Crypto Fund LedgerPrime Planning to Refund Outside Investors

The FTX-owned fund is transitioning to a family office structure.

By Brandy Betz

Sep 12, 2022 at 2:57 p.m. UTC

Updated Sep 12, 2022 at 4:52 p.m. UTC

CDCROP: FTX US President Brett Harrison (Danny Nelson) — FTX.US President Brett Harrison (Danny Nelson/CoinDesk)

Brandy Betz

Brandy covers crypto-related venture capital deals for CoinDesk.

Follow @BrandyBetz on Twitter

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.

Read more about

FTX Hedge Fund Funds Alameda Research

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.