Built for the Market That Never Closes
Introducing the Cypher Digital Fund
By Kim Wong, Chief Investment Officer, and Arash Saidi, Chief Executive Officer, Cypher Capital
In June, we wrote that Wall Street is closed - but the market isn’t (Read the full article). The argument was simple. The infrastructure of markets has been rebuilt while much of the industry was looking the other way. Companies are now priced before they list. Macro events are priced before the open. Capital moves on rails that do not observe weekends, borders or banking hours. And the gates that once decided who could own what - the accreditation moat, the geographic moat, the syndicate’s pricing power - are coming down together.
A few months on, nothing about that argument has aged. The venues have deepened. A growing share of the world’s assets trades in tokenised form. More price discovery now happens outside exchange hours than at any point in modern markets. The market that never closes is no longer a prediction. It is the tape.
But a thesis is not a vehicle. Most allocators who accept the argument still face the same practical problem: there are very few disciplined, institutionally structured ways to act on it. Trading a market that never closes demands infrastructure, risk management and governance that traditional fund structures were never designed to provide - and that most crypto-native operations never built.
Today we are announcing our answer. Cypher Capital has established the Cypher Digital Fund - an open-ended fund, run by the group’s regulated investment manager, with institutional administration and audit around it.
The Fund trades digital markets, not just digital assets - the full set of instruments now priced on always-on venues: crypto assets, tokenised real-world assets, prediction markets and on-chain credit. It runs a multi-strategy book built on three sleeves: a market-neutral core designed to harvest structural yield with minimal directional exposure; systematic strategies that capture momentum and relative value across venues; and a thematic overlay that expresses event-driven views through the instruments best suited to them. The sleeves are managed as one portfolio, under one risk framework, around the clock.
We did not start with other people’s money. The Fund’s strategy has been traded live with Cypher’s own proprietary capital since April 2026 - built, run and refined on our own balance sheet before opening to outside investors. That is how this firm has always worked.
Cypher Capital launched in 2022 - but the people behind it did not arrive with it. Our founder, Bijan Alizadehfard, co-founded Phoenix Group, the first digital assets company to IPO in the Middle East, and the traders and investors on this team have been in digital assets through every major market cycle since 2015 through the manias and, more importantly, through the winters. The firm’s first act was built the same way as this one: proprietary capital deployed into foundational digital asset projects before any third-party money was managed. Its pilot venture fund successfully deployed across more than 120 investments . From those foundations, Cypher has grown into a multi-asset investment manager - digital assets, AI infrastructure, private equity. The Cypher Digital Fund is the institutional expression of that record.
“Everything we have built since 2022 started with our own conviction and our own capital. The Cypher Digital Fund brings that conviction into an institutional structure - governed, audited and regulated - so that investors who share our view of where markets are going can access it properly.”
Bijan Alizadehfard, Founder and Chairman, Cypher Capital
“In June we argued that the market had already moved - that price discovery now happens around the clock, on venues most institutions still cannot reach. The Fund is that argument, operationalised. We built the vehicle we said the market was missing.”
Kim Wong, Chief Investment Officer, Cypher Capital
“Cypher’s platform spans digital assets, AI infrastructure and private equity, and our job is to give institutional investors disciplined access to opportunities they cannot easily reach themselves. Digital markets trade around the clock; most institutional structures were never built for that. The Cypher Digital Fund closes the gap - a regulated, governed vehicle purpose-built for a market that never closes.”
Arash Saidi, Chief Executive Officer, Cypher Capital
Markets reward those who show up where price discovery actually happens. For a growing share of the world’s assets, that is no longer a floor in lower Manhattan or a terminal in Canary Wharf. It is a set of venues that never close. We built a fund for that market - because we have been trading it all along.
About Cypher Capital
Cypher Capital is a multi-asset investment manager investing across digital assets, AI infrastructure and private equity. The firm manages fund and managed account strategies for institutional investors, structures access to AI infrastructure opportunities developed by its affiliate, Storm Group, and invests in differentiated private equity opportunities targeting the technologies reshaping the real economy, led by artificial intelligence and robotics. For more information, visit cyphercapital.com.
Important information
This article is a corporate communication issued by Cypher Capital and is provided for general information purposes only. It is directed exclusively at professional, institutional and otherwise qualified investors in jurisdictions where receipt of such information is lawful, and is not addressed to retail investors in any jurisdiction.
Nothing in this communication constitutes, or should be construed as, an offer, placement, invitation, inducement, recommendation or general solicitation to subscribe for, purchase or sell any security, fund interest or financial instrument in any jurisdiction, nor investment, legal, tax or other advice. Any offer of participating shares in Cypher Digital Fund Company (the “Fund”) is made solely on the basis of, and subject to the terms of, the Fund’s private placement memorandum and constitutional and subscription documents, and only to persons eligible under applicable law. Shares in the Fund are not available for subscription by retail investors in any jurisdiction and will not be offered to any US Person except in reliance on an applicable exemption under US securities laws.
The Fund is an exempted company incorporated in the Cayman Islands and is registered with the Cayman Islands Monetary Authority (CIMA) as a mutual fund under section 4(3) of the Mutual Funds Act; its investment manager, Cypher Capital (BVI) Limited, is an approved investment manager regulated by the BVI Financial Services Commission. Registration of the Fund with CIMA does not imply that CIMA or any other authority has approved this communication or the offering of shares in the Fund. No invitation is made to the public in the Cayman Islands to subscribe for shares in the Fund. In Switzerland, this communication is directed only at qualified investors within the meaning of the Collective Investment Schemes Act; the Fund has not been approved by FINMA for offering to non-qualified investors and no such offering will be made. In the United Arab Emirates, this communication is a corporate announcement; it has not been approved by the UAE Capital Market Authority, the Dubai Virtual Assets Regulatory Authority or any other UAE authority, does not constitute a promotion or offer of the Fund to any person in the UAE, and the Fund may only be promoted in the UAE in accordance with applicable law.
Virtual asset activities in and from the Emirate of Dubai are regulated by the Dubai Virtual Assets Regulatory Authority (VARA). Cypher Proprietary Capital FZCO (formerly CypherCapital DMCC), a member of the Cypher group, holds a No Objection Certificate from VARA solely in respect of Virtual Asset Proprietary Trading. That entity trades exclusively for its own account, does not provide virtual asset services to any third party, and has no role in the offering, management or operation of the Cypher Digital Fund. Neither the Fund nor its investment manager is licensed, registered or supervised by VARA, and VARA has not reviewed or approved this communication or the offering of shares in the Fund.
An investment in the Fund involves significant risks, including the possible loss of the entire amount invested. Digital assets are highly volatile and are generally not backed by any government or covered by depositor or investor protection schemes. References in this communication to the performance of Cypher Capital’s prior venture activities relate to a separate, closed strategy, include unrealised value, and are not indicative of, and should not be relied upon as a guide to, the performance of the Fund. Past performance is not a reliable indicator of future results. Statements regarding market developments reflect the authors’ views as at the date of publication and are subject to change without notice.