Tetras Capital, a cryptocurrency hedge fund, announced its closure, with a cumulative loss of about 75 per cent

Tetras Capital, a cryptocurrency hedge fund, has announced the closure of the fund and is gradually returning money to investors.

After several quarters of low returns, the New York-based fund is closing and returning money to investors, according to people familiar with the matter. The fund has underperformed, losing about 75 percent so far since its inception in 2017, the source said. At one point, Tetras Capital managed more than $33m for more than 60 investors, each of whom had invested at least $100,000, according to financial filings.

A growing number of cryptocurrency hedge funds have gone out of business after cryptocurrency prices fell from their 2017 peak, with at least 68 Crypto hedge funds globally closing last year, almost double the 35 that closed in 2018, according to a report by Crypto Fund Research. The fund was set up in 2017 to focus on shanzhai currency investments, Tetras Capital co-founder Alex Sunnberg told Forbes in a 2019 interview.

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