RockawayX acquires Relayer Capital, rebrands as Liquid Opportunities Fund

RockawayX, a crypto investment firm managing roughly $2 billion in assets, has acquired Relayer Capital, a crypto-focused hedge fund known for its long/short strategies. The deal will see Relayer folded into a new vehicle called the RockawayX Liquid Opportunities Fund, with a fundraising target of $150 million. Austin Barack, who founded Relayer in 2024, will stay on as Chief Investment Officer of the new fund. Why the deal makes sense on paper Relayer’s reported performance is the headline stat here: approximately 70% returns year-to-date in 2026. The gains were reportedly driven by positions in projects like Hyperliquid and Venice AI. For RockawayX, the acquisition fills a gap. The firm already operates across venture, credit, liquidity, and infrastructure divisions. What it lacked was a dedicated liquid strategies arm that actively trades tokens and crypto-related equities with a hedge fund mentality. Relayer’s long/short approach, which involves betting on undervalued tokens while shorting overvalued ones, gives RockawayX a product that institutional investors have increasingly been asking for. Context and complications This isn’t RockawayX’s first attempt at growth-by-acquisit...