Investors who own about 70% of the fund’s shares requested refunds during the latest redemption period that ended in March, according to regulatory filings, Bloomberg reported. The fund refunded about 7% of those shares through a tender offer. SkyBridge began restricting withdrawals during the so-called crypto winter two years ago, when the fund suffered heavy losses and investors sought to flee. Since then, cryptocurrencies have rebounded. Bitcoin rose about 150% in the 12 months ended March 31, and the SkyBridge fund grew 46.4%. However, many clients want the company’s founders to stop holding their cash hostage. SkyBridge’s co-chief investment officer said that despite a 26% increase in the first quarter, the recent strong performance has barely erased previous losses. In the five years ended March 31, its annualized return was less than 1%. The company had total assets under management of about $2 billion at the end of the year, well below its peak of $9 billion in 2015.
