A specialist firm in institutional digital-asset markets.
Ten Sigma operates a principal trading and financing book, an asset-management practice, and a ventures arm — with information barriers between the three practices documented and reviewed annually. The firm works with institutional clients across trading, financing, asset management, treasury advisory, and early-stage capital deployment.
Established in 2024 by operators from crypto-native trading firms and quantitative equity desks. The firm runs a principal book, a financing book against crypto collateral, and mandates for institutional clients.
Three practices, one firm.
Principal book.
Liquidity in spot and derivatives. Bilateral credit on the firm's own balance sheet, documented under master loan agreements.
Client mandates.
Institutional capital managed under written Investment Management Agreements. Separately managed accounts at qualified custodians; client capital sits with the custody partner, not the firm.
Early-stage capital.
Pre-seed and seed checks into institutional digital-asset infrastructure. Capital plus distribution from the firm's trading floor.
Information barriers between the three practices are documented in the firm's compliance manual and reviewed annually by external counsel. The asset-management practice does not act on information from the principal book; the principal book does not see asset-management mandate flow until executed.
Where assets sit.
Anchorage Digital
OCC-chartered national trust company for digital-asset custody and settlement.
Fireblocks
Institutional MPC custody and execution platform.
BitGo
Long-tenured institutional custody provider.
Copper
Settlement and custody with off-exchange execution capabilities.
Custody partners listed above are recognised institutional providers selected for the firm's panel; specific commercial arrangements for each client mandate are governed by the engagement letter and the relevant custody agreement.
“Information barriers aren’t a piece of paper; they’re an operating principle. The asset-management practice does not see flow from the principal book until it has executed. Everyone here treats that line as the firm’s most important rule.”Head of Asset Management · Ten Sigma
How a relationship runs.
Master agreement and KYC.
Clients enter under an OTC Master Trading Agreement, a Master Loan Agreement, or an Investment Management Agreement, all on a single KYC, AML, and sanctions stack. Onboarding completes when documentation is countersigned and the first wallet address is mutually attested.
Bilateral, on agreed terms.
Trades quote from the firm’s principal book and settle bilaterally to the addresses specified in each confirmation. Pre-funded settlement, tri-party arrangements, and standard same-day or next-day settlement are all available depending on counterparty preference.
Capital at the custody partner.
For asset-management mandates, client capital sits at a qualified institutional custodian in a client-named, segregated account. The firm’s trading authority is bounded by the Investment Management Agreement and is revocable at any time, directly with the custodian.
From the appropriate source.
OTC and financing reporting runs from the firm’s books, cross-referenced to counterparty trade confirmations. Asset-management statements come directly from the qualified custodian and can be confirmed independently by the client or its auditors at any time.