Key Takeaways
- • RockawayX, a $2 billion crypto asset manager, has acquired Relayer Capital and launched the RockawayX Liquid Opportunities Fund with a $150 million fundraising target.
- • Relayer Capital achieved approximately 70% year-to-date returns in 2026 through long/short positions in undervalued crypto assets, including holdings in Hyperliquid and Venice AI.
- • Austin Barack, founder of Relayer Capital (established 2024), will remain as Chief Investment Officer of the newly branded fund.
- • The acquisition strategically fills a gap in RockawayX's portfolio, adding a dedicated liquid strategies division focused on active token trading and crypto-related equities with institutional hedge fund infrastructure.
Summary
RockawayX, a cryptocurrency investment firm managing approximately $2 billion in assets, has completed the acquisition of Relayer Capital and rebranded the operation as the RockawayX Liquid Opportunities Fund. The combined entity is targeting $150 million in capital raises, positioning itself to serve institutional investors seeking exposure to liquid crypto strategies.
Relayer Capital's track record provides the primary strategic rationale for the deal. The fund reported net returns of approximately 70% year-to-date in 2026, generated through a long/short investment approach that identifies undervalued tokens while establishing short positions in overvalued assets. Specific portfolio holdings mentioned include positions in projects such as Hyperliquid and Venice AI. These returns demonstrate demand-side validation for active crypto trading strategies that combine fundamental analysis with hedging mechanisms.
Austin Barack, who founded Relayer Capital in 2024, will continue leading the combined fund as Chief Investment Officer. This continuity of leadership preserves the operational and analytical capabilities that generated the fund's performance, addressing a critical factor for institutional investors evaluating post-acquisition performance stability.
For RockawayX, the acquisition addresses a strategic portfolio gap. The firm previously operated divisions spanning venture capital, credit, liquidity, and infrastructure investments. The addition of a dedicated liquid strategies arm—focused on active token and equity trading with hedge fund risk management disciplines—expands the firm's ability to serve institutional clients seeking differentiated crypto exposure. This diversification aligns with broader institutional demand for cryptocurrency products that combine active management with portfolio hedging techniques rather than buy-and-hold passive strategies.
Relayer Capital's track record provides the primary strategic rationale for the deal. The fund reported net returns of approximately 70% year-to-date in 2026, generated through a long/short investment approach that identifies undervalued tokens while establishing short positions in overvalued assets. Specific portfolio holdings mentioned include positions in projects such as Hyperliquid and Venice AI. These returns demonstrate demand-side validation for active crypto trading strategies that combine fundamental analysis with hedging mechanisms.
Austin Barack, who founded Relayer Capital in 2024, will continue leading the combined fund as Chief Investment Officer. This continuity of leadership preserves the operational and analytical capabilities that generated the fund's performance, addressing a critical factor for institutional investors evaluating post-acquisition performance stability.
For RockawayX, the acquisition addresses a strategic portfolio gap. The firm previously operated divisions spanning venture capital, credit, liquidity, and infrastructure investments. The addition of a dedicated liquid strategies arm—focused on active token and equity trading with hedge fund risk management disciplines—expands the firm's ability to serve institutional clients seeking differentiated crypto exposure. This diversification aligns with broader institutional demand for cryptocurrency products that combine active management with portfolio hedging techniques rather than buy-and-hold passive strategies.
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