Breaking: Marc Lasry-backed BlockTower Capital Acquires Crypto Hedge Fund Gamma Point

Published June 8, 2021 | Updated June 8, 2021

In Brief
  • San Francisco-based Gamma Point specializes in offerings for crypto coins as well as derivative products.
  • Billionaire Marc Lasry is bullish on BTC and says that the BTC price will continue going north along with its usability.

Breaking: Marc Lasry-backed BlockTower Capital Acquires Crypto Hedge Fund Gamma Point

  • San Francisco-based Gamma Point specializes in offerings for crypto coins as well as derivative products.
  • Billionaire Marc Lasry is bullish on BTC and says that the BTC price will continue going north along with its usability.

Crypto hedge fund BlockTower Capital backed by billionaire hedge-fund manager Marc Lasry recently announced the acquisition of its market rival Gamma Point Capital.

Although the terms of the deal aren’t disclosed, the acquisition will make Gamma’s fund part of BlockTower’s family of funds. Besides, its co-founders will also join BlockTower’s team of hedge fund managers in Miami, said Matt Goetz, BlockTower’s chief executive officer.

The San Francisco-based Gamma Point Capital specializes in different crypto market offerings right from coins to derivatives. Besides it also specializes in offering decentralized-finance applications-related strategies. Goetz said that the idea is to basically use hedging for making returns irrespective of whether it’s a bull or a bear market. Speaking to Bloomberg, Goetz said:

“A market-neutral strategy we are talking about really doesn’t care where the market goes from here. We are probably in something like the seventh inning of this bull market,” he said. “It still has a ways to go. But I offer that very humbly, I don’t know if it’s six months or 12 months or 18 months to continue.”

Earlierlie in March 2021, BlockTower had received capital funding from billionaire hedge-funder manager Marc Lasry who’s bullish on Bitcoin.

Marc Lasry – Bitcoin will Continue Moving Forward

During his recent interview with CNBC’s Squawk Box, Lasry sounded confident about Bitcoin and not deterred by the recent price crash. He expects Bitcoin to continue moving forward and regrets not buying more earlier.

Lasry is positive about higher institutional participation in the asset class going ahead. At press time, Bitcoin is trading 10% down slipping under $33,000 levels in a major market correction. At the current price point, the BTC year-to-date gains for 2021 stand just at 14%.

As on-chain data provider Santiment notes, the Bitcoin address activity has been declining along with token circulation. Besides, there has been a clear surge in the Bitcoin short positions with Bitmex’s Perpetual Contract Funding Rate going negative. this could be the right time to buy Bitcoin says Santiment. The report notes:

“Seeing this is a clear reflection of the crowd becoming increasingly bearish is a sign that there may be openings coming soon to successfully buy into the crowd fear. Crowd bearishness equals fundamental bullishness.”

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Bhushan Akolkar 541 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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