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BlockTower Capital, a cryptocurrency fund that recently landed an investment from billionaire hedge fund manager Marc Lasry, has acquired rival Gamma Point Capital.
The terms were not disclosed. Gamma is a San Francisco-based investment manager specializing in neutral strategies, investing in everything from coins to derivatives and strategies related to decentralized finance applications, according to Matt Goetz, CEO of BlockTower. The idea is to use the hedge to generate returns whether it is a bull market or a bear market.
“A market neutral strategy we’re talking about really doesn’t care where the market goes from here,” Goetz said in an interview.
Bitcoin has fallen 44% from its all-time high in mid-April. Despite this, Goetz is not discouraged in his optimism for digital assets.
“We’re probably in something like the seventh round of this bull market,” he said. “He still has some way to go. But I offer it very humbly, I don’t know if it’s six months or 12 months or 18 months to continue.
Gamma’s fund will be part of the BlockTower family of funds, and its three co-founders will join Miami-based BlockTower’s 12-person team, said Goetz, who previously worked in investment management at Goldman Sachs Group. Inc.
Goetz co-founded the company in 2017 with former University of Chicago Endowment portfolio manager Ari Paul. In March, Bloomberg reported that Lasry and the former chairman of the US Commodity Futures Trading Commission, Christopher Giancarlo, had invested in BlockTower.
(Adds that the terms were not disclosed. An earlier update corrected the spelling of Marc Lasry’s first name.)
Before he’s here, he’s on the Bloomberg terminal.
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