PARTNER CONTENT
Finality Liquid Opportunities (FLO) was named winner of Multi-Strategy Fund of the Year: Annual Excellence at the Hedgeweek® Global Digital Assets Awards 2026. Partner and
Head of Liquid Strategies David Grider outlines what sets the fund apart and how its risk framework helped it sidestep the digital asset drawdown.
In no more than 50 words, please describe your firm’s flagship investment strategy and what makes it special ?
Finality Liquid Opportunities (FLO) is a discretionary long-biased, multi-strategy hedge fund. FLO invests across the digital asset industry in publicly traded equities, credit, derivatives, and digital assets, leveraging macro insights, fundamental research, and active risk management.
What are the three key selling points of your business and investment thesis?
We don’t really view ourselves as a typical “crypto fund”, we’re a blockchain industry specialist. Similar to how an energy fund invests across oil, Exxon stock, and E&P debt, we invest across the digital asset industry’s capital structure: commodities like Bitcoin, public equities like Coinbase, and senior to mezz debt. This toolkit gives us more ways to find fundamentally mispriced alpha than funds relying solely on token exposure.
Most long-biased crypto funds swing wildly with risk assets. We blend our cross-asset universe with distinct playbooks for different market environments. This year we’ve focused
on our lower risk absolute return strategy, debt, derivatives, and long/short, to find returns in a choppy market. Lately that has meant short Bitcoin and long blockchain equities and credit. Once we think the risk environment is better, we’ll shift towards our directional or fundamental growth strategies, investing in large-to-small cap equities or tokens.
Risk management is central to our ethos. Our main objective is to preserve capital across market cycles. We combine discretionary macro views with quantitative liquidity indicators to inform positioning. This was central to helping the fund largely avoid a drawdown in Q1 2025 when the market suffered. When our discretionary macro views turned negative late last year, we reduced risk and implemented our bear market playbook, cash, hedging, and corporate credit, helping us avoid nearly the entire digital asset drawdown since October
2025. We believe this risk framework leaves us well positioned to navigate regime shifts going forward.
What has been the most significant change you’ve observed in the global crypto industry in the past 12 months?
Our strategy wasn’t fully possible two years ago. The 2024 US election reshaped the regulatory environment completely, allowing blockchain companies to go public and enterprises to adopt the technology with clear rules. For us specifically, this opened up the equity, convertible bond, and credit market for blockchain companies, a core part of our
strategy, that simply did not exist at scale before.
Which are the most significant challenges facing the industry currently and how can they be best mitigated?
The industry continues to search for sustainable business models beyond speculative token issuance. We’ve largely avoided this underperforming category due to poor product-market-fit, weak economics, high valuations, and governance issues. However, recent regulatory changes should allow real enterprises with strong user bases to monetize blockchain services and unlock balance sheet value via tokens on regulated exchanges. Circle’s Arc token is an early example. The next wave will be established technology ompanies with real distribution finally able to bring tokenized products to market.
How do you see investor appetite shifting over the next 12 months?
We believe digital assets are transitioning from a niche asset class to an investable industry, approaching a Netscape moment where institutional infrastructure, regulatory clarity, and mainstream adoption converge. The Wall Street machine can now bank blockchain companies and get sales forces behind the industry. That brings new capital and users with valuations supported by fundamentals. For investors willing to do the work, the next few years should be among the most interesting we’ve seen.
David Grider, CFA, Partner and Head of Liquid Strategies, Finality Capital. Finality Capital is an alternative investment manager with venture capital, hedge fund, and credit strategies. David leads the firm’s multi-strategy hedge fund, Finality Liquid Opportunities (FLO), and its credit fund, Finality Credit Opportunities (FCO). A digital asset industry veteran with professional investing roles dating back to 2017, he previously served as Head of Research at Grayscale Investments and as Head of Digital Asset Strategy at Fundstrat Global Advisors.
