Key Takeaways
- • RockawayX, a Prague-based digital-asset manager with approximately $2 billion in assets under management, is raising $150 million for a new liquid opportunities hedge fund following its acquisition of crypto hedge fund Relayer Capital.
- • Relayer Capital founder Austin Barack, formerly a partner at CoinFund, will lead the new fund, which will focus on undervalued tokens and crypto-related equities, positioning RockawayX to deepen its commitment to crypto despite broader industry pivots toward AI and other technologies.
- • Relayer Capital delivered approximately 70% returns year-to-date, significantly outpacing major cryptocurrencies, driven by positions in high-performing assets including Hyperliquid (up 219% YTD, $18 billion market cap) and Venice AI (up 1,006% YTD, $800 million market cap).
- • The acquisition represents RockawayX's latest strategic expansion beyond traditional venture investing, following a February entry into crypto vault management through a separate acquisition that has attracted over $200 million in deposits to date.
- • The move contrasts with major crypto VCs such as Paradigm and Framework Ventures, which have broadened mandates to encompass artificial intelligence, robotics, and other emerging technologies amid recent crypto market strength.
Summary
RockawayX, the Prague-based digital-asset investment firm managing approximately $2 billion, has acquired Relayer Capital and is now targeting $150 million in fundraising for a new hedge fund focused on liquid opportunities. The acquisition represents a strategic decision to expand the firm's portfolio management capabilities while maintaining a concentrated focus on the cryptocurrency sector, even as larger competitors have diversified into adjacent technology verticals.
Relayer Capital founder Austin Barack, a former partner at CoinFund, will lead the new vehicle as it invests in undervalued tokens and crypto-related equities. The acquisition was reportedly motivated by Relayer's exceptional performance: the fund returned approximately 70% year-to-date, substantially outperforming major cryptocurrencies including Bitcoin, Ethereum, and Solana. This performance was anchored by successful positions in high-conviction bets, including perpetual-futures exchange Hyperliquid, whose token surged 219% this year and now carries an $18 billion market capitalization, and decentralized AI platform Venice AI, which rallied 1,006% year-to-date with a token valuation exceeding $800 million.
The timing of RockawayX's expansion into liquid hedge fund management comes as the broader crypto venture ecosystem has shifted focus. Prominent firms including San Francisco-based Paradigm and Framework Ventures have repositioned their mandates to encompass artificial intelligence, robotics, and other technologies. However, the strong performance demonstrated by Relayer appears to have validated a contrarian thesis: specialized crypto hedge fund expertise with demonstrated alpha generation may warrant sustained capital commitment, particularly as recent market strength—with Bitcoin, Ethereum, and Solana each rising more than 20% within a week—has reignited investor interest in digital assets.
The Relayer acquisition is the latest in a series of expansion initiatives for RockawayX beyond traditional venture investing. In February 2026, the firm entered crypto vault management through a separate acquisition, deploying noncustodial smart contracts that pool capital and deploy it across yield-generating strategies. These vaults have already accumulated over $200 million in deposits, indicating meaningful institutional demand for RockawayX's infrastructure and investment expertise.
Relayer Capital founder Austin Barack, a former partner at CoinFund, will lead the new vehicle as it invests in undervalued tokens and crypto-related equities. The acquisition was reportedly motivated by Relayer's exceptional performance: the fund returned approximately 70% year-to-date, substantially outperforming major cryptocurrencies including Bitcoin, Ethereum, and Solana. This performance was anchored by successful positions in high-conviction bets, including perpetual-futures exchange Hyperliquid, whose token surged 219% this year and now carries an $18 billion market capitalization, and decentralized AI platform Venice AI, which rallied 1,006% year-to-date with a token valuation exceeding $800 million.
The timing of RockawayX's expansion into liquid hedge fund management comes as the broader crypto venture ecosystem has shifted focus. Prominent firms including San Francisco-based Paradigm and Framework Ventures have repositioned their mandates to encompass artificial intelligence, robotics, and other technologies. However, the strong performance demonstrated by Relayer appears to have validated a contrarian thesis: specialized crypto hedge fund expertise with demonstrated alpha generation may warrant sustained capital commitment, particularly as recent market strength—with Bitcoin, Ethereum, and Solana each rising more than 20% within a week—has reignited investor interest in digital assets.
The Relayer acquisition is the latest in a series of expansion initiatives for RockawayX beyond traditional venture investing. In February 2026, the firm entered crypto vault management through a separate acquisition, deploying noncustodial smart contracts that pool capital and deploy it across yield-generating strategies. These vaults have already accumulated over $200 million in deposits, indicating meaningful institutional demand for RockawayX's infrastructure and investment expertise.
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