Syz Capital launches bitcoin-denominated hedge fund

Syz Capital has launched a bitcoin-denominated fund of crypto hedge funds, the group has announced. 

The Syz Capital BTC Alpha fund is the first strategy by a financial institution to be denominated in bitcoin, it said. Coinbase will serve as prime broker and custodian.

The strategy aims to tap into volatility, market inefficiencies and fragment liquidity to deliver low volatility uncorrelated returns.