RockawayX is seeking $150 million for a new liquid opportunities fund after acquiring crypto hedge fund Relayer Capital, a move that expands the firm's push into actively traded digital assets and crypto-related equities.
Forbes reported on Aug. 25 that the fund will be rebranded as the RockawayX Liquid Opportunities Fund and will focus on identifying undervalued liquid tokens and crypto-related equities. Relayer founder Austin Barack will remain with RockawayX and serve as chief investment officer of the new vehicle.
Relayer's liquid strategy reportedly delivered a net return of about 70% year-to-date as of Aug. 21, outperforming an equal-weighted basket of bitcoin, ether and solana by 86%. Positions in Hyperliquid and the decentralized AI platform Venice AI contributed to performance. At the time of reporting, HYPE had a market value of about $18 billion, while VVV was valued at more than $800 million.
RockawayX said the strategy uses long and short positions, including pair trades, to express fundamental views on crypto tokens while reducing broader market exposure when appropriate. CEO Viktor Fischer said there are now crypto businesses with real revenues and strong fundamentals that can be underwritten, but the market remains inefficient and misprices them. Barack said he believes crypto markets have bottomed and described the setup as similar to the emergence from prior bear markets in 2020 and 2023.
The move comes amid renewed crypto momentum, with bitcoin recently recording its largest dollar-denominated weekly gain in history and trading near $79,000 after briefly reaching around $81,000.
The launch follows RockawayX's broader expansion. The Prague-founded firm says it oversees about $2 billion across investment, liquidity, and blockchain infrastructure divisions. Its existing market-neutral credit strategy has operated since April 2022 and has delivered a 42.59% absolute return since inception, net of fees. RockawayX also closed a $125 million second venture fund in the first quarter of 2025, with emphasis on Solana, decentralized finance, and infrastructure.
Financial terms of the acquisition were not disclosed. Details such as fundraising timetable, minimum investment, fee structure, jurisdictions, and whether U.S. investors may participate have also not been confirmed. RockawayX's expansion also follows the breakdown of its proposed combination with Nasdaq-listed Solmate Infrastructure, with related litigation still pending.
