FTX Crypto Hedge Fund LedgerPrime Now Has A New Name

Key Points:

• FTX crypto hedge fund LedgerPrime, now MNNC Group, secures substantial funding from previous backers.
• Led by former LedgerPrime executives, MNNC Group launches a successful market-neutral strategy fund with plans for further expansion.

According to Bloomberg, after experiencing a restructuring following its association with FTX, the cryptocurrency hedge fund LedgerPrime has resurfaced under a fresh identity, MNNC Group.

FTX Crypto Hedge Fund LedgerPrime Rebrands

The FTX crypto hedge fund has successfully garnered support from investors, including previous backers of LedgerPrime, securing a substantial sum estimated to be in the “mid-eight figures.” Led by Boris Iyutin, the former chief investment officer of LedgerPrime, the majority of MNNC Group’s team hails from its predecessor.

MNNC Group’s inaugural quantitative market neutral strategy fund, launched in January, demonstrated promising results, accruing approximately 4% in returns. Looking ahead, the fund is poised to introduce a new directional fund in March, with aspirations to expand its workforce.

The rebranding and resurgence of the FTX crypto hedge fund as MNNC Group marks a pivotal moment in the cryptocurrency investment landscape.

Former LedgerPrime Executives Drive Growth

Despite challenges stemming from the collapse of FTX and Alameda Research, MNNC Group has navigated these difficulties and is now positioned for growth. Notably, the fund’s resilience has been underscored by its commitment to returning external investments outside of its control.

Led by a seasoned team with backgrounds in high-frequency trading and proprietary trading desks, MNNC Group is poised to capitalize on the current market conditions, characterized by heightened volatility and robust DeFi yields. With ambitions to further expand its operations and offerings, MNNC Group is emblematic of the dynamic nature of the cryptocurrency investment sector.