Cryptocurrency ‘bloodbath’ threatens multibillion-dollar hedge fund

Three Arrows Capital founder takes to Twitter to assuage fears after 25% drop in price of bitcoin in a single day

The bloodbath" in the cryptocurrency sector may claim another victim, with the co-founder of multibillion dollar hedge fund Three Arrows Capital using Twitter in an attempt to battle rumours that the company is insolvent following the market collapse.

With a net asset value of $18bn (14.9bn) in its last public statement, the Singapore-based hedge fund was known for taking large, highly leveraged stakes in crypto businesses and cryptocurrencies directly. It holds positions in cryptocurrencies including bitcoin, Ethereum and Solana, as well as equity investments in companies such as the BlockFi exchange and options trading platform Deribit.