Polychain crypto hedge fund managed assets down by 40% in less than a year

15 Apr, 2019 | Updated: 15 Apr, 2019
by Fifi Arisandi
Polychain crypto hedge fund managed assets down by 40% in less than a year

Polychain Capital hedge fund reported a plunge on their assets under management (AUM) due to the crypto price decline last year. 

The extended bear market last year has impacted many crypto businesses, which would need more than just a short rally to make up.

Crypto hedge fund, Polychain Capital reported a massive decline on their assets under management (AUM) as of end of last year.

Boasted $1 billion in assets as per February 2018, the amount has plunged to $591.5 million by yearend.

Over the course of April and December alone, the AUM saw a 40% decline, which was said to be caused by a drop in the “value of its holdings” not investors withdrawal.

In the filing, the company led by Olaf Carlson-Wee claimed that the decline was less severe than the broader crypto market, which aggregated at 70% for the same period, as reported by CCN.

The massive AUM decline also brought another casualty as Ryan Zurrer, Polychain Capital’s founding principal was fired in December last year.

Grayscale, on the other hand, has seen a 56% increase in their Grayscale Bitcoin Trust (GBTC) price in the last 3 months, which signals a huge interest of institutional investors in cryptocurrency.

Read more: Institutionals still into crypto, Grayscale GBTC 47% price rise proves

However, with the recent price rally that's said to be a signal for an upcoming bull run, Polychain can expect for a "recovery" as they catch the wave and join the upward momentum.

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Read more about: Bitcoin (BTC)

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