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(Bloomberg) Crypto Fund Reports 14% Gain as Silvergate Crisis Spurs Selloff
Fore Elite Capital recorded a 14% increase in net asset value for its $100 million crypto pool in the first year of its operation, the company says in an emailed statement.
- The return in the twelve months ended February compares with an almost-50% plunge in the Bloomberg Galaxy Crypto Index — which tracks Bitcoin, Ether and nine other coins — over the same period.
- The Hong Kong asset manager got the greenlight from the city’s securities regulator to issue a fund with 100% virtual assets in March last year after raising money from Huobi founder Leon Li and Fore Elite CEO Ye Yizhou.
- In January, the fund won approval to expand its scope to trade the top 100 liquid coins with leverage: company statement
- The fund postponed a plan to raise money during the market downturn last year, but will consider expanding its pool in 2023, Ye says.
- Note: Cryptocurrencies including Huobi’s native token have plunged after Silvergate Capital Corp. — the go-to bank for crypto exchanges — announced plans to shutdown last week.
(Quote from Bloomberg terminal)