Crypto fund One River Digital secures Series A investment

One River Digital Asset Management, a crypto-focused asset manager targeting institutional clients, has secured a Series A investment.

The company announced the raise in a press release on September 21. Bloomberg reported on the same day that the firm had raised $41 million at a valuation of $186 million from new investors including Goldman Sachs Group and Coinbase.

“Collaboration and perspective are keys to success in any transformative pursuit,” said Eric Peters, CEO and CIO of One River Digital, in a statement. “We are fortunate to bring together a focused group of committed strategic investors who are clear leaders in their respective fields and who share our vision that the transition of financial transactions to a digital world will present vast opportunities.”

One River Digital broke cover late last year when it emerged that the company was eyeing a $1 billion allocation to bitcoin with the backing of billionaire hedge fund manager Alan Howard. In the press release announcing its Series A raise, the company said its clients had made gains of over $1.2 billion since it began investing in digital assets in November 2020.

The firm offers a range of crypto-linked products, including ERISA-compliant digital asset commingled funds, 365-day liquidity funds, and carbon-neutral investment funds.

One River is advised by former Securities and Exchange Commission chair Jay Clayton, who is part of its Academic and Regulatory Advisory Council alongside several other prominent former officials.

The digital assets fund is a subsidiary of One River Asset Management, which manages over $2 billion in assets and focuses on absolute-return strategies. Founded in 2013, the company is headquartered in Greenwich, Connecticut.