Abraxas Capital Exposed as Tether's 'Good Friend'

Abraxas Capital is an institution that has raised eyebrows among on-chain analysts. Founded in London by Fabio Frontini and Luca Celati, Abraxas started out as a traditional finance firm before shifting its focus to digital assets in 2017.

In 2018, Abraxas launched the Elysium Global Arbitrage Fund, which conducted Bitcoin arbitrage between European, American, and Asian markets. The fund later shifted to stablecoin arbitrage and became one of Tether's largest institutional clients, with over $1.5 billion USDT attributed to its address path by 2021.

Abraxas's relationship with Tether has been described as 'far exceeding that of a stablecoin issuer and a regular client.' By 2023, Elysium traded over $1 billion USDT annually, with trading fees approaching zero. Abraxas also redeemed $587 million in discounted USDC from Circle at $1 in March 2023.

Abraxas's on-chain profile has expanded to a much larger scope than a single trading account, with 43 identifiable addresses holding approximately $1.142 billion in assets as of July 23, 2026. The institution has also demonstrated its capacity for institutional-level trading, with a well-known address yielding approximately $78.11 million in profit from 54 calculable trades.