Value-oriented crypto asset manager Off The Chain Capital is opening back up to new capital for the first time since July 2019, according to a note sent out by the firm to institutional investors.

Run by chief investment officer Brian Estes, Off The Chain now runs $360 million of assets under management– up from an AUM of $168 million at yearend 2020. 

The rapid uptick of assets reflects strong performance and positive momentum on the marketing front. The operation, though, peaked at $495 million at the end of April. 

Estes’ flagship vehicle runs a long-only strategy that is designed to outperform Bitcoin on the downside. Some of the Orlando-based firm’s biggest recent winners include blockchain adjacent stakes in both public and private companies, including Playboy, Kraken and Binance.

It’s been working, for the most part. As Bitcoin sank 40.5% from April 21 to June 21, Estes’ fund dropped just 7.7%, good for significant protection against the downside.

Estes also converted the vehicle to a structure that allows for qualified purchasers, as defined by the SEC, to invest — a mechanism that permits additional investors to park money with Off The Chain. 

The fund charges a $1 million minimum and imposes a one-year lockup period. Estes and his team specialize in snapping up crypto investments that he deems undervalued on the secondary market.

"The fund also has connections at established blockchain companies and provides a liquidity pool for employees' partial buyouts of company stock at a discount," marketing materials for the fund say. 

Value-oriented crypto asset manager Off The Chain Capital is opening back up to new capital for the first time since July 2019, according to a note sent out by the firm to institutional investors.

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