One River Digital, a cryptocurrency-focused hedge fund offering exposure to Bitcoin (BTC) and Ether (ETH), closed its first round of funding after launching last year.
One River Digital chairman Sebastian Bea confirmed on Wednesday that the company raised $ 41 million in a Series A funding round from investors including Goldman Sachs and Coinbase Ventures.
Other investors included U.S. global diversified insurer Liberty Mutual Insurance and an alternative investment management firm, Infinity Investment Partners, as One River Digital announced on September 21.
According to the president of One River Digital, the new capital will help the company to further increase its investment opportunities to support the digital ecosystem.
“We will use these funds to accelerate our expansion in investments, distribution and operations. These funds will help us better pursue our goal of helping institutions access and invest in the future of finance, ”said Bea.
As previously reported, One River Digital was founded in 2020 by Eric Peters, founder and CEO of the startup’s parent company, One River Asset Management. The crypto fund is widely known in the crypto community, racking up around $ 600 million worth of Bitcoin and Ether at the end of 2020, generating massive gains after a massive crypto rally in early 2021.
One River is backed by billionaire hedge fund manager Alan Howard, co-founder of Brevan Howard, who reportedly acquired a 25% stake in One River Asset Management in October.
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“The experience and expertise of this team, along with our existing investors at Brevan Howard and our academic and regulatory advisory board, will be of great benefit to One River as we continue our mission of being the premier manager of institutional investment in digital assets. “said Peters.
As previously reported, One River Digital established its Academic and Regulatory Advisory Board in March 2021, bringing together industry figures like Jay Clayton, former chairman of the United States Securities and Exchange Commission. In May, One River Digital filed for a carbon-neutral Bitcoin exchange-traded fund.