New $100M Hedge Fund Builds Portfolio Of Crypto-Linked Equities Here Are The Three 'Blockstocks' It's Watching

Kindly MD (NAKA), SharpLink Gaming (SBET), SUI Group Holdings (SUIG), CEA Industries (BNC), and FGNexus (FGNX) are reportedly among the first investments in a new hedge fund launched by Singapore-based BlockSpaceForce and licensed fund manager Mainnet Capital.

The crypto-linked equities were trading in the red on Thursday, dragged down by the broader weakness in the cryptocurrency market. Kindly MD's stock was down more than 17% in midday trade, with retail sentiment on Stocktwits trending in the 'bearish' zone over the past day, while SharpLink's stock dropped 9.8% accompanied by 'extremely bearish' retail sentiment. Ethereum (ETH)-holding FGNX's stock dipped 6.5%. 

According to a report by The Block, the fund is targeting $100 million in assets under management (AUM) and is focused on three types of“blockstocks”. The first being pure-play crypto firms like Coinbase (COIN) and Circle (CRCL). The second category includes traditional companies with crypto exposure, such as Robinhood (HOOD). The final category is digital asset treasury (DAT) firms.

"The blockstocks opportunity is unfolding in waves, for example, today it's DATs, tomorrow it could be upcoming IPOs, or distressed infrastructure plays," said BlockSpaceForce CEO Spencer Yang, according to the report. "The biggest alpha comes from companies that engineer products with crypto, not just hold it." Currently, the hedge fund is focused on DATs tied to Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), and Solana (SOL).

While he declined to disclose the fund's current size or backers, citing confidentiality under its private placement structure, Yang said that the fund is structured as an evergreen and open-ended investment. He explained that this strategy allowed the fund to raise capital continuously and also pivot as needed when new blockstock opportunities emerged.

The cryptocurrency market fell 2.3% in the last 24 hours. Bitcoin's price dipped 2%, trading around $109,400. On Stocktwits, retail sentiment around the cryptocurrency trended in 'bearish' territory over the past day. Meanwhile, Ethereum's price dropped 3.5% and Solana's price was down 2.5%. 

Read also: Blink Charging To Accept Crypto Payments Across Network, Eyes Year-End Rollout

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