FTX-linked cryptocurrency hedge fund rebrands as MNNC Group, attracts “eight-figure” investment following FTX collapse
Posted: February 29, 2024 10:08 AM Updated: February 29, 2024 10:08 AM
Correction and fact check date: February 29, 2024, 10:08 AM
briefly
MNNC Group (formerly LedgerPrime) has reemerged under a new name and raised an undisclosed amount of investment from former supporters.
The multi-strategy digital asset hedge fund, previously part of MNNC Group, the now-collapsed company behind cryptocurrency exchange FTX, is back under a new name, having raised an undisclosed amount of investment from its former supporters.
The fund, previously known as LedgerPrime and a subsidiary of Ledger Holdings, was acquired by the FTX-owned FTX US exchange in 2021.
Although MNNC Group was unable to attract all of LedgerPrime’s previous investors, it raised a “mid-eight-figure sum,” according to Shiliang Tang, general partner and special advisor to MNNC Group. The company launched its flagship quantitative market-neutral strategy fund earlier this year, finishing the month with returns of around 4%. The expected launch date for the new directional fund is scheduled for March.
Favorable factors that have contributed to its success include its track record and absence of defects from FTX. The company returned all external capital in September 2022 following the FTX collapse.
MNNC Group currently has 11 employees, most of whom come from LedgerPrime, including Johannes van Zeijts, Chief Technology Officer. The fund is also in the process of recruiting additional staff as part of preparations for the launch of Directional Strategy and other new strategies.
The Evolution and Decline of LedgerPrime
LedgerPrime converted into a family office of Alameda Research, a trading arm of FTX, in September 2022. Following the bankruptcy declarations of FTX and Alameda Research, LedgerPrime was forced to cease operations. At its peak, LedgerPrime had total assets of up to $400 million and averaged annual returns of about 40%.
MNNC Group is not the only new fund to emerge from LedgerPrime. The former portfolio manager at LedgerPrime currently leads another cryptocurrency fund called Split Capital.
Amid restructuring and rebranding, MNNC Group stands out as a resilient force, successfully attracting new investments and forging new paths in the ever-evolving cryptocurrency landscape.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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