Daily News Bulletin Crypto Shorts

Hedge fund Arca says it’s solvent despite blowup rumors

Mohak Agarwal

– Arca is not insolvent, despite rumors tied to its recent bets on Luna.
– The firm made headlines on Wednesday for a letter it sent out Tuesday to limited partners in its digital asset hedge fund that outlined how the firm “doubled down” on Luna-powered stablecoin UST.
– In a note to investors, Arca said that it believed that Luna would regain its peg after dropping to $0.63 Monday evening. UST is currently trading down more than 70% at $0.23 a coin.
– Still, despite being caught flat footed the firm says it is not insolvent, according to a spokesperson.

 

 

210921 Funding Money General Hedge fund Arca says it's solvent despite blowup rumors
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