Crypto fund Tetras Capital closes after losing 75% of assets
Cryptocurrency hedge fund Tetras Capital, famous for its skeptical views on the prospects of Ethereum, is closing, writes CoinDesk, citing a source familiar with the situation..
According to him, Tetras Capital has lost 75% of its capital since its launch in 2017 and decided to return the remaining funds to investors. The fund specialized in trading altcoins and in May 2018 opened a short position on Ethereum at a cryptocurrency price of $ 700. Tetras Capital founder Alex Sunnarborg announced this in a conversation with Forbes..
According to reports provided by the US Securities and Exchange Commission, at some point under the management of the fund were assets worth $ 34 million. They were provided by 65 investors, each of which invested at least $ 100,000.
Sunnarborg is a former analyst at investment bank Raymond James, and his partners Brendan Bernstein and Thomas Garrambone at JPMorgan, Goldman Sachs and Deutsche Bank.
Last week it became known about the closure of the first licensed UK cryptocurrency fund Prime Factor Capital. Its organizers referred to the lack of interest in their services from institutional investors.
According to Crypto Fund Research, at least 68 cryptocurrency hedge funds in the world closed during the past year, while there were 35 in 2018..
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