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The best crypto funds around
While a number of funds look to be nothing more than get-rich-quick schemes from inexperienced owners, there are a number of crypto funds with more established records and experienced backers. For example, Altana Capital was founded in 2009 and is one of the more established crypto investors that avoids ICOs. The wealth-manager’s bitcoin-trading fund was up nearly 500% for the year through Sept. 11 according to the Hedge Fund Alert newsletter. A separate trade-finance vehicle, which lends U.S. dollars to bitcoin traders, was up 20% on an annualized basis through the end of August. Then there’s MataStable Capital, which launched a buy-and-hold cryptocurrency fund in 2014 and is currently closed to new investors. This firm has the backing of Andreessen Horowitz, Bessemer Venture Partners, Founders Fund, Sequoia Capital and Union Square Investors. According to Fortune, the fund has produced returns exceeding 500%. A better-known investor in crypto assets is John Burbank’s Passport Capital. Burbank has been investing in the sector for years and recently began investigations into opening a specialist cryptocurrency fund under the Passport name. It has hired a number of crypto-focused investment staffers. The best-known fund in the space has to be Olaf Carlson-Wee’s Polychain Capital. Carlson-Wee, was one of the first employees of cryptocurrency exchange Coinbase and his fund manages some $350 million of assets, with investments from venture capital titans Andreeseen Horowitz, Founders Fund, Sequoia Capital and Union Square Ventures. Trading is largely limited to select ICOs, aiming to get in before the public phase of the offerings. Dan Morehead’s Pantera Capital claims to be one of the largest owners of bitcoin. The firm was founded in 2003 and Morehead previously worked for Tiger Management.Updated: November 20 As Mike Novogratz tries to bring some kind of institutional backing to the cryptoasset industry at one end of the market, at the other end, traders and speculators looking to make a quick buck continue to run riot. The latest a high dubious offering comes from management company, SYMM, which has recently announced the launch of new a cryptocurrency investment fund, offering a uniquely new commission structure to investors.
Bitcoin dividends
SYMM is launching the Symmetry Fund, which is the first crypto fund to offer buyback options for shareholders. According to the firm's press release, the fund has been designed to "make it easy for individuals to invest in cryptocurrencies without all the effort, capital and risk involved with personal trading in the market." Here's some more info on the offering:"The SYMM fund invests in Bitcoin, Ethereum, Dash, Lite Coin and Ripple so offers a diversified portfolio for those looking for the safety of a traditional managed mutual fund, but still benefit from the gains being seen in the rising cryptocurrency markets, especially lucrative ICOs (Initial Coin Offerings)."The fund will pay monthly dividends equivalent to 50% of trading profits in Ethereum with the remaining 50% reinvested and investors are able to pick up the buyback option at any time. In order to mitigate volatility, the fund will keep 10% of its assets in flat currencies (US$/€). Management fees are "competitive" and charged on profits at 7.5% for investments over 100 ETH and 15% for under 100 ETH.
CME Contract
So far, the bitcoin hedge fund world has been able to get away with almost no regulation but as bitcoin trading becomes more mainstream, it will attract regulators. The CME Group is planning to launch a bitcoin futures contract, which will have to be approved by regulators. And when the contract is approved, there are many funds currently standing on the sidelines that would like to be involved. Indeed, $100 billion hedge fund Man Group recently declared that it would be interested in trading bitcoin if or when the CME product hits the market. This would likely be the first of many entries into the market by mainstream hedge funds.Published on: Oct 25 With the cryptoasset industry booming, and star fund managers such as Michael Novogratz planning to launch a half billion dollar cryptoasset fund, it was only a matter of time before crypto funds-of-funds started to appear. [timeless]
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“Our current view is that 75%+ of these funds were started in 2017, that in total they manage between $2 and $3 billion, but aspire to manage $8 billion, and that size is concentrated among the few early movers like Pantera and Polychain.”These funds only account for a small part of the crypto asset market. Autonomous Next notes that year-to-date, $3.04 billion has been raised through initial coin offerings, up from just $222 million last year. And it looks as if opening a crypto fund is about to get a whole lot easier for traders. Amid Stretched Valuations, Leon Cooperman Ups Cash Load
Move Over Mike Novogratz
Traditionally, to open a hedge fund, you have to spend time building your own reputation, complying with legal requirements, finding anchor capital for investment, marketing and finding brokers to work with. All of which takes time, experience and money. However, in the world of bitcoin, there’s no room for such old-fashioned methods. According to a new service called Fund Platform “there are not enough cryptocurrency funds in the world because development costs a lot of money” so, it has set out to rectify this problem. According to its marketing materials, Fund Service “acts as a platform where traders in private offices create funds in a few minutes” and traders can create funds “without pouring huge amounts of money into marketing and creating websites.” It looks as if the crypto fund boom is only just getting started. Expect to see another spike in fund launches next year. Caveat emptor.Mike Novogratz Believes Bitcoin Is Going To $10,000. Updated: Oct 11, 2017 As we reported a few weeks ago (see below) Mike Novogratz, a former principal at investment firm Fortress and an ex-partner at Goldman Sachs, loves bitcoin and all of its cryptocurrency counterparts. He loves the asset class, and opportunities presented so much that he's planning to start a $500 million hedge fund for cryptocurrencies, token sales and related startups.
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"I never thought I'd come out of retirement but the space is so exciting right now I decided to build a business, hire a whole bunch of smart guys, and we're gonna to raise a fund ... and hopefully take advantage of what I see as a revolution, actually. A decentralized revolution."