Syz Capital, a family-owned Swiss investment firm, is making headlines in the crypto world once again. The company plans to reopen its BTC Alpha Fund in October, with the goal of raising $200 million worth of Bitcoin from institutional investors. The move reflects a growing appetite among wealthy families, corporate treasuries, and crypto-native entities to gain structured exposure to Bitcoin—this time, not in dollars, but in BTC itself.
This relaunch comes at a time when Bitcoin is hovering near $120,000, and institutional momentum behind crypto investment has never been stronger.
The BTC Alpha Fund is not your average crypto investment vehicle. Originally launched in March 2025, the fund raised approximately 2,000 BTC in its first round. Uniquely, it is denominated and measured in Bitcoin, not in fiat currency. Investors commit actual BTC to the fund, and returns are also calculated in BTC—making it a rare bet on Bitcoin as a reserve asset and store of value.
Rather than investing directly in tokens, the fund allocates capital to a group of professional crypto hedge funds. These managers pursue strategies like arbitrage, basis trading, DeFi market making, and volatility trades. The goal is to deliver consistent, market-neutral performance, regardless of Bitcoin’s day-to-day price swings.
According to Syz Capital, the fund’s first edition generated a 20% annualized return with just 6% volatility—a strong performance considering the broader market’s volatility this year.
Syz Capital is the alternative investment arm of Banque Syz, a Geneva-based wealth manager with deep roots in Europe’s private banking world. The BTC Alpha Fund is led by managing partner Richard Byworth, a well-known crypto investor and former CEO of EQUOS, the crypto exchange owned by Diginex.
Byworth confirmed that most of the investors in the first fund are returning for this new round, and new capital is flowing in steadily. “We’ve already soft-circled around 1,800 BTC in new commitments,” he said in an interview with Financial News London. “Demand from family offices and crypto foundations is clearly growing.”
This isn’t just another crypto fund. There are several reasons why Syz Capital’s BTC Alpha Fund is drawing attention from across the investment world.
1. It’s denominated in Bitcoin
While most crypto funds take in U.S. dollars and try to outperform BTC, this fund accepts and returns Bitcoin itself. That structure appeals to investors who already hold BTC and want to put it to work—without converting back to fiat.
2. Institutional demand is real
The fact that Syz is targeting high-net-worth families and corporate treasuries speaks volumes. These are not speculative day-traders. They’re long-term investors looking for reliable access to crypto through professional, risk-managed strategies.
3. Performance and security matter
The fund works with Coinbase as its custodian and prime broker—offering institutional-grade infrastructure. It also charges only a performance fee (no management fee), with quarterly liquidity and independent oversight.
4. It reflects broader trends
Syz Capital isn’t alone. A wave of new Bitcoin hedge funds is emerging in Europe and Asia. Hilbert Group recently announced a new product with Xapo Bank. Former Deutsche Bank traders are launching funds focused on BTC arbitrage. A trend is forming.
The relaunch comes at a pivotal moment for crypto markets. After a rocky start to the year, Bitcoin has climbed back near $120,000, supported by strong ETF inflows and growing macro uncertainty. Investors are once again looking at Bitcoin not just as a speculative asset, but as a strategic hedge against inflation, geopolitical risk, and fiat debasement.
In this environment, a fund like BTC Alpha—which seeks to earn additional BTC through market-neutral strategies—can be particularly attractive.
At the same time, U.S. policy has begun to soften toward crypto. New bills passed during “Crypto Week” in Washington are bringing much-needed regulatory clarity, which in turn is making institutional investors more comfortable.
The BTC Alpha Fund is set to reopen for new investments on October 1, 2025. The minimum investment is 10 BTC, and Syz expects to fill the fund quickly. The company is also considering future offerings, possibly focused on Ethereum and multi-asset strategies.
For now, this Bitcoin-only approach remains a standout. It aligns well with current market sentiment—particularly among long-term holders who want to generate yield on their BTC without taking excessive risk.
Syz Capital’s BTC Alpha Fund is a milestone for the institutional crypto landscape. It’s more than just another hedge fund—it’s a signal. A signal that Bitcoin is no longer seen merely as a bet on price appreciation, but as an asset worthy of sophisticated portfolio management in its own right.
As more funds like this launch in the coming months, we may see the beginning of a new chapter in Bitcoin’s evolution: not just as digital gold, but as the backbone of next-generation asset allocation strategies.
Whether you’re a private investor, a wealth manager, or simply watching from the sidelines, this fund is worth paying attention to.