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RockawayX buys Relayer Capital to broaden US crypto hedge strategy

Relayer Capital will be rebranded as the RockawayX Liquid Opportunities Fund, with a target to raise $150 million and a stated roughly 70% net return year-to-date through Aug. 21.

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RockawayX announced it has acquired crypto hedge fund Relayer Capital as it looks to expand its U.S. crypto offerings and add long and short strategies to its platform, according to The Block.

After the deal closes, Relayer will be rebranded as the RockawayX Liquid Opportunities Fund. The fund will focus on identifying what RockawayX described as undervalued liquid tokens and crypto-related equities, and Relayer founder Austin Barack will join RockawayX as CIO of the vehicle.

RockawayX said Relayer’s liquid strategy has delivered a net return of roughly 70% year-to-date, outperforming an equal-weighted basket of bitcoin, ether, and solana by 86% as of Aug. 21. The company said the approach uses long and short positions, including pair trades, to express fundamental views while reducing broader market exposure when appropriate.

The Block also reported the fundraising target and broader backdrop: RockawayX is looking to raise $150 million for the fund, citing Forbes sources familiar with the matter. The deal comes after a recent crypto rally, with bitcoin posting its largest dollar-denominated weekly gain in history last week, though it was recently down 1.68% over 24 hours to $79,064 after briefly trading near $81,000.

Latest closeBitcoin $78,930.40 ▼0.0%|Solana $96.79 ▼1.8%

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