Forward Guidance Crypto Credit Markets Will Rewrite Risk Management | David Grider
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Aug 20, 2025 
David Grider, a Partner at Finality Capital Partners and a seasoned expert in both traditional finance and crypto investment, discusses his approach to managing a digital asset hedge fund. He highlights the rise of digital asset treasury companies and the transformative impact of new credit instruments on risk management. Grider also delves into how macro liquidity signals inform his strategies and the evolving dynamics of crypto derivatives that are reshaping institutional adoption in the crypto space.
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Hedge Fund Framing For Crypto
- Finality positions as a hedge fund across the digital-asset industry rather than a pure crypto token fund.
- They invest across spot, derivatives, equities and debt to exploit diverse, uncorrelated return streams.
Manage Gross Exposure With Macro Signals
- Manage gross exposure with a macro signal and trim risk when indicators flash caution.
- Blend strategy types to diversify returns rather than solely owning token beta.
Alpha From Risk Management, Not Just Beta
- Alpha in crypto increasingly comes from risk management and strategy mix, not pure directional bets.
- Use instruments like DATs' senior notes to get crypto upside with credit downside protection.
