Client-defined investment guidelines.
Custom allocation across the firm's strategies, with parameters set in the engagement letter.
Built for the tails of digital asset markets.
Spot and derivatives trading, bilateral financing, and asset management for institutional digital-asset programmes. A counterparty when others step back.
By the numbers
$0B
Notional handled
since launch
since launch
0+
Venues integrated
CEX, DEX, institutional
CEX, DEX, institutional
0
Institutional
counterparties
counterparties
0
Qualified
custody partners
custody partners
0/7
Trading desk
Asia-led coverage
Asia-led coverage
Featured practices
Trading & Financing.
Principal counterparty in spot and derivatives across digital assets. Bilateral credit on the firm’s own balance sheet, documented under master loan agreements. Settlement at the address agreed in each confirmation.
Read about trading →Asset Management.
Discretionary multi-strategy mandates and bespoke separately managed accounts at qualified institutional custodians. Client capital sits with the custody partner; the firm’s trading authority is bounded by the IMA.
Read about mandates →Ventures.
Pre-seed and seed checks into onchain credit, stablecoin rails, trading and settlement plumbing, and institutional treasury tooling. Capital plus distribution from a live institutional trading floor.
Read about ventures →
[ 01 ]Capabilities
Capabilities.
Practice areas under one engagement. Principal on OTC and financing, investment manager on mandates.
Block-size execution across hundreds of digital assets, by chat, FIX API, or third-party EMS. The firm operates as principal counterparty, settling bilaterally to the addresses agreed in each confirmation.
- Spot and dated futures across BTC, ETH, majors, and a curated altcoin list
- Listed and OTC options, including bespoke structures
- Pre-funded, tri-party, and standard settlement
Bespoke separately managed accounts and a discretionary multi-strategy programme. Client capital sits with a qualified institutional custodian in a client-named, segregated account; the firm’s trading authority is bounded by the Investment Management Agreement.
- Basis, spot/perp arbitrage, statistical arbitrage, onchain credit
- Custody at Anchorage, Fireblocks, BitGo, or Copper
- Periodic statements direct from the custody partner
Collateralised credit extended to and accepted from institutional counterparties, documented under master loan agreements with documented collateral schedules and tenor.
- Borrowing against crypto collateral · BTC, ETH, majors
- Spot and term facilities · open-ended or fixed-tenor
- GMSLA and Master Loan Agreement standards
Policy authorship, custody selection, risk overlay design, and quarterly committee briefings for corporate and operating-treasury holders of digital assets.
- Investment policy statement and limits framework
- Custody architecture · multi-partner, segregated
- Quarterly review with the client’s investment or finance committee
[ 02 ]Who we serve
Who we serve.
Engagements are bilateral and confidential.
[ Asset managers ]
Hedge funds and multi-strategy.
Counterparty for OTC execution; mandate manager for discrete sleeves.
[ Family offices ]
Single- and multi-family.
Long-horizon mandates with custody at qualified institutional partners.
[ Corporate treasuries ]
Balance-sheet holders.
Policy, custody architecture, and ongoing oversight for operating-treasury holders.
[ Foundations & banks ]
Endowments and regulated counterparties.
Bilateral credit, custody, and reporting to institutional standards.
[ 03 ]Asset Management
Two ways to engage. Independently reported.
Mandates run as separately managed accounts at qualified institutional custodians.
A multi-strategy mandate, run by the firm.
Actively managed allocation across core yield, basis, and lending strategies, rebalanced within stated bands.
Reporting
- Portfolio overview
Illustrative reporting layout.
Live client reporting reflects the custodian’s statement.
Q4 2025
All segregated accounts
NAV (USD)
214.6M
+4.6% qtd
Return, gross
+17.4%
12-month rolling
Volatility, ann.
8.7%
12-month rolling
Sharpe
1.42
12-month rolling
Strategy allocation
As of 31 Dec 2025
- Basis & spot/perp arb45%
- Onchain credit25%
- Stat-arb & market making20%
- Treasury & cash10%
Monthly attribution, bps
12-month rolling
Positions, top 6
Source: Anchorage statement · reconciled 31 Dec 2025
| Asset | Strategy | Notional, USD | NAV % | Custody |
|---|---|---|---|---|
| BTC perp / spot | Basis | 42.1M | 19.6% | Anchorage |
| ETH perp / spot | Basis | 28.4M | 13.2% | Anchorage |
| Maple direct lending | Onchain credit | 22.0M | 10.3% | Anchorage |
| SOL stat-arb book | Stat-arb | 14.6M | 6.8% | Fireblocks |
| Goldfinch senior | Onchain credit | 11.2M | 5.2% | Anchorage |
| USDC, T-bill MMF | Treasury | 21.0M | 9.8% | BNY / segregated |
Illustrative reporting layout. The system of record for any mandate is the qualified custodian’s statement.
[ 04 ]Ventures
Backing teams building the rails the firm uses every day.
Pre-seed and seed investments in onchain credit, stablecoin rails, and institutional trading infrastructure.
[ 05 ]Insights
Selected research.
Ten Sigma publishes occasional notes on market structure, strategy construction, and operational matters relevant to institutional digital-asset programmes.
[ 06 ]Contact
Get in touch.
For trading enquiries, asset-management mandates, or treasury advisory engagements, please send a brief introduction. A member of the team will respond within five business days.
For existing clients with operational matters, please contact your relationship manager directly.