Abraxas Capital Seeks to Mitigate Short Position Risks with $32 Million Ether Buy

Abraxas Capital has taken steps to mitigate potential losses from its massive short position in Ether (ETH) by buying an additional $32.39 million worth of the token.

According to data from Lookonchain, the firm acquired 13,000 ETH in the spot market on September 7, with the purchase valued at approximately $32.39 million.

Abraxas Capital holds a substantial short position of 141,180 ETH on Hyperliquid, worth around $353.27 million.

The firm's decision to buy spot Ether is aimed at hedging against the risk of price increases in its large short position. By holding both spot and short positions, Abraxas Capital can offset potential losses with gains in the value of its spot holdings.