It appears as if Silicon Valley and Wall Street are coming collectively just to see who can shower cryptocurrency ventures with more cash.
Blocktower Capital is a cryptocurrency hedge fund headed by former Goldman Sachs vice president Matthew Goetz. The new venture was only launched in August 2017 and has currently said to have raised about $140 million.
Investors in Blocktower reportedly contain household offices and other entities such as venture capital firms such as Union Square Ventures LLC and Andreessen Horowitz.
Some of the raised funds have been apparently redirected towards boosting the company’s employees, now estimated to sport eight executives. On Thursday Blocktower issued a statement that it hired Michael Bucella, who was also with Goldman Sachs given that 2008. Bucella’s last part at the bank was associated to multi-asset sales in Canada, exactly where he headed strategic partnerships and company improvement.
On its sparse website Blocktower Capital’s only description of its investment strategy, ambitions or operation is “bringing professional trading and portfolio management to an emerging digital asset class.” There is no mention of what cryptocurrencies they will concentrate on for trading, as well as no matter whether they will invest in ICO tokens or stocks of any ‘blockchain’ organizations.
Nonetheless, CEO Goetz, described what is the opportunity the fund can capitalize on: “It’s a wildly inefficient marketplace exactly where alpha potential is abundant — much more than anything we’ve observed in our careers. We believe it is a rare opportunity for investors. It is not often there’s a new capital marketplace getting born in front of you.”
This sentiment appears to be shared amongst far more and far more investors in each the finance and the venture capital worlds. A couple of notable examples consist of legendary worth investor Bill Miller who now holds half of his hedge fund in bitcoin, TechCrunch and CrunchFund founder Michael Arrington‘s $100 million XRP hedge fund, billionaire investor Michael Novogratz and most not too long ago Peter Thiel’s Founders Fund.
Would you invest in a cryptocurrency hedge fund run by former ex-Goldman Sachs executives? Tell us what you think in the comments section beneath.
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Published at Mon, 08 Jan 2018 00:30:36 +0000