Dawn Fitzpatrick said in March crypto was at “an inflection point.“
A prescient comment, as it turns out. Fitzpatrick, chief investment officer for Soros Fund Management, in recent weeks gave the internal green light to actively trade Bitcoin and perhaps other cryptocurrencies, according to two people with knowledge of the matter.
Sources were granted anonymity to freely discuss sensitive business matters. A spokesperson for Soros, the family investment operation of legendary global macro investor George Soros, declined to comment.
It’s not clear who at Soros, which has a team of investment professionals at its disposal and oversees north of $20 billion of assets under management, is overseeing the shop’s crypto trading activities. Indications are that Fitzpatrick has had conversations with investment counterparts outside her operation to tap someone new to run the business’ emerging crypto strategies.
Fitzpatrick has been “doing more than just kicking the tires” on crypto, one of the sources said, adding that she has been exploring the space for a long time before ramping up investment operations in digital-assets.
She has also been involved in conversations regarding Soros taking private stakes in blockchain-technology driven companies. Soros, notably, has taken a stake in NYDIG, along with firms including Morgan Stanley. Soros has also made an investment in data provider Lukka, Forbes reported.
Soros employs an in-house investment team to run a broad mix of strategies, ranging from equity and debt to commodities. Additionally, the firm takes VC and PE-style stakes in companies and writes limited-partnership stakes to promising emerging and established hedge fund managers.
Word is, according to one of the sources for this story, that Fitzpatrick is in the early stages of doing due diligence on a number of liquid crypto hedge fund strategies, as well.
Dawn Fitzpatrick said in March crypto was at “an inflection point.“
A prescient comment, as it turns out. Fitzpatrick, chief investment officer for Soros Fund Management, in recent weeks gave the internal green light to actively trade Bitcoin and perhaps other cryptocurrencies, according to two people with knowledge of the matter.
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