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ETH · 18w

Blockchain Bites: Bitcoin’s New ETP, Ethereum’s ‘Woodstock Moment’ and Silvergate’s SEN Zen

A crypto hedge fund is folding, Silvergate Bank’s bitcoin-collateralized loans surged this quarter and bitcoin futures markets record triple-digit growth.

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Bitcoin ETP Swiss crypto manager FiCAS AG announced what could be the first actively managed bitcoin exchange-traded product (ETP). The firm’s Chairman Mattia Rattaggi said the Bitcoin Capital Active ETP’s portfolio could contain up to 15 altcoins as determined by market capitalization, liquidity and the rules of its host exchange, the SIX Swiss Exchange. Product managers will trade bitcoin against ETH, XRP, BCH, LTC, BNB, EOS, ADA, XLM, XTZ, TRX and exit to Swiss francs, euros and U.S. dollars. Rattaggi said the list could shift based on coin performance.

De-Funded Cryptocurrency hedge fund Tetras Capital is shutting down and returning investors’ money after quarters of low returns, an anonymous source told CoinDesk. The New York-based fund, founded in 2017, recorded a 75% loss life-to-date. At its height, Tetras managed upwards of $33 million, according to financial filings, with an investment thesis centered around shorting ether and investing in alt-coins. At least 68 crypto hedge funds closed last year internationally, almost double the number – 35 – in 2018, according to a Crypto Fund Research report.

SEN’s Zen Silvergate Bank continued to book new cryptocurrency customers in the second quarter while its portfolio of bitcoin-collateralized loans nearly doubled. According to its latest earnings report, the bank’s $1.1 billion traditional loans increased only 0.1% from the first quarter. Bitcoin-collateralized loans through the bank’s SEN Leverage product surged 88% in the same period, to $22.5 million.

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