Hunting Hill Digital’s 1st product will be the Cryptocurrency 25 Fund, a source informed CoinDesk.
Hunting Hill Worldwide Financial resources, a New York-based traditional finance hedge fund with $364 Million in assets under management as of a March filing, posted on Wednesday that it will starts its digital investment affiliate, Hunting Hill Digital (HHD), which is backed by an undisclosed financing from early-stage deal financial resources company BaseLayer Ventures.
Hunting Hill Digital’s 1st product will come thereafter this year with the launch of the Cryptocurrency 25 Fund with an initial $20 Million to $25 Million in assets under management, reports by a source familiar with the matter.
HDD is partnering with anchor investor TIFF on the fund, which will provide institutional investors with exposure to an actively managed strategy focused on the top 25 digital currencies by market capitalization, liquidity and performance, the source said.
The new digital investment unit comes within a particularly turbulent and ongoing bear market that has broadly slowed assets in the space. Hunting Hill cites the interest of institutional investors for the move, and the future potential of moves made within a downward cycle
“We are contrarian traders by nature and we look for these types of distressed dislocations and believe that there is opportunity when those occur,” Adam Guren, co- founder of HHD and chief financing officer of Hunting Hill, stated during an interview with CoinDesk. “These are the times that we want to be putting seeds in the ground to watch them in the future.”
HDD will sooner or thereafter manage all of Hunting Hill’s digital investment products once that transition is completed, including the Hunting Hill Cryptocurrency Opportunities Fund. The affiliate intends to explore tokenization and non-fungible crypto token (NFT) investment management, and will be managed by Guren and co- founder Sonny Dozier.
Established in 2012 as an investment manager targeting institutional investors, Hunting Hill moved into digital assets in 2016. By 2021, the company had about $3.5 Billion of its balance sheet dedicated to trading of digital assets and their derivatives. Hunting Hill started to lower that exposure owing to red flags about counterparty dangers in the industry, stated Guren, which meant the company didn’t have exposure to the bankruptcies and insolvencies that rocked the industries.
The existence of Hunting Hill Digital was 1st informed by Blockworks last December. The new affiliate experienced some early controversy when CNBC reported that 3 previous executives of Genesis – the cryptocurrency lender and CoinDesk sister company that filed for bankruptcy earlier this year – were claiming to be HDD co-founders and touted a Bessemer Ventures investment, which the investor denied.
Hunting Hill later informed The Daily Beast that the company had discussions with two of the ex-Genesis employees, but they had never started employment. The third, Martin Garcia, was HDD’s chief financing officer before his departure on May 1, a source informed CoinDesk.