Cryptocurrency investment firm RockawayX has acquired crypto hedge fund Relayer Capital to incorporate long and short strategies into its platform and expand its footprint in the United States.
RockawayX, which manages approximately $2 billion in assets, announced that Relayer will be rebranded as the RockawayX Liquid Opportunities Fund. The vehicle will concentrate on identifying undervalued liquid tokens and crypto-related equities.
Following the acquisition, Relayer founder Austin Barack will join RockawayX as the chief investment officer of the fund. According to a Forbes report citing sources familiar with the matter, the company is seeking to raise $150 million for the vehicle.
Relayer's liquid strategy generated a net return of roughly 70% year-to-date, outperforming an equal-weighted basket of bitcoin, ether, and solana by 86% as of August 21, according to the statement. The approach utilizes long and short positions, including pair trades, to express fundamental views on crypto tokens while mitigating broader market exposure when warranted.
Viktor Fischer, CEO of RockawayX, stated that it is the appropriate moment for the strategy, pointing to crypto businesses with real revenues and strong fundamentals that remain mispriced in an inefficient market.
The acquisition coincides with a recent cryptocurrency rally, during which bitcoin recorded its largest dollar-denominated weekly gain in history. Bitcoin traded around $79,064 after reaching a high of approximately $81,000.
Barack noted in the announcement that current conditions display clear signs that crypto markets have bottomed, creating opportunities comparable to the post-bear market environments of 2020 and 2023.
