One River Digital raises $41M from Goldman Sachs and Coinbase

One River Digital, a cryptocurrency-focused hedge fund offering exposure to Bitcoin (BTC) and Ether (ETH), has closed its first funding round after launching last year.

Sebastian Bea, president of One River Digital, confirmed Wednesday that the company raised $41 Million in Series A financing from investors including Goldman Sachs as well as Coinbase Ventures.

The American diversified global insurer Liberty Mutual Insurance, and Infinity Investment Partners (an alternative investment management company), were also among the investors, One River Digital announced Sept. 21.

The One River Digital president stated that the new capital will allow the company to increase its investment opportunities in support of the digital ecosystem.

These funds will be used to increase our scale in investments, distribution, and operations. These funds will allow us to better pursue our goal, which is helping institutions access and invest for the future of finance.

Eric Peters, founder of One River Digital and CEO at One River Asset Management, founded the startup in 2020. The crypto fund is well-known in cryptocurrency circles. It accumulated approximately $600 million of Bitcoin and Ether in late2020, and generated massive gains after a huge crypto rally in early-2021.

One River is supported by billionaire hedge fund manager Alan Howard. He was also co-founder of Brevan Howard. One River Asset Management reportedly bought a 25% stake.

Related: Coinbase Ventures, Samsung NEXT back Metrika’s $14M Series A

Peters stated that One River will benefit greatly from the expertise and experience of this team as well as our existing investors at Brevan Howard and our Academic and Regulatory Advisory Council in pursuing our mission to become the best institutional investment manager for digital assets.

One River Digital, as previously reported, established its regulatory and academic advisory council in March 2021. It includes prominent industry figures such Jay Clayton, who was formerly chairman of the United States Securities and Exchange Commission. One River Digital applied for a carbon neutral Bitcoin exchange-traded fund in May.

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