Abraxas Capital Bets Big on Ethereum with $39M Purchase

Abraxas Capital, a London-based digital asset firm managing over $4 billion, has made a significant purchase of Ethereum. The company bought 16,554 ETH worth approximately $39 million while maintaining short positions totaling 120,178 ETH on the Hyperliquid decentralized futures exchange.

This dual strategy allows Abraxas to hedge risks and earn funding rates by holding shorts that generate yield while accumulating Ethereum at spot prices.

Abraxas's short exposure on Hyperliquid has ranged from $598 million to $783 million across multiple assets, with Ethereum shorts consistently the largest portion.