Galaxy Digital And Genesis Trading Set Up A $500 Million Crypto Fund

According to a Securities and Exchange Commission (SEC) filing, executives from crypto investment and trading businesses Galaxy Digital and Genesis are soliciting $500 million for a new crypto fund named DBA Crypto.

According to the new fund filing, the fund’s first sale has yet to take place. Axios initially reported the revelation on Monday.

The DBA Crypto Fund I LP fund list includes senior executives such as Michael Jordan – Galaxy Digital co-investment manager, Genesis Trading head of derivatives Joshua Lim, Former VP Genesis Roshun Patel, and Convex Trading founder and CEO Shane Barratt.

Patel’s LinkedIn profile shows he left Genesis in March. Genesis Trading has recently shuffled its leadership, with CEO Michael Moro stepping down on August 17 and chief operating officer Derar Islim stepping in as interim CEO. CoinCu also reported that Genesis had reduced its headcount by 20%.

Genesis’s leadership changes directly responded to the firm’s recent high-profile losses. The trading firm lent $2.36 billion to defunct crypto hedge fund Three Arrows Capital (3AC). Meanwhile, Galaxy Digital reported a loss of more than $554 million in the second quarter of 2022, the main reason why the company had to pull out of its $1.2 billion acquisition of BitGo.

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