Crypto hedge fund LedgerPrime plans to return outside capital to investors

Crypto hedge fund LedgerPrime plans to return all outside capital to investors at part of its transition to being a part of a family office.LedgerPrime was part of Ledger Holdings, which was acquired by FTX in Q4 of last year. There appears to be a strong likelihood that LedgerPrime will now move out of FTX and become a subsidiary of Alameda Research. Because Alameda Research is a family office, LedgerPrime will no longer be able to maintain its status as a fund, according to an investor letter written by LedgerPrime Chief Investment Officer Shiliang Tang and viewed by Seeking Alpha.LedgerPrime will have to redeem all of its LP investors on their behalf and the current entity will only manage capital on behalf of Alameda Research. If the transition is decided upon, likely in the next few days, the redemptions will occur at the end of the month and investors will receive their capital back fully in October, according to the letter.Tang wasn't immediately available to comment.LedgerPrime has assets under management of $300M to $400M, according to a person familiar. The LedgerPrime name and entity will remain, along with everyone at the firm and will operate independently with same strategies as it has previously. Recall August of last year, FTX.US president: LedgerX purchase part of strategy to become the exchange for everything.