Valor, Brevan Howard Back Lightning Labs to ‘Bitcoinize the Dollar’ (Bloomberg)
Crypto technology firm Lightning Labs said it is bringing in new financing as it creates a protocol to facilitate fiat currency transfers to Bitcoin. The protocol — called Taro — aims to enable high-volume transfers instantly for fiat currencies and other assets, Lightning Labs said in a statement. Valor Equity Partners, Brevan Howard Asset Management LLP and Vlad Tenev, CEO of Robinhood Markets Inc., are among new investors in the $70 million, Series B financing round. While Valor Equity was an early backer of Tesla and SpaceX, hedge fund Brevan Howard has been ramping up its own, new crypto unit with capital and staff.
Tesla Bear Michael Burry Says Elon Musk Taking Controlling Stake In Twitter Would Be ‘Good For America’ (Benzinga)
Tesla Inc (NASDAQ: TSLA) CEO Elon Musk’s buying of Twitter Inc (NYSE: TWTR) shares has prompted a comment from his usual detractor – hedge fund manager and investor Michael Burry. What Happened: Burry said on Twitter that Musk “buying enough shares to control Twitter would be good for America. Period.”The “Big Short” fame investor in his post shared a Boston Herald editorial that criticized major news outlets’ coverage of Hunter Biden, the son of U.S. President Joe Biden.
Anti-Tech Tiger Cub Impala Is Killing It (Institutional Investor)
The firm’s natural resources fund was one of its top performers, while its flagship fund is still solidly in the black. Impala continues to roll.The anti-tech Tiger Cub’s flagship long-short hedge fund, Impala Fund, was up about 11 percent in the first quarter, according to an investor, while the Impala Resource Fund, a long-only fund, surged 27.5 percent for the quarter.
Photo by Austin Distel on Unsplash
LGT Capital Partners Implements Hazeltree for Liquidity Management Infrastructure (Hedge Week)
Hazeltree, a provider of integrated treasury and liquidity management solutions for investment managers, and LGT Capital Partners have completed the initial phase of implementation of Hazeltree’s cash and liquidity management solution. This phase is focused primarily on aggregating and automating LGT Capital Partners’ cash wires activity, replacing a legacy application. It establishes the platform for further enhancing LGT Capital Partners’ fund financial management operations by aggregating, optimising and improving execution of its cash, debt and liquidity management processes.
Long-Term Capital’s Hawkins Wins Abortion Pill Stock Dispute (Bloomberg Law)
A proxy used by a private equity investor to control MedApproach LP – formed in the 1990s to commercialize the abortion pill RU-486—isn’t necessarily binding on future owners, a Delaware judge ruled Monday, handing a win to a former principal of the disgraced Long-Term Capital Management LP. Vice Chancellor J. Travis Laster issued an 86-page ruling in favor of Sharon Hawkins, who acquired her stake in a MedApproach affiliate from her husband, Gregory Hawkins, when his massively overleveraged hedge fund collapsed in 1998, threatening the global financial system.
