Joe Naggar, a former senior partner at GoldenTree Asset Management, has launched Feynman Point Asset Management, a new $300m crypto-focused hedge fund spun out from New York investment firm Republic, according to a report by Forbes.
Naggar, who spent 16 years at GoldenTree overseeing parts of its $61bn credit portfolio, has long been a prominent crypto investor – mining bitcoin as early as 2013 and backing early projects such as Stacks, Algorand, and Coinbase. In 2022, he built a digital assets team within GoldenTree, combining a macro trading approach with institutional-grade risk management.
After the market turmoil that followed the collapse of Celsius, Voyager Digital, and FTX, GoldenTree sold the fledgling crypto unit to Republic. Now, that same team has struck out on its own under the Feynman Point banner, maintaining its focus on digital assets and frontier technologies.
Despite the sector’s volatility, the strategy has produced strong results. According to Feynman, backers such as L1D, a $600m Swiss fund, and Blockchain Investment Group in New York have earned an annualised net return of more than 42% since inception in 2022.
Key wins included buying the Grayscale Bitcoin Trust (GBTC) at a 40% discount—before its conversion to an ETF, early exposure to decentralised exchange Hyperliquid, and an equity investment in Ripple Labs, whose valuation has surged following the resolution of its SEC case.
Naggar has also leaned into the emerging digital asset treasury (DAT) trend, investing across more than a dozen listed companies accumulating crypto on their balance sheets, including BitMine Immersion Technologies, SharpLink Gaming, and Twenty One Capital.
