Crypto Fund Tetras Capital announced liquidation after losing 75% of assetNew York-based cryptocurrency Fund Tetras Capital announced the liquidation and return of investments after losing 75% of funds, according to CoinDesk.
According to reports for the SEC, the Fund managed assets of up to $34 million. They were provided by 65 investors, each of whom invested at least $100,000.
The Fund specialized in trading altcoins. In may 2018, Tetras Capital opened a short position on Ethereum at a cryptocurrency price of $700.
Tetras Capital was founded in 2017 by Alex Sunnarborg, a former analyst at the investment company Raymond James and the crypto-news portal CoinDesk. His partners were Brendan Bernstein and Thomas Garrumbone, who have experience as analysts at Goldman Sachs, JPMorgan and Deutsche Bank.
According to Crypto Fund Research, at least 68 cryptocurrency hedge funds closed in the world during 2019. This is almost twice as much as in 2018 (35).
Last week, the same fate befell the UK's first licensed cryptocurrency Fund, Prime Factor Capital. The reason was the low interest of institutional investors. Prime Factor Capital was able to hold assets worth more than 100 million euros under management and act as an alternative investment Fund under EU laws.
