RockawayX Acquires Relayer Capital and Targets $150 Million Crypto Fund

Summary

• RockawayX adds long and short crypto strategies through Relayer Capital, while targeting undervalued tokens and cryptocurrency-related equities for investors.
• Relayer founder Austin Barack will lead the new fund, which plans to raise $150 million for active cryptocurrency investments.
• The acquisition expands RockawayX’s United States presence while adding a trading team with a record of outperforming major cryptocurrencies.

RockawayX is expanding into long and short crypto trading through its acquisition of hedge fund Relayer Capital. The investment firm manages roughly $2 billion and expects the deal to strengthen its presence across the United States.

According to RockawayX, Relayer will be renamed the RockawayX Liquid Opportunities Fund and target undervalued liquid tokens and cryptocurrency-related equities through research and active portfolio management.

Moreover, RockawayX reportedly plans to raise $150 million for the vehicle, although the company has not confirmed that amount. Relayer founder Austin Barack will join RockawayX as chief investment officer and oversee the newly established fund.

Its strategy combines long positions, short positions, and pair trades across tokens and publicly traded crypto companies. Relayer’s liquid strategy generated a net return of approximately 70% during the year through August 21. Additionally, it outperformed an equal-weighted basket of Bitcoin, Ether, and Solana by 86% during that period.

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RockawayX Targets Mispriced Assets Across Crypto Markets

RockawayX chief executive Viktor Fischer believes existing cryptocurrency valuations create suitable conditions for active investment strategies. He noted that several crypto businesses now generate meaningful revenue and possess stronger operational foundations.

However, market inefficiencies can create differences between business performance and the valuations investors assign to those companies. RockawayX expects its research process to identify these gaps across liquid tokens and cryptocurrency-related equities.

Significantly, the fund can establish bearish positions when managers identify weak fundamentals or excessive market valuations. The acquisition follows a cryptocurrency rally that briefly pushed Bitcoin toward $81,000 before prices moved lower.

However, the leading cryptocurrency later declined 1.68% within 24 hours and traded near $79,064. Barack believes the market has shown convincing signs of establishing a broader bottom following an extended downturn.

Acquisition Expands RockawayX’s United States Presence

He compared the current environment with recoveries from previous bear markets during 2020 and 2023. Meanwhile, RockawayX gains a trading team with a record of outperforming major cryptocurrencies. Neither party disclosed the acquisition price or announced a fundraising timeline.

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