The acquisition is a meaningful step for us as we continue to develop Blockstream Finance and investment vehicles based on Bitcoin. —Adam Back
VICTORIA, British Columbia (PRWEB) May 22, 2021
Blockstream has agreed to acquire Adamant Capital, a Bitcoin hedge fund manager founded by early Bitcoin proponent and investor Tuur Demeester. The acquisition of Adamant Capital will provide the foundation for Blockstream Finance, Blockstream's newest division centered on delivering Bitcoin-focused investment products on the Liquid Network. Demeester will remain on board as an advisor, working alongside Jesse Knutson, the VP of Financial Products at Blockstream, a banking veteran who leads the Blockstream Finance division.
Since its inception, Adamant Capital has remained at the forefront of Bitcoin investment research thanks to Demeester’s signature fundamentals-driven approach and acute analyses. Adamant Capital’s benchmark product was one of the world’s first Bitcoin Alpha Funds, which was designed to produce a yield on Bitcoin for the Bitcoin hodler. Investors could invest Bitcoin in the Alpha Fund, allowing for potential bitcoin-on-bitcoin gains, where investors did not get charged a performance fee for underlying Bitcoin price appreciation.
"Adamant Capital was one of the first fund managers to embrace Bitcoin’s fundamental value and promote it as a sound investment for institutions and HNWIs," explained Dr. Adam Back, CEO of Blockstream. "Their market reports throughout the years have been praised as a frequent source of insight in the Bitcoin community due to their in-depth analysis and accurate forecasts. The acquisition is a meaningful step for us as we continue to develop Blockstream Finance and investment vehicles based on Bitcoin."
The groundwork laid by Adamant Capital will enable Blockstream to offer more innovative Bitcoin investment products following the successful launch of the Blockstream Mining Note (BMN). Currently available for non-US qualifying investors through STOKR, the BMN offers exposure to Bitcoin mining with the added tradability of a security token issued on the Liquid Network. In addition to making it easier for investors to participate in Bitcoin mining, the BMN strengthens Bitcoin's security and censorship resistance.
"Since its inception in 2014, Blockstream has consistently impressed me with its strong ethics and clear vision of the future. As a long-time advocate of sustainable Bitcoin alpha-producing strategies, I'm excited to work with Blockstream to bring the next generation of Bitcoin financial products to market," said Tuur Demeester, founder of Adamant Capital.
Blockstream is the global leader in Bitcoin and blockchain infrastructure. Blockstream’s sidechain technology (Liquid Network) enables faster Bitcoin settlements while empowering financial institutions to tokenize assets. Blockstream Mining provides enterprise-class mining facilities for the colocation of Bitcoin mining operations. The Cryptocurrency Data Feed, developed in partnership with Intercontinental Exchange, delivers best-in-class real-time and historical exchange data. Blockstream Green is the world’s most advanced consumer Bitcoin wallet. Blockstream was founded in 2014, with offices and team members distributed around the world.