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Bailey McCann, Opalesque New York:

Hilbert Capital, the asset management division of Hilbert Group AB has entered into a strategic partnership with Xapo Bank to manage a newly-established Bitcoin-denominated hedge fund.

The fund is set to launch in September 2024 and is anticipated to receive investment capital in excess of $200m from Xapo Bank and other investors.

"We believe that offering the right products for participants in the space who are aiming not only for exposure to the Bitcoin price, but also structured ways to grow the Bitcoin value of those investments is a natural evolution of the asset class," said Joey Garcia, Director of Xapo Bank.

The fund will offer corporates, businesses and professional investors the opportunity to generate returns in BTC from institutional-grade structured credit arrangements, which are not available to those participants directly in the market. The firms say the new fund will be launched with a lower management fee than Hilbert Group's standard 2/20 arrangement.

"Over the last 12 months, we have developed a close and strategic partnership with our partner Xapo Bank, a veteran in the Bitcoin space and a tier-one financial institution in the digital asset space," said Niclas Sandstrom, CEO of Hilbert Group. "Hilbert is 2 years into its 5-year plan of being a global-leading asset management firm. We have invested heavily in our investment and operations expertise and infrastructure to enab......................

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