Crypto Hedge Fund, Tetras Capital, That Managed $33M At One Point to Close After 75% Loss

Tetras Capital, the New-York based crypto hedge fund which was launched to encourage altcoin trading, is going to shut down amid growing losses. It was later revealed that their strategy was about shorting ETH, the second-largest cryptocurrency by market cap. In May 2018, when ETH was trading near $700 UD, the hedge fund shorted it, which eventually turned out to be a correct decision.

A person who is aware of the present scenario of the hedge fund revealed that the firm had incurred heavy losses of near 75% since its inception in 2017. The firm at one time had $34 million worth of assets under its management, with the Securities and Exchange Commission filing.

The firm has also begun to pay back its investors. It is believed 65 investors put $100,000 each in 2017. The funds were managed by a former Raymond James analyst, Alex Sunnarborg, along with former analysts Brendan Bernstein and Thomas Garrambone. None of the three partners has released any statement related to the closure of the firm.

The closure of Tetras Capital highlights a growing closure of hedge fund operators. Before Tetras closure announcement, Prime Factor Capital, a UK based hedge fund, also closed down just last week since it could not attract much interest from institutional investors.

A crypto fund research revealed that around 70 crypto-centered hedge firms closed their operations last year, and currently, there are about 355 in action.

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