Fund Manager Who Called End of Last Crypto Winter Remains Bullish

When Su Zhu co-founded Three Arrows Capital with Kyle Davies a decade ago, it seemed like a risky bet for two derivatives traders in their 20s. But the bet paid off. Today the company’s investments include Bitcoin, Ether, Avalanche’s AVAX, and Solana’s SOL, as well as decentralized finance (DeFi) projects like Neon, funds such as Multicoin Capital, and the play-to-earn project Axie Infinity, according to its website. Its blockchain holdings alone are worth close to $10 billion, estimates analytics firm Nansen. (Zhu would only say that the firm’s assets are in the “multibillion-dollar” range and wouldn’t provide data on the fund’s returns.)

Zhu, who turns 35 in April, was born in China, moved to the U.S. at age 6, and has been a citizen of Singapore since 2016. He’s proud of having called the bottom of the yearlong “crypto winter” with his Dec. 21, 2018, tweet: “We will pump off the bottom extremely quickly, leaving most sideline investors stuck in fiat.” Bitcoin, worth about $3,850 at the time of his tweet, surged to around $47,000 at the end of March this year.