Miralta Asset Management, the asset management company of the Spanish investment bank Miraltabank, will begin marketing Miralta Crypto Fund SCSp SICAV-RAIF this February, a new Luxembourg-based investment fund. The fund must be managed by entities authorized under the Alternative Investment Fund Managers Directive (AIFMD) and registered with the Spanish National Securities Market Commission (CNMV). It will allow institutional and professional investors, among others, to gain direct exposure to leading cryptocurrencies with a unique approach.
Miralta Crypto Fund is managed by Pallop Angsupun, who has over 20 years of experience in risk and volatility management, previously managing Black Swan funds, and has a strong track record in crypto markets as a manager, consultant, and researcher. A key requirement for launching the fund has been partnering with top-tier institutions. For this reason, Miralta Crypto Fund will be supported by some of the world’s largest financial institutions: State Street Corporation will act as the fund’s custodian, administrator, and transfer agent; Ernst & Young will serve as the auditor; Copper and Coinbase will provide custody and exchange services; and Dentons will act as legal advisor.
The fund will have an actively managed portfolio including between twelve and twenty of the most significant cryptocurrencies by volume and liquidity. Additionally, it will maintain strategic hedging positions through derivatives to reduce volatility and mitigate potential tail risks. Miralta Crypto Fund will not allocate more than 30% of its assets to a single cryptocurrency. This diversification and strategy differ from other market offerings that concentrate risk more heavily.
Thus, the fund provides investors with a real investment opportunity in digital assets, incorporating active market risk management and operations involving leading supervised entities in their respective fields. With risk management as the core of Miralta Group’s DNA, this fund will be among the first crypto funds in Luxembourg and the first managed by a Spanish asset manager regulated by the CNMV to invest directly in cryptocurrencies. Both Miraltabank and the fund manager will contribute their own capital to the fund.
Regulated in Luxembourg
“After extensive work by our team alongside providers, advisors, and with regulatory approval, we are proud to present a groundbreaking project that integrates renowned institutions from traditional finance into digital asset management. Miralta Crypto Fund is structured with a unique approach that enables direct exposure to leading cryptocurrencies while managing the inherent volatility of this market through strategic positions in crypto derivatives,” explains Ignacio Fuertes, partner and Chief Investment Officer at Miralta AM.
“In this way, we offer investors the opportunity to participate in the potential upside of digital assets with a strategy that aims to substantially reduce tail risks in the face of exceptional market movements, as seen in the past. At our firm, we continue working every day to provide exceptional solutions to our investors in today’s demanding landscape.”
Riccardo Lamanna, Senior Vice President and Country Head of State Street in Luxembourg, adds: “We are proud and excited to work with Miralta and provide services to one of the first regulated cryptocurrency funds in Luxembourg. This mandate underscores our commitment to supporting innovative financial products within a robust regulatory framework. Luxembourg’s proactive approach to cryptocurrency regulation ensures greater security, compliance, and investor protection, making it an ideal hub for cryptocurrency fund operations. Our expertise in this dynamic market and alternative assets is what our clients rely on to support their alternative investment funds, including crypto funds domiciled in the country.”
Miraltabank, an investment bank and its asset management firm, make up the Miralta Group, founded by professionals with more than 100 years of experience in the financial sector and capital markets. The group was founded in 2010 as a firm specialising in fixed-income and European credit intermediation for institutional investors. In 2013, it began management services for professional and institutional clients as a securities firm and in 2016 the asset manager was established. Later, the range of products was opened to private clients, marketing its own and third-party investment funds. In 2022, the firm obtained the approval of the European Central Bank and the Bank of Spain to become a bank. The funds of its asset manager stand out for their profitability and risk control.
