- Joe Naggar launched Feynman Point Asset Management with $300 million, marking a spin-out from Republic.
- The firm focuses on digital asset markets and frontier technologies.
- The fund delivered an annualized net return over 42% since 2022.
- Key investments include Grayscale Bitcoin Trust (GBTC), Hyperliquid, and Ripple.
- Naggar supports digital asset treasuries (DATs) with investments in several public companies and projects.
Joe Naggar, former partner at GoldenTree Asset Management, has launched an independent hedge fund called Feynman Point Asset Management with $300 million under management. This move formalizes the spin-out of his team from the crypto-focused investment firm Republic. The fund will concentrate on digital asset markets and emerging technologies.
Naggar spent 16 years at GoldenTree, where he oversaw $61 billion in credit assets. He has been involved in crypto since 2013, mining bitcoin and backing projects like Stacks, Algorand, and Coinbase. In 2022, he created a digital assets team within GoldenTree. However, after the failures of Celsius, Voyager Digital, and FTX, regulatory changes led GoldenTree to sell the crypto fund to Republic within two years.
The team, previously known as Republic Digital, now operates independently as Feynman Point Asset Management. Naggar stated, “We’re going to keep doing exactly what we did before—same focus on process, performance, institutional quality, but do even more.” The firm has introduced the Feynman Point Special Opportunities Fund to share top investment ideas with limited partners.
Since 2022, the fund has achieved an annualized net return above 42%, according to Feynman. Successful trades include purchasing Grayscale Bitcoin Trust (GBTC) at a 40% discount to its underlying assets. GBTC subsequently converted to an exchange-traded fund (ETF) and now trades at net asset value. The fund also invested early in the decentralized exchange Hyperliquid and holds equity in Ripple, developer of the XRP cryptocurrency.
Hyperliquid’s HYPE token launched in November 2024 with a large investment from Naggar’s team; it trades around $40 and has a market capitalization over $10 billion. Ripple’s stock has increased 162% since January, with a private market valuation of $22.1 billion, boosted by its legal resolution with the U.S. Securities and Exchange Commission.
Naggar is also involved in the digital asset treasury (DAT) trend, where public companies hold cryptocurrencies as assets. He said their positions typically ranged between 0.3% to 1% of the portfolio across 15 to 17 DATs. Notable DAT investments include BitMine Immersion Technologies, SharpLink Gaming, Twenty One Capital, and Forward Industries.
He highlighted Sonnet BioTherapeutics, which plans to become Hyperliquid Strategies after merging with Rorschach I LLC, expected later this year. Sonnet recently announced an $888 million raise for Hyperliquid’s HYPE tokens. Naggar noted, “It’s very difficult to have exposure to Hyperliquid as a U.S. investor, but this one brings access.” He added that while some DATs may be speculative, others provide real value to ecosystems or investors.
For more details about these investments and firms, see the linked entities above.
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