A cryptocurrency hedge fund run by Parataxis Capital Management recorded a bumper 341% return last year, net of fees, on the back of winning bets on both bitcoin and solana, according to a report by Bloomberg.

The report cites its CEO, Edward Chin, as confirming the performance of the $100m Absolute Return fund, which was overweight bitcoin when last year's US regional banking market problems helped to bolster the cryptocurrency. It also bought cheap solana tokens when supporter FTX filed for bankruptcy in late 2022, which subsequently surged by over 900% in 2023.

“Being liquid and focused on oversold assets was right,” Chin told Bloomberg.

Parataxis, which remains bullish on bitcoin and believing that it could reach $200,000 by 2025, was among only 4% funds that beat the cryptocurrency's return last year.