Abraxas Capital Amasses $39M in ETH Amid Huge Short Exposure
Abraxas Capital, a London-based digital asset firm managing over $4 billion, has made a significant Ethereum purchase while maintaining an enormous short position on the decentralized perpetual futures exchange Hyperliquid.
The firm acquired 16,554 ETH worth around $39 million in spot purchases, while holding 120,178 ETH in short positions on Hyperliquid. This two-sided trade allows Abraxas to accumulate Ethereum at spot prices and earn funding rates from its short positions, effectively hedging against potential losses.
Abraxas has frequently exceeded $700 to $900 million in gross positions across ETH, Bitcoin, and Solana on Hyperliquid, with Ethereum consistently accounting for the largest single-asset chunk. The firm's latest purchase adds to an accumulation pattern that began earlier this month when it withdrew 73,872 ETH from Binance over a four-day stretch.
The dual approach of accumulating spot ETH while maintaining enormous short positions suggests Abraxas is positioning for multiple scenarios. If Ethereum drops, the shorts profit; if it rises, the spot holdings appreciate. Regardless of direction, funding rates from perpetual futures provide a steady income stream.