Multi-strategy digital-asset hedge fund that was previously part of the now-collapsed company behind cryptocurrency exchange FTX, MNNC Group, raised an undisclosed amount of investment from prior supporters, returning under the new name.
Formerly known as LedgerPrime and a subsidiary of Ledger Holdings, the fund was acquired by FTX US exchange, owned by FTX, in 2021.
While MNNC Group was unable to attract all of LedgerPrime’s previous investors, it raised a sum in the “mid-eight-figures”, according to Shiliang Tang, general partner and special advisor to MNNC Group. The company introduced its primary quantitative market-neutral strategy fund earlier this year, concluding the month with approximately 4% returns. The anticipated launch for the new directional fund is set for March.
The favourable factors contributing to its success include its track record and the absence of fault with FTX. The company returned all outside capitals in September 2022, following the FTX collapse.
MNNC Group presently has 11 employees, with the majority coming from LedgerPrime, including its Chief Technology Officer, Johannes van Zeijts. The fund is also in the process of recruiting additional personnel as part of its preparations for the launch of its directional strategy and other new strategies.
LedgerPrime’s Evolution and Decay
LedgerPrime underwent a transformation into a family office for FTX’s trading firm, Alameda Research, in September 2022. Following the bankruptcy declarations by FTX and Alameda Research, LedgerPrime was forced to wind down its operations. At its height, LedgerPrime oversaw total assets reaching up to $400 million, maintaining an annualized return averaging around 40%.
MNNC Group is not the sole new fund to emerge from LedgerPrime. A former portfolio manager at LedgerPrime, currently leads another cryptocurrency fund named Split Capital.
Amidst the restructuring and rebranding, MNNC Group stands as a resilient force, successfully attracting new investments and forging a new path in the ever-evolving cryptocurrency landscape.
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