After a $10 million loss became public on X, crypto hedge fund Asymmetric is pivoting away from liquid trading strategies.
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Update (July 23 at 10:00 pm UTC): This article has been updated to remove inaccurate information previously attributed to Asymmetric CEO Joe McCann.
Crypto hedge fund Asymmetric Financial is pivoting away from liquid trading strategies following sharp underperformance and public backlash from investors.
In a post on X Wednesday, CEO Joe McCann acknowledged that the fund’s current approach “is no longer serving our LPs” and confirmed that Asymmetric will begin transitioning capital away from liquid trading into illiquid investments.
The update came amid criticism of the company’s Liquid Alpha Fund, which McCann admitted had failed to deliver this year.
“I’ve notified our LPs that we are shifting away from liquid trading strategies,” McCann wrote, adding that “while the Liquid Alpha Fund struggled this year, our other vehicles have performed.”
Tensions flared on X Tuesday after popular Solana () maximalist BigbrainSOL expressed his disappointment with Asymmetric’s fund performance, a screenshot showing he is down $10 million in the first half of the — a 78.37% portfolio drop, from $12.89 million to around $2.78 million.
Investors in Asymmetric’s funds will be allowed to exit, despite “any customary lock-up periods,” or choose to roll their capital into specific new opportunities, McCann said. “Assymetric isn’t “going anywhere.”
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