structure.
Until then, FilingDossier should describe the relationship as strongly associated but not formally confirmed.
This caution makes the article more authoritative, not less.
OFFSHORE LAUNCH AND WHAT IT SUGGESTS ABOUT TARGET INVESTORS
The September 18 appearance of Two Coin Capital Offshore Ltd materially changes the interpretation of the August domestic filing.
A manager establishing both U.S. and offshore vehicles is typically preparing for multiple investor tax profiles.
Offshore hedge funds are commonly used by:
Non-U.S. investors Tax-exempt institutions Foundations Endowments Pensions Certain retirement or institutional structures concerned about UBTI or tax treatment
That does not prove any of these investors have committed to Two Coin.
The offshore filing initially reported no sales.
But the structure indicates that the manager is building infrastructure capable of accepting institutional offshore capital.
The domestic $1 million minimum reinforces the same interpretation.
Institutional ambition should not be confused with institutional validation.
At launch, Two Coin still had no disclosed domestic investors in the August filing and the offshore vehicle was also at $0 when filed in September.
Fundraising success therefore remains unproven in public records as of the latest filings reviewed.
LAUNCH RISK: NO PUBLIC TRACK RECORD YET FOR THE TWO COIN VEHICLE
Two Coin itself has no public performance history.
That distinction is critical even if Baum has decades of relevant investment experience.
Manager experience and fund track record are different things.
A new strategy can have:
Different exposure limits Different net/gross targets Different liquidity Different position sizes Different sector universe Different leverage Different short book Different fee structure Different investor base
An experienced investor launching a new fund still needs to demonstrate that the new mandate can perform as intended.
Prospective LPs should therefore request whether Two Coin is:
A continuation of a strategy Baum previously ran at No Street A carve-out of an existing book A new long/short strategy An activist/special-situations fund A concentrated long-biased fund A digital-asset strategy A multi-asset strategy A separately branded institutional product
Current public filings answer none of those questions.
If the strategy uses a portable or transferred track record from prior employment, investors should also determine whether that record is audited, attributable specifically to Baum and calculated net or gross of fees.
CONCENTRATION AND ACTIVIST / SPECIAL-SITUATIONS RISK
Baum's prior Harvest history makes concentration and activism particularly relevant diligence topics even though the current Two Coin strategy remains undisclosed.
Concentrated investors can generate substantial alpha from differentiated research.
But large positions expose a fund to company-specific shocks.
An earnings miss, regulatory investigation, accounting problem, failed product launch or management change can create an immediate large drawdown.
Activist positions can be even less liquid because the fund may own a large percentage of outstanding shares.
Once a manager publicly files a Schedule 13D, the market knows that an activist is involved, potentially influencing the security price before the manager can change its position.
Activism can also increase legal and advisory costs.
Proxy solicitors, lawyers and governance advisers can become significant fund or management-company expenses depending on fund documents.
PIPE and private/public crossover investments introduce lockups and resale restrictions.
Credit investments introduce default and recovery risk.
The broader No Street/Harvest history therefore illustrates a flexible toolkit but also shows why investors need exact Two Coin mandate limits.
SHORT SELLING, LEVERAGE AND HEDGE-FUND STRUCTURE
Two Coin's Form D explicitly labels the vehicle as a hedge fund.
That classification does not prove the fund shorts securities or uses leverage, but it makes these issues central to diligence.
A long/short portfolio can reduce market beta but introduces:
Unlimited theoretical loss on shorts Stock-borrow costs Borrow recalls Short squeezes Derivative counterparty exposure Financing risk Margin requirements Gross-exposure risk
If the fund uses concentrated long positions alongside short positions, portfolio risk depends on correlation rather than simply gross position count.
A hedge fund can appear diversified while holding multiple positions exposed to the same factor.
Investors should request:
Gross exposure Net exposure Maximum single-name long Maximum single-name short Sector concentration Use of options Use of swaps Prime broker diversification Margin policy Stress testing Historical beta Value-at-risk methodology if used
None is visible through Form D.
SERVICE PROVIDERS: CURRENTLY A MAJOR PUBLIC-DISCLOSURE GAP
Two Coin's current public filing does not identify its administrator, auditor, prime broker, custodian or legal counsel.
For a newly launched hedge fund, those relationships are particularly important.
Administrator: independently maintains investor capital accounts and often calculates NAV.
Auditor: reviews annual financial statements.
Prime Broker: provides financing, securities custody and stock borrowing.
Legal Counsel: structures the offering, adviser arrangements and regulatory documents.
Tax Provider: prepares partnership returns and K-1s.
Banking Institution: receives subscriptions and pays expenses.
Investors should independently verify wire instructions and service-provider contacts because new funds are particularly vulnerable to operational mistakes and payment fraud.
The fact that Baum comes from an established No Street infrastructure could reduce operational setup risk if Two Coin uses the same providers.
But investors should not assume provider continuity from an office address.
The current PPM and subscription documents should name each provider.
NO STREET REGULATORY RECORD AND WHY IT CANNOT AUTOMATICALLY BE TRANSFERRED TO TWO COIN
No Street GP LP is SEC registered under CRD 299240 / SEC 801-114360.
Its registration became effective in November 2018.
SEC and public-company filings demonstrate a sustained reporting history including Form 13F, Schedules 13D/13G and N-PX proxy-voting reports.
That provides meaningful institutional evidence for the environment from which Baum comes.
But No Street's regulatory status cannot automatically be "transferred" to Two Coin.
If No Street is formally appointed investment adviser, the connection becomes direct.
If Baum created a new adviser, that new entity would need to operate under its own applicable regulatory framework.
The Two Coin Form D itself does not constitute investment-adviser registration.
Form D only notices an exempt securities offering.
This distinction should remain prominent in FilingDossier articles because inexperienced investors frequently mistake an EDGAR filing for SEC approval of the manager.
NEGATIVE-EVIDENCE REVIEW
No major enforcement event specific to Two Coin Capital could reasonably be expected yet because the entity was only formed in 2026 and had not begun selling interests when its initial Form D was filed.
The reviewed public evidence does not identify a major SEC fraud enforcement action against Craig Baum in connection with Two Coin, Harvest or No Street.
The Green Dot matter was an activist shareholder/proxy contest rather than an SEC enforcement case against Baum.
Harvest publicly accused Green Dot management and its board of poor execution and governance; those statements were the activist shareholder's claims in a contested corporate campaign and should not be presented as independent findings by FilingDossier.
The principal negative issue for Two Coin is therefore not misconduct evidence but opacity caused by its newness.
Current public gaps include:
No confirmed Two Coin website located. No public investment strategy. No public portfolio. No fund-level performance. No disclosed current investors in the initial domestic filing. No named adviser in the Form D. No public administrator/auditor/prime broker list. No disclosed fee percentages. No liquidity terms. No leverage limits. No confirmed master-feeder structure. No public explanation of the "Two Coin" name.
Those are normal omissions for a newly filed private fund, but they meaningfully limit external assessment.
GOOGLE ENTITY PENETRATION: THE MOST IMPORTANT CONNECTIONS TO PRESERVE
For search-engine entity resolution, the strongest verified Two Coin identifiers are:
Two Coin Capital LP CIK 0002150501 SEC File 021-594461 Two Coin Capital GP LLC Craig N. Baum 505 Montgomery Street, Suite 1250 San Francisco, CA 94111 415-801-4460 2026 formation Rule 506(b) Section 3(c)(7) $1,000,000 minimum Two Coin Capital Offshore Ltd No Street Capital / No Street GP LP as strongly associated through person/address/phone history Harvest Capital Strategies as Baum's prior investment platform
Search engines should not merge Two Coin with unrelated cryptocurrency projects, venture firms or companies using "Two Coin" in their names.
Likewise, No Street and Two Coin should not yet be represented as legally identical.
The ideal entity wording is:
"Two Coin Capital is a new Craig Baum-led San Francisco hedge fund operating from the same address and telephone infrastructure as No Street Capital, where Baum has been publicly identified as a founding partner. Public filings reviewed to date do not yet explicitly identify No Street as Two Coin's investment adviser."
That sentence captures both the strongest evidence and the remaining uncertainty.
FINAL ASSESSMENT
Two Coin Capital LP is one of the more interesting new 2026 Form D funds because its public filing looks minimal in isolation but becomes substantially more informative after entity penetration.
The fund is a Delaware limited partnership formed in 2026. Its August 17 Form D reports a $1 million minimum, an indefinite Rule 506(b) offering, Section 3(c)(7), hedge-fund classification and no first sale as of filing. Two Coin Capital GP LLC serves as general partner, and Craig N. Baum controls the GP.
California records corroborate the organization and show the domestic fund and GP registering on August 6, 2026.
A parallel offshore vehicle appeared on September 18, indicating that the manager has already established both domestic and offshore structures despite the extremely recent launch.
The deepest finding is the No Street connection. Two Coin uses exactly the same 505 Montgomery Street Suite 1250 address and 415-801-4460 phone number as No Street Capital. Craig Baum is publicly identified as a No Street founding partner and previously spent years at Harvest Capital Strategies. Historical SEC filings show Baum participating directly in Harvest's Green Dot activist campaign, while modern No Street filings demonstrate a large institutional public-equity platform descended from the Harvest Small Cap funds.
No Street's June 2026 public long-equity portfolio was approximately $1.66 billion and led by Uber, Generac, Twilio, Crocs, Fair Isaac and AppLovin. The broader platform has also participated in PIPE, credit, board and concentrated ownership situations such as Mobile Infrastructure. This creates a substantial investment-history context around Baum even though Two Coin itself has no track record yet.
The major unresolved issue is formal manager identity. Two Coin's Form D says an investment adviser will receive management fees but does not identify the adviser. The No Street relationship is strongly supported operationally, but until a Form ADV, PPM or direct disclosure names No Street, FilingDossier should not present that relationship as legally confirmed.
Likewise, there is currently no evidence that the fund is cryptocurrency-focused. Its name should not be used to infer digital-asset exposure.
For prospective LPs, the critical documents are the PPM, LPA, adviser identity, Form ADV relationship, current subscription status, strategy description, transferred or attributable track record, administrator, auditor, prime broker, custodian, fee schedule, liquidity, leverage limits, onshore/offshore architecture and conflict-allocation policies involving No Street or Harvest vehicles.
Two Coin Capital's legal existence and Craig Baum control are strongly established. Baum's investment background is also independently documented. What remains unproven is the actual strategy and operating economics of this specific new vehicle.
SEC SNAPSHOT
Issuer: Two Coin Capital LP CIK: 0002150501 SEC File Number: 021-594461 Entity Type: Limited Partnership Jurisdiction: Delaware Year Organized: 2026 Principal Address: 505 Montgomery Street, Suite 1250, San Francisco, CA 94111 Phone: 415-801-4460 Initial Form D Filing Date: August 17, 2026 Form D Signature Date: August 14, 2026 First Sale: Yet to Occur at Initial Filing Fund Classification: Pooled Investment Fund / Hedge Fund Offering Exemption: Regulation D Rule 506(b) Investment Company Act Exclusion: Section 3(c)(7) Offering Duration: More Than One Year Offering Size: Indefinite Amount Sold at Initial Filing: $0 Initial Investors: 0 Minimum Investment: $1,000,000 Sales Commissions: $0 Finder's Fees: $0 General Partner: Two Coin Capital GP LLC GP Manager: Craig N. Baum Form D Signatory: Craig N. Baum Management Fee: Confirmed to exist; percentage not publicly disclosed Performance Allocation: Confirmed to be payable to GP; percentage not publicly disclosed California Registration Date for Two Coin Capital LP: August 6, 2026 California Registration Date for Two Coin Capital GP LLC: August 6, 2026 California GP Status: Active in reviewed state-derived record Parallel Offshore Vehicle: Two Coin Capital Offshore Ltd Offshore Form D Appearance: September 18, 2026 Offshore Initial Amount Sold: $0 in public filing database at launch Confirmed Master-Feeder Structure: Not yet established from reviewed public filings Key Person: Craig N. Baum Craig Baum Historical Investment Firm: Harvest Capital Strategies Craig Baum Current/Recent Public Professional Association: No Street Capital Craig Baum Public Role at No Street: Founding Partner in public professional records Craig Baum Prior Harvest Roles: Analyst; Director; Managing Director Craig Baum Education Reported Publicly: Harvard Business School MBA; University of Texas / McCombs undergraduate education Historical Activist Evidence: Green Dot Schedule 13D / 2016 proxy campaign Two Coin / No Street Address Match: Exact Two Coin / No Street Telephone Match: Exact No Street Official Address: 505 Montgomery Street, Suite 1250, San Francisco, CA 94111 No Street Official Phone: 415-801-4460 No Street Adviser: No Street GP LP No Street CRD: 299240 No Street SEC File: 801-114360 No Street SEC Registration Effective: November 30, 2018 No Street Established: 2018 Harvest Small Cap Funds Managed Since: 2005 according to No Street No Street 13F CIK: 0001765774 No Street Q2 2026 Public Long Portfolio: Approximately $1.66 billion Representative Q2 2026 Holdings: Uber Technologies; Generac; Twilio; Crocs; Fair Isaac; AppLovin Largest Q2 2026 Public Position: Uber Technologies Uber Position: Approximately $137.1 million Representative Special Situation: Mobile Infrastructure Mobile Infrastructure Historical Transaction: $10 million No Street PIPE announced in connection with Fifth Wall Acquisition Corp III transaction Additional Mobile Infrastructure Exposure: Harvest/No Street-linked credit and substantial equity ownership documented in SEC filings Historical Harvest Activism Example: Green Dot Corporation Two Coin Official Website: No distinct official Two Coin website confirmed in reviewed sources Two Coin Public Portfolio: Not disclosed Two Coin Current AUM: Not publicly established Two Coin Audited Performance: None publicly established; fund is newly launched Two Coin Investment Strategy: Not publicly disclosed Crypto / Digital Asset Strategy: Not established by reviewed SEC filing or public evidence Confirmed Two Coin Investment Adviser: Not identified by name in reviewed Form D Strongly Associated Existing Platform: No Street Capital based on Craig Baum plus exact address/telephone overlap Important Legal Caution: No Street should not yet be described as formally appointed Two Coin adviser without an explicit ADV, PPM or other primary disclosure Current Administrator: Not publicly confirmed Current Auditor: Not publicly confirmed Current Prime Broker: Not publicly confirmed Current Custodian: Not publicly confirmed Current Legal Counsel: Not publicly confirmed Current Redemption Terms: Not publicly confirmed Current Gross / Net Exposure: Not publicly disclosed Current Leverage: Not publicly disclosed Current Fee Percentages: Not publicly disclosed Major Two Coin Enforcement Record: None identified in reviewed public material; vehicle is newly formed Major Craig Baum SEC Enforcement Identified: No defining enforcement action identified in reviewed material Primary Risks: New-fund execution risk, no fund-specific track record, manager-structure uncertainty, strategy opacity, key-person dependence on Craig Baum, possible concentration, long/short and leverage risk, activist/special-situation illiquidity if used, operational setup risk and uncertainty around current fundraising Entity Confusion Warning: Do not infer cryptocurrency exposure from the "Two Coin Capital" name. Do not describe No Street Capital as the formally confirmed adviser until primary documentation explicitly establishes the relationship. Duplicate Brand Rule: Two Coin Capital LP and Two Coin Capital Offshore Ltd should be treated as the same Two Coin Capital brand. Whether the brand should eventually be fully merged with No Street Capital for FilingDossier deduplication should remain pending until the formal adviser relationship is confirmed. Independent Conclusion: Two Coin Capital LP is a verifiable 2026 hedge-fund launch controlled by experienced public-equity investor Craig Baum. SEC and state records establish the domestic fund, GP, address, $1 million minimum and qualified-purchaser structure, while an offshore companion vehicle appeared one month later. The exact overlap with No Street Capital's San Francisco address and telephone number, together with Baum's documented role at No Street and Harvest, provides strong evidence of platform continuity. The principal unresolved questions are the fund's actual strategy, formally appointed investment adviser, fundraising progress, service providers, fee percentages and track record—not its legal existence.
Independent research summary based on SEC Form D, SEC IAPD/No Street registration records, SEC Schedule 13D and Section 16 filings, No Street Capital first-party website disclosures, California business-registration data and public professional histories. Form D and investment-adviser registration are regulatory disclosures and do not constitute SEC approval, verification of fund performance or endorsement of the offering.