Veteran Investor Joe Naggar Charts New Course with $300M Digital Asset Fund

From Wall Street to Crypto Frontier: The Feynman Point Launch

In a significant move for the digital asset space, Joe Naggar, formerly of GoldenTree Asset Management, has officially launched Feynman Point Asset Management with $300 million in assets under management. This marks the complete spin-out of his team from Republic, where they previously operated as Republic Digital, and represents one of the most substantial traditional finance transitions into cryptocurrency investing., according to according to reports

Naggar brings impressive credentials to his new venture, having spent 16 years at GoldenTree where he helped oversee approximately $61 billion in credit assets. His crypto journey began much earlier than most institutional investors—mining bitcoin in 2013 and making early investments in foundational projects like Stacks and Algorand, as well as cryptocurrency exchange Coinbase before its public listing.

Institutional Approach Meets Crypto Markets

What sets Feynman Point apart is its commitment to bringing institutional-grade discipline to the often-volatile digital asset space. “We’re going to keep doing exactly what we did before—same focus on process, performance, institutional quality, but do even more,” Naggar stated. The firm’s methodology combines deep macro analysis with rigorous risk management frameworks typically found in traditional hedge funds.

This approach has already demonstrated impressive results. Since the fund’s inception in 2022, investors including L1D (a $600 million Swiss fund) and New York-based Blockchain Investment Group have earned an annualized net return exceeding 42%. These returns came through strategic positions including purchasing Grayscale Bitcoin Trust at a 40% discount to its underlying assets, early exposure to decentralized exchange Hyperliquid, and an equity investment in Ripple., as related article

Proven Track Record in Turbulent Times

The fund’s performance is particularly notable given the challenging market conditions it navigated. The 2022-2023 period saw multiple high-profile collapses including Celsius, Voyager Digital, and FTX, followed by increased regulatory scrutiny. Despite these headwinds, Naggar’s team delivered strong returns through carefully timed investments.

Their GBTC investment proved particularly prescient—the trust has since converted to an ETF and now trades at net asset value. Similarly, their early position in Hyperliquid has yielded substantial returns, with the HYPE token now trading around $40 and boasting a market capitalization exceeding $10 billion.

Digital Asset Treasury: An Emerging Investment Theme

Feynman Point has also positioned itself at the forefront of the growing digital asset treasury (DAT) trend, where public companies accumulate cryptocurrency holdings similar to Michael Saylor’s strategy at MicroStrategy. “We probably invested in 15 or 17 different DATs,” Naggar revealed, with positions ranging from “30-75 basis points, 1% on the bigger side.”

The firm’s DAT investments include companies like BitMine Immersion Technologies, SharpLink Gaming, Twenty One Capital, and Forward Industries. Naggar emphasizes the importance of discernment in this space: “Some DATs are kind of money grabs and maybe don’t deserve the attention, but there are others that add some real value, either in the ecosystem or for investors, by doing smart stuff.”

Special Opportunities and Future Focus

The newly launched Feynman Point Special Opportunities Fund represents the next evolution of their strategy, designed to bring their highest-conviction investment ideas directly to limited partners. One notable example is their involvement with Sonnet BioTherapeutics, which plans to merge with Rorschach I LLC and rebrand as Hyperliquid Strategies later this year.

This transaction is particularly significant because it provides U.S. investors with exposure to Hyperliquid’s ecosystem, which Naggar notes is “very difficult to have exposure to as a U.S. investor.” The merged entity recently announced an $888 million raise for Hyperliquid’s HYPE tokens, demonstrating the substantial capital flowing into promising crypto infrastructure projects.

Looking forward, Feynman Point’s launch signals continued institutional confidence in digital assets despite regulatory challenges. The firm’s combination of traditional finance discipline, early crypto experience, and proven track record positions it uniquely to capitalize on opportunities across both established cryptocurrencies and emerging frontier technologies.

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