PlayIconNav
BTC
$67,824.64+2.02%
ETH
$3,256.10+1.64%
BNB
$579.71+0.92%
SOL
$182.05+4.56%
XRP
$0.59834621-1.23%
DOGE
$0.13374296+4.85%
CD20
$2,290.42+3.18%
TON
$6.68+0.43%
ADA
$0.41583859+4.30%
TRX
$0.13762613+1.15%
AVAX
$28.67+4.39%
WBTC
$67,914.93+2.23%
Ad
Finance

BlockTower Capital Buys ‘Market-Neutral’ Crypto Hedge Fund Gamma Point

BlockTower CEO Matt Goetz said the deal will help attract institutional investment – even in a bear market.

By Cheyenne Ligon
AccessTimeIconJun 8, 2021 at 9:27 p.m. UTC
Updated May 9, 2023 at 3:20 a.m. UTC
BlockTower co-founder Ari Paul
BlockTower co-founder Ari Paul

Crypto hedge fund BlockTower Capital has acquired rival hedge fund Gamma Point Capital in a $35 million deal announced Tuesday.

In an interview with Bloomberg on Tuesday afternoon, BlockTower CEO Matt Goetz said his company’s acquisition of Gamma Point, which has a unique strategy of market-neutral investing that seeks profit in both bull and bear markets, is intended to help BlockTower better navigate the current market volatility.

VolumeMuteUnmute

RFK Jr. Says He's 'Fully Committed' to Bitcoin; Jersey City to Invest in Bitcoin ETFs

  • What Do EigenLayer's Outflows of $2.3B Signal?
    00:57
    What Do EigenLayer's Outflows of $2.3B Signal?
  • What Do TradFi Crypto Moves Mean for Decentralization?
    04:20
    What Do TradFi Crypto Moves Mean for Decentralization?
  • Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking
    02:02
    Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking
  • Ether Slides as Grayscale's ETHE Outflows Ramp Up
    00:53
    Ether Slides as Grayscale's ETHE Outflows Ramp Up

    • BlockTower’s acquisition of Gamma Point Capital is one of many crypto-related acquisitions in recent months, along with deals like Galaxy Digital’s acquisitions of Vision Hill and BitGo. This purchase, however, could suggest BlockTower is preparing for the realization that crypto’s latest bull market may be over.

    Goetz believes that the market-neutral investment capabilities BlockTower gained in the acquisition will help the fund attract more price-sensitive institutional investors.

    Gamma Point’s executives will join the BlockTower team, tweeting: “We are incredibly excited to join the BlockTower Capital family and continue our journey to build the #1 market neutral fund for crypto.”

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.