Bitcoin Fund by Syz Capital resumes operations
Syz Capital Reopens Bitcoin-Denominated Fund of Crypto Hedge Funds
Syz Capital, an investment arm of the Syz Group with $2bn assets under management, is reopening its Bitcoin-denominated fund of crypto hedge funds, the BTC Alpha Fund, to new and existing investors starting October 1, 2025 [1][2][4]. The fund initially launched in March 2025 but was closed after one month to external capital due to heavy investor demand [1].
The BTC Alpha Fund targets opportunities in volatility trading, arbitrage, DeFi liquidity provision, and market-making inefficiencies. It aims to provide exposure to a globally diversified portfolio of crypto hedge funds, with a goal of delivering consistent, uncorrelated returns and stable, low volatility [1]. The fund offers quarterly liquidity and charges no management fees, but performance-based compensation only [1].
After increasing liquidity across its selected manager pool, Syz Capital has created fresh capacity of 2,000 BTC, with approximately 1,800 BTC already committed by investors including family offices, multi-family offices, high-net-worth individuals (HNWIs), corporate treasuries, and crypto-native foundations [1][2].
The reopening of the BTC Alpha Fund reflects a broader institutional shift toward professionally managed, bitcoin-denominated investment vehicles that prioritize risk-adjusted returns and operational robustness [3]. Richard Byworth, managing partner at Syz Capital, has commented on the sustained institutional appetite for bitcoin-denominated strategies [4].
The BTC Alpha Fund's strategy offers exposure to a globally diversified portfolio of crypto hedge funds, with a target of high single-digit annual returns [1]. This reopening directly responds to the momentum in institutional demand for bitcoin-denominated strategies, as institutions ramp up their crypto asset allocations [1][4].
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