Introduction
Tiger Global, a major investor in both the Livepeer and hedge fund industries, has increased its portfolio by investing in cryptocurrency.
Tiger Global’s founder, Chase Coleman III, is an expert at identifying profitable opportunities in the financial industry. After working for years as an investment banker on Wall Street, he founded Tiger Global Management LLC. Mr. Coleman then went on to find other highly successful venture funds.
- Tiger has traded decentralized finance protocols, including Filecoin
- The firm, founded in 2001, invests in both public and private companies
Tiger Global, long known for making winning bets on private blockchain startups, has started to actively trade cryptocurrencies for the first time, according to two people familiar with the matter.
Tiger Global Increases Holdings in Cryptocurrency Markets
One of the world’s largest and oldest hedge fund firms, Tiger joins a growing number of top asset managers on the hunt for alpha in crypto’s inefficient markets. The firm started trading crypto in recent months, the sources said.
Sources were granted anonymity to discuss sensitive business dealings. A representative for Tiger, which has $90 billion of assets under management across its hedge funds and venture capital vehicles, declined to comment.
Tiger Global Management Quietly Bolsters Its Crypto Trading Operations
Given the success of Tiger’s private crypto plays, trading liquid tokens could be a significant area of growth for the New York-based firm down the line. However, indications are that Tiger has trodden lightly in the space as its limited institutional partners — including some of the most significant pension funds and endowments — are only slowly warming up to digital assets as a core position in their portfolios.
“Tiger doesn’t rush into things, but I’m honestly surprised they didn’t make a move earlier,” one source said. “They definitely have the connections to understand the space from their private business. After that, it’s just a matter of bringing on the right people for trading.”
It is unclear whether Tiger is dabbling in digital assets via its flagship fund or whether the firm has considered setting up vehicles to trade crypto outright. The latter stance would bring Tiger in line with peers, including Brevan Howard, which Blockworks previously reported is poised to raise hundreds of millions of dollars for its first crypto fund.
Tiger Crypto Fund, Run by Chase Coleman, Explores Bitcoin, Ether, and Decentralized Finance
The flagship fund of Tiger, run by founder Chase Coleman, focuses on making fundamental, long, and short wagers on stocks.
In addition to exploring well-known cryptocurrencies such as bitcoin and ether, Tiger has invested in decentralized finance (DeFi) protocols, including Filecoin, as the firm delves into the investment prospects of Web3, sources said.
Filecoin — which has a market capitalization of just $3 billion, according to Coingecko — issues tokens to users who provide storage space for the network. Its aim is to assemble an array of data, including Creative Commons assets and historical records, indexable and searchable via blockchain technology.
Tiger has backed dozens of crypto startups, including Blockdaemon, BlockFi, FTX, Livepeer, Moonpay and TRM Labs.
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