AdobeStock 219981938 800x500 - Institutional Investor Ready to Open $100 Million Crypto Hedge Fund

Institutional Investor Ready to Open $100 Million Crypto Hedge Fund

Travis Kling, a former executive at Steven Cohen’s Point72 Asset Management, is looking to launch his own crypto hedge fund. Kling decided to leave the American hedge fund to offer a new investment opportunity for investors.

Prominent Investor to Launch Crypto Hedge Fund

Kling took the decision to start this hedge fund back in December 2017. At that time, Bitcoin was traded close to $20,000 dollars. However, the situation dramatically changed some weeks later. The famous virtual currency reached $6,700 dollars and started a bear market that lasts until today.

This bearish sentiment in the crypto market does not seem enough to change Kling’s opinion. The hedge fund could be opened in the coming months. According to a report released by Bloomberg, the fund could go live in just two weeks from now.

The fund is going to be based in Delaware and the earliest date for the launch could be October 1st. Moreover, the fund is going to be known as ‘Ikigai’ and will be backed by capital provided by anonymous partners. In the future, new investors could join the proposal and provide additional funding to Ikigai.

Investors that want to allocate capital will be able to do it through a Cayman Islands-based investment vehicle. Until now, there is not enough information on the matter.

About the investments, he mentioned:

“[I am] more confident than ever. This will be a multi-trillion dollar asset class. It will be part of our everyday lives. It’s still very early, but the development and growth of this technology will be exponential.”

The team behind the fund could be located in an office in Los Angeles rather than in Delaware. Currently, most of the funds allocated will be in cash.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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