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Bailey McCann, Opalesque New York for New Managers:

Crypto prices have cratered over the past month but one emerging manager is still finding arbitrage opportunities. Mitchell Dong, Founder of Pythagoras Investment Management tells Opalesque New Managers that even though there have been severe fluctuations in cryptocurrencies over recent months, the pricing discrepancies between exchanges and over time zones can still provide opportunities for investors.

"Within the cryptocurrency/blockchain space, we've seen the trading infrastructure spring up at a rapid pace. There are 20 exchanges, they trade 24/7 and across several time zones. That's a great arbitrage opportunity," Dong says. "We're looking at those little movements - we don't have to be wrapped up in how far Bitcoin is off the highs. Those little movements are still happening between exchanges and within the market."

Pythagoras is not only looking for arbitrages across the exchanges, the strategy also looks at FX arbitrages involving crypto, spread trading and calendar spreads. The resulting program gives investors broad exposure to digital assets without taking on the risk of being a direct bitcoin investor, for example. Pythagoras aims to be market neutral at all times and limits its exposure at a maximum of 10% per exchange.

Dong started building the strategy in 2014, before Bitcoin hit its record highs a......................

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