BlockTower Capital, a cryptocurrency hedge fund, has bought Gamma Point, a rival hedge fund, for $35 million. CEO of BlockTower Matt Goetz says that the purchase was intended to better navigate the current volatility of the crypto market.
The purchase is one of the only ones that has occurred recently, but it could suggest that BlockTower is preparing for the end of the latest bull run.
Goetz says that the purchase is going to help attract more investors who are otherwise price-sensitive. Executives of Gamma Point will join the team at BlockTower.