Crypto Fund LedgerPrime Planning to Refund Outside Investors
The FTX-owned fund is transitioning to a family office structure.
Crypto hedge fund LedgerPrime is planning to return all capital to outside investors amid a transition to becoming a family office, pending approval, Chief Investment Officer Shiliang Tang confirmed to CoinDesk in an email. The news was first reported by Seeking Alpha.
"Yes, nothing is changing; [we're] not shutting down," wrote Tang. "LedgerPrime as name and entity will still remain along with everyone at the firm and will operate independently with same strategies as we always have. We are just returning outside capital."
Crypto exchange FTX acquired LedgerPrime parent company Ledger Holdings last year. Ledger Holdings also owned the crypto futures platform LedgerX, which has since become FTX US Derivatives.
LedgerPrime, which has $300 million to $400 million in assets under management, would continue to operate independently but would only make investments on behalf of trading firm Alameda Research, according to Seeking Alpha. Alameda was started by FTX founder and CEO Sam Bankman-Fried.
UPDATE (Sept. 12, 15:42 UTC): Added statement from LedgerPrime's chief investment officer and removed 'Report' from headline.
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