Cryptocurrency investor and Asymmetric Financial founder Joe McCann announced that he has decided to close the Asymmetric Liquid Alpha Fund due to intense investor backlash following the company’s 78% year-to-date loss.
This development comes just after McCann recently announced plans to establish a $1 billion treasury fund for the Solana ecosystem. The fund has already lost nearly 70% of its value.
In his official statement, McCann responded to the changes made to the fund structure and what he considered to be some “misleading information” spread on social media:
“Asymmetric’s Liquid Alpha Fund was established to trade in markets characterized by high volatility. We have remained true to this strategy for years and have been successful. However, this strategy no longer serves our investors,” he said.
McCann stated that they are moving away from liquid fund strategies and are offering investors two options: exit the funds at any time (regardless of lockup periods) or transfer existing capital to a specific illiquid investment. He also claimed that Asymmetric has met all valid exit requests to date.
McCann stated that the company is not just about the Liquid Alpha Fund, and that other investment vehicles under the Asymmetric Financial umbrella continue to perform, and that venture capital strategies, in particular, remain unchanged:
“I’ve experienced many ups and downs throughout my career in crypto and finance. Sharing these kinds of results isn’t easy for any investor. But the only way forward is to navigate these challenges. This is an extraordinary time to support crypto developers.”
*This is not investment advice.