Arca almost doubled sales for its flagship crypto hedge fund in one year despite going public about its exposure to the Terra ecosystem which collapsed in May of this year, according to a report by CoinDesk.
Arca almost doubled sales for its flagship crypto hedge fund in one year despite going public about its exposure to the Terra ecosystem which collapsed in May of this year, according to a report by CoinDesk.
The report cites a filing made with the US Securities and Exchange Commission (SEC) last week as revealing that the Arca Digital Assets Fund, which invests in the tokens of crypto companies, had raised $191.7 million as of 24 October, an increase of almost $83 million on the $109 million held at the beginning of October 2021. The number of investors in the fund, which is still open to new investors, increased from 333 to 576 between the filings.
A letter sent to Arca investors in May revealed exposure to Terra’s native token LUNA and its stablecoin terraUSD (UST), which collapsed in dramatic fashion after losing it peg to the US dollar and subsequently bringing down the entire Terra ecosystem.
