According to a Bloomberg report, cryptocurrency-focused fund manager One River Digital Asset Management raised $41 million from banking giant Goldman Sachs, leading cryptocurrency exchange Coinbase and other investors during its Series A funding round. Announcing that he holds $600 million worth of Bitcoin, One River is considering focusing on another altcoin project…
An altcoin project has been added to the funds
One River, which made huge gains during the pandemic-induced crash due to its volatility-focused strategies, announced that it is a subsidiary of Bitcoin. In mid-December 2020, he revealed that he held $600 million worth of Bitcoin. Currently, One River Digital is managing another Ethereum-focused fund. Also, One River Digital has a valuation of $186 million and says it is ready to transition to tokenization.
Eric Peters, CEO of One River Digital, said the hedge fund is ready for the continued transition to tokenization:
And in that world, the opportunity is much greater. The question was: How do we take advantage of it?
One River Digital prepares to go deep
Brevan Howard Asset Management, a $20 billion hedge fund management firm that partially owns One River Digital, announced in April that it has allocated 1.5% of funds to the leading cryptocurrency. In March, One River hired former Securities and Exchange Commission boss Jay Clayton as a cryptocurrency advisor. Before taking on his job as Wall Street’s top cop, Clayton had served as Goldman’s legal counsel. One River Asset Management was presented with a subpoena by Ripple Labs, a company that was put on trial by Clayton in the final days of his term.
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