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The digital asset hedge fund LedgerPrime has been rebranded as MNNC Group with new funding and former team members following FTX’s bankruptcy.
MNNC Group, now based in the Cayman Islands, has successfully secured funding from previous backers of LedgerPrime, although the exact amount remains undisclosed.
The new venture retains a core team of former LedgerPrime employees, including former Chief Investment Officer Shiliang Tang.
In September 2022, LedgerPrime transitioned into a family office for Alameda Research, the sibling trading company of FTX. Following the bankruptcy filings of FTX and Alameda, LedgerPrime was forced to cease operations.
At its peak, LedgerPrime managed assets nearing $400 million, boasting an average annualized return of around 40%.
Now operating as MNNC Group, the company aims to continue the work of its predecessor. It employs 11 individuals, most of the former LedgerPrime staff. Additionally, LedgerPrime alumni Zaheer Ebtikar and Michael Churchouse have initiated Split Capital, a fund that adopts a long-term perspective, particularly in liquid token investments.