Former Circle Trade head forms a new crypto proprietary trading firm

Daniel Matuszewski, former head of Circle Trade, an over-the-counter (OTC) trading desk of cryptocurrency firm Circle, has jointly set up a new proprietary trading firm called CMS Holdings.

Matuszewski has partnered with Bobby Cho, former head of trading at brokerage firm DRW’s Cumberland crypto unit, and Julien Collard-Seguin, a former technology executive at Circle, for the new venture, CoinDesk reported Tuesday.

Matuszewski left Circle Trade in August, while Cho left Cumberland in May, as The Block reported at the times. Their new firm, CMS Holdings, is reportedly looking to pool more than $10 million for business.

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A proprietary trading firm invests for direct market gains rather than earning commission by trading on behalf of clients. Cayman Islands-registered CMS Holdings, therefore, doesn’t manage money from outside investors.

“We deploy strategies much like a hedge fund in the market, except that we’re not structured as such,” Cho was quoted as saying in the report.

The firm’s plan is to put 30% of the money into highly liquid cryptocurrencies like bitcoin (BTC) and ether (ETH), 40-50% into less-frequently traded tokens, and the rest into long-term equity investments in the crypto industry, Cho added. 

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.