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  • The value of the Genesis Block Fund, a Brazilian crypto hedge fund, is down by 56.3% from its inception.
  • The fund witnessed significant gains of 34.9% in 2019 and 46.6% from January to May 2020.
  • Genesis Block Fund has gone through 17 months on the downswing and 12 months on the upswing.

The value of the Genesis Block Fund, a São Paulo-based BLP Asset Management’s crypto hedge fund, is down by 56.3% from its inception despite gains of 34.9% in 2019 and 46.6% from January to May 2020. According to a CoinDesk report, BLP Asset Management partner Axel Blikstad said that the fund was launched on January 1, 2018, “right as [the]market went into crypto winter.” 

Even though 2018 was a challenging year, the fund’s 2018 and 2019 returns exceeded those of the Bloomberg Galaxy Crypto Index. The latter is a Galaxy Digital index fund tracking top cryptocurrencies measured by market capitalization. Blikstad added:

Our clients are used to various Bloomberg indexes and this was the best index we found on the crypto space with monthly rebalancing.

According to BLP Asset Management reports, Genesis Block Fund’s value dropped the most in April 2018 by 37.4% and surged the most in May 2019 by 58.6%. It witnessed 17 months on the downswing and 12 months on the upswing. Blikstad also noted that the fund manages around $5 million from high-net-worth institutional clients and individuals and $2 million from “local feeder funds for Brazilian domestic clients.”