Managed by a staunch supporter of bitcoin, Tour Demeester cryptocurrency Fund Adamant Capital closed without wide publicity, reports The Block.
Mihiel Lescrovet, co-founder of Adamant Capital, now managing the Tioga Capital venture Fund, told the newspaper that Demeester closed the Fund "for personal and family reasons."
Last month, Tur Demeester posted a video on YouTube in which he stated that He was "slightly moving away" from the world of bitcoin and intended to focus on "natural interests". The latter include philosophy and global issues such as inflation and social instability.
"I am working on several writing projects. One of them is dedicated to philosophy, mainly the philosophy of freedom. I'm also working on a project dedicated to Kurt Cobain. It's more like a biography, " the founder of Adamant Capital said at the time.
He added that these two projects are long — term and will most likely take the form of books. As for bitcoin, Demeester expressed the opinion that it is "growing" and "starting to act on its own", becoming a popular object of political discussion.
Volume of the Fund's assets
In November 2019, Adamant Capital had about $10 million under management. According to documents filed with the us regulator, Demeestra managed two funds-Adamant Fund I and Adamant Offshore Fund I.
The minimum investment amount in Adamant Fund I per investor was $100,000, while the minimum investment amount in Adamant Offshore Fund I was $218,897.
Adamant Capital revoked its registration with the us securities and exchange Commission (SEC) in March of this year, thus ceasing to file reports.
Initially, Adamant Capital was created to try to surpass the growth indicators of bitcoin. However, this goal was never achieved. In particular, in September last year, the Fund sank 0.2% against the first cryptocurrency and" only slightly " increased in dollar terms. Soon after, the Fund sank by about 2% against bitcoin.
In a conversation with the Block, Lescrovet did not give specific names of Adamant Capital participants, noting only that the Fund had "very well-known investors."
"The largest investor in Adamant has agreed to follow me to Tioga," Lescrovet said. "Tioga will soon close its first round with €10 million, and later increase its capital to €50 million."
Over the past few months, a number of well-known funds have ceased operations, including Tetras Capital, Prime Factor Capital, Neural Capital and Adaptive Capital.