TechCrunch Founder Arrington Debuts $100M Cryptocurrency Hedge Fund

Nov 29 2017 | 9:13pm ET

TechCrunch founder Michael Arrington has reportedly launched a new $100 million hedge fund denominated in XRP, the digital currency issued by distributed ledger pioneer Ripple. 

The new fund was will be housed in a new asset management firm named Arrington XRP Capital, Arrington said in a blog post Tuesday, and already has capital commitments for $50 million of the total. It plans to begin trading in the next few weeks. Arrington, who was the CEO of digital website TechCrunch and founded venture firm CrunchFund in 2011, said that the fund will invest into a wide variety of cryptocurrency assets and related technologies with a primary focus on existing tokens but including ICOs and more traditional investments such as private equity offerings.

Arrington is joined at the new firm by Heather Harde, who was CEO of TechCrunch after its sale to AOL in 2010, and veteran entrepreneur Geoffrey Arone. Investors will contribute XRP to the fund and all distributions, fees and salaries will also be paid in XRP. 

The choice of Ripple, which Arrington noted is not investing in the fund, was due in part to the company’s fast and secure settlement infrastructure, which will be used by the fund’s non-U.S. investors for cross-border investments and redemptions.


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...