Crypto markets.
Crypto markets are where digital assets such as bitcoin and ether are bought, sold and hedged. They trade every hour of every day, and they are still young enough that prices do not always reflect what is known.
What crypto markets are
In less than twenty years the market has grown from a single experimental network into one with regulated futures, exchange-traded funds and dedicated laws in the United States and Europe.
The assets
Digital assets
Bitcoin, ether and thousands of other tokens are held and transferred on public blockchains, and traded against one another and against ordinary currencies.
The markets
Spot and derivatives
Alongside the market for the assets themselves, futures and options let investors hedge and take risk on the same assets.
The hours
Always open
Trading never stops, so news has to be absorbed into prices at night, at weekends and on holidays as well as during the working day.
Why we operate in crypto markets
We look for markets where research can still find inefficiencies and where there is enough depth to act on them.
Inefficient
More for research to find
Mature markets have priced away most simple inefficiencies. Digital asset markets have not yet done so, which gives careful research more to work with.
Liquid
Deep enough to trade
The largest digital assets trade heavily every hour of the day, so positions can be built and adjusted without waiting for a market to open.
Maturing
A market still taking shape
Much of the research and infrastructure that mature markets rely on is still being built, and we want to help build it.
Our purpose
A market worth making investable
Every financial market begins inefficient. Equity markets spent decades building the research, capital and competition that now price most risk efficiently. Digital asset markets are early on that path: information takes longer to reach prices, and risk is not always priced the way the evidence suggests.
We build systematic strategies to find those gaps and trade them. Each trade moves a price closer to where it belongs and adds depth where the market is thin. This is how young markets mature, and it is the work we want to be known for: helping digital assets become a market that every investor can rely on.
Read how we invest.
Our approach to research, portfolios and risk.