RockawayX seeks $150M for crypto hedge fund

RockawayX has begun seeking $150 million for a new fund focused on undervalued tokens and crypto-related stocks after acquiring Relayer Capital.

RockawayX targets undervalued tokens and crypto stocks

On Aug. 25, Forbes reported that RockawayX is seeking $150 million for a new liquid opportunities fund following its acquisition of crypto hedge fund Relayer Capital.

Citing people familiar with the matter, the report said the fund will invest in “undervalued tokens and crypto-related equities.” The planned strategy would give RockawayX exposure to assets that can be traded more easily than private investments held through its existing venture funds.

RockawayX has not publicly announced the acquisition or disclosed the transaction’s financial terms. The company also has not confirmed the fundraising timetable, minimum investment, fee structure, or jurisdictions in which the new fund will be offered.

Relayer founder Austin Barack will remain with RockawayX and manage the vehicle, according to Forbes. Before starting Relayer in 2024, Barack worked as a partner at CoinFund, where his responsibilities included venture and liquid investments.

Relayer describes itself as a thesis-driven cryptoasset investment fund supporting blockchain infrastructure, protocols, and applications. Its public company profile lists Barack as its founder and managing partner and identifies him as the firm’s only employee.

Relayer’s reported 70% return supported the acquisition

Relayer returned approximately 70% during 2026, according to the unnamed sources cited in the report. Positions in Hyperliquid and the decentralized artificial intelligence platform Venice AI reportedly contributed to its performance.

Forbes said Hyperliquid’s HYPE token had gained 219% during the year, while Venice AI’s VVV token had risen 1,006%. At the time of the report, HYPE had a market value of approximately $18 billion, and VVV was valued at more than $800 million.

Neither RockawayX nor Relayer has released audited results confirming the reported 70% return. Details such as the fund’s starting asset value, position sizes, and whether the performance figure accounts for fees also remain undisclosed.

Hyperliquid operates an on-chain derivatives exchange that offers perpetual futures and spot trading. Its token reached a fresh all-time high above $83 in August after a strong weekly advance, while rising trading activity and demand for perpetual futures supported the move.

Venice AI provides private access to generative artificial intelligence tools and uses VVV as its native token. Barack discussed Venice and other decentralized AI projects during a May interview about the investment case for crypto-linked AI infrastructure.

The fund’s reported focus would differ from RockawayX’s venture strategy because liquid tokens and public equities can be bought or sold without waiting for a private company exit or token vesting schedule. Price swings, limited token liquidity, and changes in listed crypto stocks could still affect the value of its positions.

RockawayX has expanded beyond venture investing

RockawayX says it oversees approximately $2 billion across its investment, liquidity, and blockchain infrastructure divisions. The Prague-founded firm operates venture funds, a market-neutral credit strategy, validator infrastructure and an on-chain liquidity business.

Its existing market-neutral fund has operated since April 2022 and has delivered a 42.59% absolute return since inception, net of fees, according to RockawayX’s fund disclosures. The open-ended vehicle offers monthly liquidity and charges a 1.6% management fee and a 15% performance fee.

RockawayX lists the fund as available only to qualified investors. Its approved distribution markets include Liechtenstein, Switzerland, the Czech Republic, Austria, Germany, France, Slovakia, and the Netherlands.

No comparable eligibility information has been released for the new $150 million fund. Forbes also did not say whether U.S. investors would be allowed to participate, although its planned investments in crypto-related equities could include exposure to publicly traded companies available through U.S. markets.

Alongside its liquid strategies, RockawayX closed a $125 million second venture fund in the first quarter of 2025. The fund backs early-stage blockchain companies and protocols, with an emphasis on Solana, decentralized finance, and infrastructure.

RockawayX said its first venture fund had produced a 2.1-times distributed-to-paid-in ratio and a 5.4-times multiple on invested capital. Its investments included Solana, Wintermute, and Morpho Labs.

Explaining the 2025 raise, founder and CEO Viktor Fischer said the first fund had returned cash to investors while retaining exposure to other portfolio positions.

“We closed this raise because our 2021 fund has delivered cash returns to LPs, while retaining long-term upside in key positions,” Fischer said.

In May, RockawayX and Forward Industries also backed a $5 million round for OnRe, a Solana-based reinsurance infrastructure company. Forward Industries separately planned to invest up to $25 million in OnRe’s yield-bearing token.

RockawayX moved into crypto-vault management through another acquisition in February, Forbes reported. The acquired business manages noncustodial smart contracts that pool capital and deploy it across yield strategies, with deposits reportedly exceeding $200 million since the transaction.

Crypto venture firms add AI and robotics exposure

RockawayX’s planned fund remains centered on digital assets while several major crypto venture firms have added other technology sectors to their mandates.

Paradigm closed a $1.2 billion fourth fund in July to invest in crypto, artificial intelligence, robotics, and other technology businesses. As crypto.news reported in July, the firm said it would continue backing crypto companies while investing in areas including aerospace, manufacturing and open-source AI.

Framework Ventures took a similar route with a $400 million fourth fund announced in June. Approximately half of the capital had already been committed when the fund was disclosed, with its investment mandate covering crypto, AI, robotics and energy. The firm received support from investors, including sovereign wealth funds, endowments, nonprofit organizations, and funds of funds.

RockawayX’s expansion has also followed the breakdown of its proposed combination with Nasdaq-listed Solmate Infrastructure. The companies announced a nonbinding all-stock transaction in December 2025 that was expected to combine RockawayX’s infrastructure, liquidity and asset-management operations with Solmate’s Solana treasury business.

A regulatory filing associated with the proposal valued RockawayX’s first venture fund at approximately $771 million and its second fund at $162 million as of Sept. 30, 2025. Its credit fund held about $103 million as of Oct. 31, while approximately $1.1 billion was staked through RockawayX validators.

Part of the staked amount overlapped with the venture assets because the validator total included approximately $107 million from Fund I. The filing, therefore, does not support adding every figure together as separate assets.

After acquisition talks collapsed, RockawayX-linked investment vehicle RBCH sued Solmate directors in New York state court, alleging self-dealing and shareholder dilution. Solmate denied the allegations and filed separate claims against RockawayX and Fischer concerning the failed negotiations, while RockawayX rejected Solmate’s accusations as retaliatory. Both cases remain pending.