Man Group Plans to Bet Big on Crypto Despite Recent FTX Turmoil

Man Group Ltd plans to launch a crypto hedge fund while the market has not recovered from the recent FTX turmoil.

The recent collapse of FTX wiped out around $200 billion from the crypto markets. According to data from Coinmarketcap, the total market cap was over $1 trillion earlier this month, but is now around $800 billion. Man Group to launch cryptocurrency hedge fund despite such volatility and regulatory concerns.

Source: Coinmarketcap

Man Group Bets Big on Crypto

MAN Group has over $97 billion in assets under management as of March 22. It is also listed on the London Stock Exchange (LSE), making it the world’s largest publicly traded hedge fund.

According to a Bloomberg report, The Man Group is developing a strategy for a dedicated cryptocurrency hedge fund led by the firm’s money manager Andre Razime. Andre has been working for the firm for 17+ years.

The fund is likely to start trading by the end of the year after risk assessment under the firm’s computer-based trading unit – AHL. The Man Group also trades cryptocurrency futures through the AHL. The high volatility of crypto markets can prove to be beneficial for hedge funds as they trade both long and short.

Institutional Interest in the Crypto Market

Despite bearish sentiments, institutional and venture capital continues to flow into the crypto market. While many await regulatory clarification, some enterprises are already deep into digital assets. In most cases, this is due to high customer demand for crypto services which pushes them towards adoption.

The most recent announcement comes from Japanese bank – Nomura. One of Japan’s largest banks will allow institutional customers to trade in cryptocurrencies by early 2023.

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