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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.
Crypto hedge fund BlockTower Capital has acquired rival hedge fund Gamma Point Capital in a $35 million deal announced Tuesday.
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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.
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.”
Read more: BlockTower Capital Launches $25M Fund to Invest in DeFi Projects
Cheyenne Ligon
On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY's Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings.
