Hedge Fund Betting on Bitcoin Spread Unfazed by Record Price
- BitSpread focuses on price disparities between exchanges
- Fund gained 80 percent in the first nine months of the year
DFJ's Draper Says Bitcoin Is Transforming Finance
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Bitcoin-focused hedge fund BitSpread Ltd. isn’t interested in the price of the cryptocurrency, even as it soared close to the $6,000 mark this week. Instead, the firm is looking at something else: the price disparity between the exchanges that sell bitcoin.
“We’re not interested in the price of bitcoin -- high or low,” said Cedric Jeanson, the former JPMorgan Chase & Co. trader who started BitSpread, which manages more than $25 million. “We’ll buy bitcoin versus the yen if the price is high, while simultaneously selling bitcoin versus the U.S. dollar if the price is low.”