Monetary Matters with Jack Farley This Hedge Fund Trying to Become the Top Pod Shop in Crypto is Rethinking the Multi-Manager Hedge Fund Model | Anatoly Crachilov of Nickel Digital
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Nov 4, 2025 Anatoly Crachilov, CEO and co-founder of Nickel Digital Asset Management, shares insights on the innovative multi-manager model for crypto hedge funds. He discusses their unique approach—partnering with external traders without restrictive non-competes. Crachilov explains how technology aids in managing risk and execution across an expanding number of pods. The conversation also highlights the challenges of 2025 for crypto traders and the importance of adaptability in volatile markets.
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Why They Embraced Multi-Manager
- Nickel moved from a single-manager to a multi-manager model to reduce single-manager risk and diversify strategy exposure.
- They merged their internal fund into a multi-manager vehicle by 2023 to eliminate conflicts and focus on allocation.
Tech Is The Scaling Engine
- Heavy in-house tech allowed Nickel to scale from 35 to 74 pods in nine months by solving RMS, EMS, and margin systems.
- Half the firm are software engineers focused on risk, execution, and margin management to support hundreds of pods.
Validate Pods With Small Live Tests
- Test every new pod with a small live allocation and monitor millisecond-level execution before scaling.
- Start with a $100k sub-account, observe thousands of trades over 2–3 months, then scale based on performance and stress behavior.