While Others Invest in AI, RockawayX Doubles Down on Crypto

Author: Nina Bambysheva, Forbes

Compiled by: Shenchao TechFlow

Senchao Insight: While many crypto venture capitalists are shifting their focus towards AI and robotics, RockawayX continues to double down on crypto by acquiring Relayer Capital and raising funds for a new $150 million fund. With approximately 70% returns this year and strong positions in projects like Hyperliquid and Venice AI, Relayer’s performance gives RockawayX the confidence to expand against the trend. This reflects a portion of crypto-native capital refocusing on liquid assets ahead of a market rebound, which is worth noting for investors.

According to insiders, Prague-based digital asset investment firm RockawayX manages about $2 billion in assets. Following the acquisition of crypto hedge fund Relayer Capital, the firm is seeking $150 million for a new liquidity opportunity fund.

Insiders say that Relayer founder Austin Barack, who previously served as a partner at crypto investment firm CoinFund, will remain at RockawayX to oversee the fund. The fund will invest in “undervalued tokens and crypto-related stocks.”

This move may seem counterintuitive before the recent rebound in the crypto market. Over the past week, Bitcoin, Ethereum, and Solana have risen over 20%. Meanwhile, several well-known crypto venture capital firms have expanded their investment scope to include artificial intelligence, robotics, and other technologies, including San Francisco’s Paradigm and Framework Ventures.

However, Relayer’s performance may have helped persuade early Solana supporters to deepen their commitment to this sector through the acquisition of the fund. Insiders report that Relayer holds positions in popular projects such as the perpetual contract exchange Hyperliquid and the decentralized AI platform Venice AI. These two tokens have surged 219% and 1006% this year, respectively. This has resulted in Relayer achieving a return rate of about 70% this year, far exceeding Bitcoin, Ethereum, and Solana. Hyperliquid’s token has a market cap of approximately $18 billion, while Venice AI’s token is valued at over $800 million.

This acquisition marks RockawayX’s latest step in expanding from traditional venture capital into broader fields. In February of this year, the company entered the crypto treasury management business through another acquisition. Treasuries are non-custodial smart contracts that pool user funds and deploy them into yield-generating strategies. Since then, these treasuries have attracted over $200 million in deposits.

This expansion comes after the collapse of its merger with Solana treasury firm Solmate. In June, RockawayX’s investment vehicle RBCH Ltd. sued members of the Solmate board in New York state court. RBCH Ltd. is Solmate’s largest external shareholder and accused the board of self-dealing and other misconduct. Solmate had previously separately sued RockawayX and its CEO over failed acquisition negotiations, alleging that the company provided “misleading financial statements” and engaged in “fraudulent activities” that harmed its valuation. RockawayX denies these allegations, claiming they are retaliatory. Both cases are still pending.

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