Finance
What ho, old sport:
- Sygnum Bank and Starboard Digital, those intrepid financiers, have coaxed 750 bitcoins (a cool $65 million, if one must be vulgar about it) from the pockets of investors desperate for a “steady yield.” How quaint.
- Their BTC Alpha Fund, a market-neutral contraption, boasts an 8.9% annualized net return in its inaugural quarter. Aiming for 8-10% annually, it dabbles in systematic arbitrage-a fancy term for exploiting the market’s occasional lapses in sanity.
- Investors, ever the clever sorts, may pledge their shares as collateral for Lombard loans through Sygnum, thus retaining their precious bitcoins while unlocking liquidity. How very convenient.
In the rarefied air of Switzerland, Sygnum Bank and Starboard Digital have conjured over 750 bitcoins-a sum exceeding $65 million, if one insists on such plebeian measurements-for their BTC Alpha Fund. A vehicle, they assure us, designed to wring yield from bitcoin without the bother of price fluctuations.
This Cayman Islands-domiciled fund, launched with all the fanfare of a society wedding, delivered an 8.9% annualized net return in its first quarter. It aspires to 8-10% annual returns by exploiting price discrepancies between spot and derivative markets. Systematic arbitrage, they call it-a game of financial chess for those who find roulette too pedestrian.
The fund, one is told, avoids the vicissitudes of market sentiment, preferring instead to capitalize on the occasional inefficiencies of exchanges. How very clever, though one wonders if it’s not all just a grand game of musical chairs.
Markus Hämmerli, Sygnum’s head of portfolio management, declares this a triumph of institutional demand for bitcoin strategies that generate income while maintaining long-term exposure. One can almost hear the champagne corks popping in Zurich and Singapore, where the fund is open to professional investors-those with deep pockets and deeper optimism.
Shares, it seems, may also be pledged as collateral for Lombard loans through Sygnum, allowing investors to access liquidity without parting with their bitcoins. A neat trick, though one suspects it’s merely another layer of financial prestidigitation.
Earlier this year, Sygnum joined forces with Debifi, a bitcoin lending startup, to launch a bank-backed loan platform that allows borrowers to retain control of their BTC. How very modern, though one can’t help but wonder if it’s all just a gilded cage for the financially ambitious.
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2026-01-29 15:48