Abraxas Capital Boosts Ethereum Holdings to Hedge Massive Short Position

Abraxas Capital recently purchased $32 million worth of Ethereum to hedge its large short position on Hyperliquid.

The investment manager acquired 13,000 ETH in a spot market transaction, according to blockchain analytics account Lookonchain. This move is intended to mitigate some of the risk associated with Abraxas' massive short position on Hyperliquid, which totals 141,180 ETH and has a notional value of $353 million.

The latest purchase was made at an implied price of approximately $2,491 per ETH. At this price, the new spot hedge represents around 9% of Abraxas' net short exposure on Hyperliquid.