Belvedere Trading is a Chicago-based proprietary trading firm founded in 2002. The firm built its reputation as an options market maker on exchanges including the CBOE, trading equities, futures, and derivatives with quantitative and algorithmic strategies. Over two decades it grew from a small options desk into one of the larger independent prop trading houses in the United States, competing with firms such as Susquehanna International Group and Optiver.
As digital asset markets matured, Belvedere Trading extended its market-making activity into cryptocurrency. The firm began providing liquidity on crypto derivatives venues and eventually made a small number of direct investments in blockchain infrastructure companies. Its disclosed portfolio count stands at five positions – modest relative to dedicated crypto venture funds, but consistent with a trading-first firm that treats strategic investments as extensions of its market access rather than its primary business. Public information about the total value of these positions and the specific companies involved is limited; Belvedere Trading does not issue press releases for most of its investment activity and is not registered as a public fund.
Notable Investments
Because Belvedere Trading operates as a private proprietary firm rather than a registered venture fund, its portfolio disclosures are minimal. The five investments attributed to the firm in crypto-focused databases likely include early-stage liquidity infrastructure providers and exchange technology companies where Belvedere's market-making expertise offered strategic value beyond capital. Specific project names and deal sizes have not been publicly confirmed by the firm. Investors researching individual positions should consult primary sources such as Crunchbase or regulatory filings for the most current data.
Team
Belvedere Trading was co-founded by Tom Hutchinson and Harold Skov, both options traders who previously worked on exchange floors. The firm has historically kept a low public profile; neither founder is a frequent conference speaker or media presence. The trading and technology teams are headquartered in Chicago, with the firm known for recruiting quantitative researchers and software engineers directly from universities. Public information about current managing partners or investment committee structure is limited.
Recent Activity
In the 2024–2025 period, Belvedere Trading – like most prop trading firms – benefited from elevated volatility in both traditional and crypto markets. The firm has not announced new fund closes or major portfolio additions publicly during this window. Its crypto engagement appears to remain concentrated in market making on derivatives platforms rather than venture deployment. No exits or failures from its known crypto positions have been publicly reported.
Belvedere Trading occupies a specific niche: a trading firm that makes selective infrastructure bets in markets where it already operates as a liquidity provider. With only five disclosed crypto positions, it is not a prolific investor by venture standards. Its strategic value to portfolio companies is likely tied to its trading relationships and technical depth rather than to a large check. Founders of crypto infrastructure projects seeking a partner with deep derivatives experience may find Belvedere relevant; those seeking lead-round capital or active board involvement should look elsewhere. For verified current information, see the firm's official site and Crunchbase profile.