Tiger Global, a large hedge fund company, came to the fore after being affected by the decline in the stock market. However, it turned out that the company covered its 44 percent loss in the first four months of 2022 by selling its Bitcoin and altcoin investments. Here are the details…
Tiger Global sold Bitcoin, ETH and FIL
As we have previously reported as Kriptokoin.com, Tiger, whose assets are roughly 50-50 divided between stocks and venture capital games, has recently started actively trading cryptocurrencies in months. However, according to anonymous sources at Blockworks, positions created in Bitcoin (BTC) and Ethereum (ETH) as well as the DeFi protocol Filecoin (FIL) were broken.
These cryptocurrency games are designed to complement the New York firm’s longstanding and generally successful bets on private blockchain initiatives. It seems the firm quickly made profits from liquid trades, then cashed it out – just before the markets plunged to several-year lows, coincidentally. “Probably if they made any profits, they took it and avoided risk as markets became more exposed to uncertainty.”
Tiger Global lost $17 billion
According to another claim, Tiger didn’t sell all crypto holdings – and presumably holds vanilla cryptocurrencies like Bitcoin and Ethereum on an upside bet – but mostly off the market. While cryptos make up an obscure but relatively small portion of the firm’s ledger, the move to risk hedging likely saved Tiger from the sudden performance drops it suffered, according to sources.
However, the withdrawal does not prevent the shop from starting to trade liquid tokens again. Indeed, Tiger is relying on blockchain venture analysts to research promising liquid investments and is testing the waters in potential new hires that will focus on pure investment investments in digital assets. According to calculations by the Edmond de Rothschild Group fund fund, Tiger, which had around $90 billion in hand in February, has since lost $17 billion.
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