Susquehanna Crypto is the digital assets investment and trading arm of Susquehanna International Group (SIG), one of the largest quantitative trading firms in the world. SIG was founded in 1987 by Jeff Yass, Arthur Dantchik, Joel Greenberg, Eric Brooks, and Andrew Frost, originally in Bala Cynwyd, Pennsylvania, near Philadelphia. The parent firm built its reputation on options trading and quantitative strategies before expanding into venture investing and, eventually, digital assets.
SIG's entry into crypto followed the firm's broader pattern of applying quantitative and market-making expertise to new asset classes. The firm acts as both a market maker in crypto spot and derivatives markets and as a direct investor in crypto infrastructure companies. Public information about the total AUM specifically allocated to Susquehanna Crypto is limited; the parent group does not publicly disclose fund sizes. SIG as a whole manages an estimated $60+ billion across all strategies, though the crypto allocation is not broken out separately.
Notable investments
- FTX – SIG was among the early backers of FTX before the exchange collapsed in November 2022. The investment represented a significant write-down for the firm, along with dozens of other institutional investors caught in that event.
- Robinhood – SIG participated in early rounds of the commission-free brokerage, which later expanded its crypto trading offering significantly.
- Various blockchain infrastructure companies – The firm has backed projects in custody, trading infrastructure, and DeFi tooling, though deal-by-deal disclosures are not consistently made public.
Public information about the full list of Susquehanna Crypto's 18 reported portfolio companies is limited. The firm does not maintain a public-facing portfolio page, and most deals are disclosed only through regulatory filings or third-party databases such as Crunchbase.
Team
Jeff Yass is the most publicly visible co-founder of SIG and has spoken openly about his interest in crypto as a financial instrument aligned with his libertarian views. He has been a prominent donor in U.S. political cycles and has publicly argued for limited government interference in digital asset markets. The day-to-day leadership of the crypto investment arm is not publicly named in the same way as a typical VC fund with named partners. SIG operates with a deliberately low public profile across most of its business lines.
Recent activity
In 2024 and into 2025, Susquehanna International Group increased its exposure to Bitcoin through spot Bitcoin ETF products. SEC 13-F filings from that period showed SIG holding significant positions in products such as the iShares Bitcoin Trust (IBIT) and similar vehicles, placing it among the largest institutional holders of spot Bitcoin ETF shares in the United States. This reflected a shift toward regulated, liquid exposure rather than direct coin holding – a pattern common among large trading firms seeking to manage counterparty risk after the FTX collapse.
The firm continued to provide liquidity in crypto derivatives markets, a core activity that fits naturally with its options-market-making heritage. New direct venture investments in the 2024–2025 period have not been widely disclosed.
Susquehanna Crypto occupies an unusual position in the digital assets space: it is simultaneously a major market infrastructure participant and a venture-stage investor. Its quantitative roots give it an analytical edge in evaluating trading-layer opportunities. The FTX loss was material but did not appear to change the firm's long-term orientation toward digital assets. With spot ETF markets maturing and institutional demand growing, SIG's existing capabilities in options and market making position it well for the next phase of crypto market structure development. Investors and founders seeking engagement should note that SIG does not take unsolicited pitches through a public channel; deal flow typically comes through existing relationships.
