LedgerPrime was a United States-based quantitative cryptocurrency hedge fund that operated from approximately 2018 through late 2022. The firm focused on systematic trading strategies across crypto derivatives, options markets, and spot digital assets. It positioned itself as an institutional-grade fund, targeting market-neutral returns through algorithmic execution rather than directional bets on token prices.
The fund attracted attention in the crypto hedge fund space for its focus on options and structured products at a time when crypto derivatives markets were still maturing. LedgerPrime operated primarily from the United States and reportedly managed assets in the range of hundreds of millions of dollars during its peak years, though exact AUM figures were never disclosed publicly. Public information about total capital raised and audited fund performance is limited.
Notable investments
LedgerPrime operated principally as a trading fund rather than a venture capital vehicle, meaning its primary exposures were trading positions rather than equity stakes in projects. With a disclosed portfolio count of five, the firm held a small number of strategic investments, but the specific names of those positions have not been disclosed in public filings or press releases. Public information about LedgerPrime's direct portfolio companies is limited.
Team
Shiliang Tang served as Chief Investment Officer and was the public face of LedgerPrime. Tang had a background in traditional quantitative finance before moving into crypto markets. Beyond Tang, detailed biographical information about other partners or senior staff at LedgerPrime is not widely available in public sources. The team was described as drawing from systematic trading backgrounds in traditional finance.
Recent activity
LedgerPrime was significantly impacted by the collapse of FTX in November 2022. The fund had assets held on the FTX exchange and in related entities. Following the FTX bankruptcy, LedgerPrime wound down its operations. Shiliang Tang publicly acknowledged the fund's exposure to FTX and the resulting inability to continue normal operations. The wind-down was reported by CoinDesk and other crypto industry outlets in late 2022 and early 2023.
LedgerPrime's story is closely linked to the broader damage the FTX collapse caused across institutional crypto. The firm had built a reputation for disciplined quantitative methodology, yet counterparty risk on a centralized exchange proved to be the decisive factor in its closure. This outcome was shared by several other crypto funds of similar size and strategy in the same period.
As of 2026, LedgerPrime no longer appears to be an active fund. Its history serves as a reference point in industry discussions about counterparty risk management for crypto trading firms. Public information about any successor entities or relaunch efforts is limited.
