(Bloomberg) --

BlockTower Capital, a cryptocurrency fund that recently snagged an investment from billionaire hedge-fund manager Marc Lasry, has acquired rival Gamma Point Capital.

Terms weren’t disclosed. Gamma is a San Francisco-based investment manager specializing in neutral strategies, investing in everything from coins to derivatives and decentralized-finance applications-related strategies, according to Matt Goetz, BlockTower’s chief executive officer. The idea is to use hedging to make returns no matter whether it’s a bull or bear market.

“A market-neutral strategy we are talking about really doesn’t care where the market goes from here,” Goetz said in an interview.

Bitcoin has slid 44% since its all-time high in mid-April. Even so, Goetz remains undeterred in his optimism for digital assets.

“We are probably in something like the seventh inning of this bull market,” he said. “It still has a ways to go. But I offer that very humbly, I don’t know if it’s six months or 12 months or 18 months to continue.”

Gamma’s fund will become part of BlockTower’s family of funds, and its three co-founders will join Miami-based BlockTower’s 12-person team, said Goetz, who previously worked in investment management at Goldman Sachs Group Inc.

Goetz co-founded the firm in 2017 with former University of Chicago Endowment portfolio manager Ari Paul. In March, Bloomberg reported that Lasry and former U.S. Commodity Futures Trading Commission Chairman Christopher Giancarlo invested in BlockTower.

(Adds that terms weren’t disclosed. An earlier updated corrected the spelling of Marc Lasry’s first name.)

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