According to CoinDesk, Multicoin Capital's annual investor letter shows that the company's hedge fund lost 91.4% in 2022. The letter attributed last year's losses to the direct and indirect impact of cryptocurrency volatility and the collapse of FTX. In another letter to investors in November last year, Multicoin detailed the financial status of its hedge fund, revealing that 10% of the fund's assets were trapped in FTX, as well as holding a large amount of exposure to FTT, SOL and SRM, all of which suffered a sharp sell-off in November last year. Multicoin Capital launched its hedge fund strategy in October 2017, investing in liquid tokens. The company also operates three venture capital funds and has invested in FTX. Despite a sharp decline last year, Multicoin's hedge fund has risen 1,376% after deducting fees from its inception to 2022. As the crypto market rebounded this year, the Multicoin fund rose 100.9% in January 2023, with a return rate of 2,866% from its inception to January this year. Multicoin said it remains committed to its long-term strategy and has no plans to engage in short-term speculative operations.

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