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London crypto hedge funds post double-digit gains amid market optimism

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London-based crypto hedge funds are experiencing significant gains this year, reflecting growing market optimism for digital assets, according to a report by Financial News. 

Fasanara Digital, the digital asset division of $4bn asset manager Fasanara Capital, has reported an approximate 15% increase year-to-date, according to Financial News’s sources. The fund, which oversees about $130m in assets, achieved gains of around 21% in 2023. 

Nickel Digital Asset Management, led by former Goldman Sachs executive director Anatoly Crachilov, saw a roughly 14% increase by the end of April. 

In a Financial News interview, Crachilov discussed expansion plans into the Middle East, the US and Asia, adding that the firm was hiring for head of US for business development and head of Europe. 

Crachilov also anticipated an influx of traditional hedge funds into the digital asset sector: “I expect more hedge funds and financial firms to come to the digital asset ecosystem. In my opinion, none of the big finance firms properly engage in crypto apart from Brevan [Howard].” 

Brevan Howard’s digital asset unit posted a return of approximately 35% in Q1 2024, according to a Bloomberg report. 

Traditional financial firms are increasingly engaging in the crypto market following the US regulatory approval of spot bitcoin ETFs in January. Millennium Management, led by Izzy Englander, reportedly holds around $2bn worth of bitcoin ETFs, based on a recent filing with the US Securities and Exchange Commission. 

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