"Stock Picking Master" Moves to Crypto Field, Will Set Up Crypto Hedge Fund of at Least $50 Million

Veteran stock investors are trying to apply their expertise to the growing crypto market.

Two well-known stock portfolio managers are launching a cryptocurrency hedge fund of at least $50 million, “Tephra Digital,” that will leverage their stock expertise to make crypto fundamental investments, two people familiar with the matter told Blockworks.

The two fund managers are Raghav Chopra and Ryan Price. Raghav Chopra has more than 15 years of experience in equity funds and technology investments. He is a portfolio manager of the $739 billion AllianceBernstein LP and holds a board seat at the crypto mining company Argo Blockchain . Prior to this, Chopra was a private equity assistant at The Carlyle Group and an investment banking analyst at Goldman Sachs & Co. He also serves on the board of directors of the Harvard Club of the New York City Foundation; Ryan Price is a partner at Riposte Capital. Chopra and Price have had a long-term partnership at the stock picking company Steadfast Financial.

Price will leverage his experience picking fintech stocks, while Chopra will seek to apply his knowledge of trading software and internet stocks to Web3 investment opportunities.

The two "stock pickers" will serve as joint portfolio managers, overseeing directional, fundamental and concentrated strategies centered on liquid tokens. This is different from most digital asset funds, which rely on quantitative algorithms to trade the fast-changing crypto market 24/7.

The idea is to give limited partners long-term exposure to high-quality Web3 protocols, without knowing the lock-up periods imposed on investors. Chopra and Price are setting up onshore and offshore companies in Delaware and the Cayman Islands, which will allow them to accept contributions from both U.S. and foreign investors.

Tephra's initial assets under management will reportedly exceed $50 million, and the startup plans to expand its financing target to include partner capital as well as friends and family funds.