EP 11 — Why true prime brokerage doesn't exist in crypto without top-five bank balance sheets | Adam Guren

EP 11 — Why true prime brokerage doesn't exist in crypto without top-five bank balance sheets | Adam Guren

Adam Guren built Hunting Hill Global Capital from a $10M friends-and-family fund in 2012 to $650M in AUM today, with 90% of risk now in crypto derivatives. Starting as an ETF arbitrage trader at a prop shop in 2005, he spotted GBTC's closed-end fund premium in 2016 and never looked back. As one of the few SEC-registered, New York-based managers trading crypto derivatives since the early days, Adam breaks down the infrastructure gaps that still prevent institutional capital from flowing freely between TradFi and crypto—and why those barriers are finally starting to crack. Topics Discussed:
  • Why Bank of New York's custody only supports Bitcoin and Ethereum, creating operational friction for active trading strategies
  • The missing prime brokerage infrastructure: why true cross-margining and balance sheet don't exist without top-five US banks
  • Digital asset treasury companies trading at 100%+ premiums: yield generation mechanics that ETFs and brokerages can't replicate
  • Cash-and-carry trades in perpetuals and futures as the primary yield generation mechanism across market-neutral strategies
  • Stablecoin yield shifting from illegal to standard practice in twelve months due to regulatory clarity post-election
  • Asset management consolidation accelerating: reverse solicitation from both crypto natives seeking scale and TradFi entering the space
  • Running eight-person team across five strategies: two market-neutral alpha, active index long-only, over-collateralized BTC/ETH credit, and strategic venture
  • The tokenization question: will Deribit and Coinbase overtake traditional exchanges, or will NYSE acquire crypto-native venues
  • T+0 settlement and 24/7 operations as structural advantages that TradFi infrastructure cannot replicate without years of rebuilding
  • Operating lean with senior talent through three crypto cycles using TradFi risk management discipline

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Episoder(11)

EP 10 — $3.5 billion in bitcoin-backed loans with zero liquidations: The institutional underwriting framework

EP 10 — $3.5 billion in bitcoin-backed loans with zero liquidations: The institutional underwriting framework

Two Prime built one of the largest bitcoin-backed lending operations in the US by doing what collapsed lenders didn't: lending exclusively to institutions with provable bitcoin reserves. CEO Alexander...

14 Okt 202555min

EP 9 — Cross-Asset Prime Brokerage: How Hidden Road Bridges Traditional Finance and Digital Assets

EP 9 — Cross-Asset Prime Brokerage: How Hidden Road Bridges Traditional Finance and Digital Assets

Institutional traders need infrastructure that works across both traditional and digital asset markets. Michael Higgins explains how Hidden Road built pension fund-backed prime brokerage that processe...

22 Sep 202556min

EP 8 — MarketVector's Martin Leinweber on Building the Coin 50 Index for Institutions

EP 8 — MarketVector's Martin Leinweber on Building the Coin 50 Index for Institutions

The absence of primary listing exchanges in crypto creates challenges that most institutional players underestimate until they attempt to build derivative products at scale. Director of Digital Asset ...

17 Jun 202525min

EP 7 — Deribit's Luuk Strijers on the Strategy Behind Their Global Expansion

EP 7 — Deribit's Luuk Strijers on the Strategy Behind Their Global Expansion

The institutional crypto derivatives market has quietly evolved into a sophisticated ecosystem demanding infrastructure standards that most platforms simply cannot deliver. Luuk Strijers, CEO of Derib...

6 Jun 202537min

EP 6 — Bitwise’s Matthew Hougan on Converting Bitcoin Volatility Into Income Opportunity

EP 6 — Bitwise’s Matthew Hougan on Converting Bitcoin Volatility Into Income Opportunity

The cryptocurrency landscape has been radically transformed, but Matthew Hougan, Chief Investment Officer at Bitwise, believes markets are still underpricing the implications. In this candid conversat...

9 Mai 202533min

EP 5 — MNNC Group’s Shiliang Tang on Why Digital Asset Trading Firms Need Strategic Consolidation

EP 5 — MNNC Group’s Shiliang Tang on Why Digital Asset Trading Firms Need Strategic Consolidation

"Build or buy?” In crypto, that question just got a lot more complicated, explains Shiliang Tang, Advisor to FalconX and Founder & General Partner at MNNC Group, in this episode of Derivatives Decoded...

2 Apr 202536min

EP 4 — Arca’s Jeff Dorman on Why Bank Custody Services Could Transform Digital Assets

EP 4 — Arca’s Jeff Dorman on Why Bank Custody Services Could Transform Digital Assets

From redefining prime brokerage models to navigating the complexities of T+0 settlement, this episode of Derivatives Decoded features Jeff Dorman, Chief Investment Officer at Arca, delivering an insti...

14 Feb 202535min

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