FTX-linked fund MNNC Group raises over $100m after LedgerPrime name change

Parts of Sam Bankman-Fried’s crypto empire are still kicking.

MNNC Group told DL News that it’s raised more than $100 million.

According to Thursday filings with the Securities and Exchange Commission, the Cayman Islands-based firm, which was previously called LedgerPrime, had raised $53 million across two funds.

But Ayesha Kiani, the chief operating officer of MNNC Group, said: “It’s a lot more than that. That’s just one of our onshore entities.”

Kiani declined to elaborate to DL News on Friday, beyond saying that MNNC Group’s assets under management were in the “nine figures.”

The estimate is a jump from the “mid-eight-figures” the fund told Bloomberg it raised in February.

At its height, LedgerPrime managed $400 million, and, in 2021, FTX acquired Ledger Holdings, parent of the hedge fund.

After Bankman-Fried’s crypto exchange went belly up in November 2022, LedgerPrime wound down and rebranded as MNNC Group, according to Kiani.

The Cayman Islands-based firm has about 10 investors, she told DL News, declining to name them.

FTX’s graduating class

The fund’s team members aren’t the only ones with FTX connections to dive back into digital assets after the crypto exchange collapsed.

Former FTX executives Armani Ferrante and Tristan Yver co-founded crypto exchange and wallet Backpack, which announced a $17 million fundraise in February at a valuation of $120 million.

Brett Harrison, the former president of FTX’s US subsidiary, raised $17 million for Architect, an institutional crypto trading platform.

And Zaheer Ebtikar, a former portfolio manager at LedgerPrime, launched his own crypto hedge fund: Split Capital.

In addition to MNNC Group, Shiliang Tang, the general partner, also founded Arbelos, a crypto trading firm that looks to rival market making giants like Jane Street.

In May, he and his co-founder Joshua Lim — another crypto veteran who’s worked at crypto stalwarts like Galaxy Digital and Circle — announced that they had raised $28 million for the new company.

Ben Weiss is DL News’ Dubai Correspondent. Got a tip? Email him at bweiss@dlnews.com.