Adam Guren built Hunting Hill Global Capital from a $10M friends-and-family fund in 2012 to $650M in AUM today, with 90% of risk now in crypto derivatives. Starting as an ETF arbitrage trader at a prop shop in 2005, he spotted GBTC's closed-end fund premium in 2016 and never looked back. As one of the few SEC-registered, New York-based managers trading crypto derivatives since the early days, Adam breaks down the infrastructure gaps that still prevent institutional capital from flowing freely between TradFi and crypto—and why those barriers are finally starting to crack.
Topics Discussed:

• Why Bank of New York's custody only supports Bitcoin and Ethereum, creating operational friction for active trading strategies


• The missing prime brokerage infrastructure: why true cross-margining and balance sheet don't exist without top-five US banks


• Digital asset treasury companies trading at 100%+ premiums: yield generation mechanics that ETFs and brokerages can't replicate


• Cash-and-carry trades in perpetuals and futures as the primary yield generation mechanism across market-neutral strategies


• Stablecoin yield shifting from illegal to standard practice in twelve months due to regulatory clarity post-election


• Asset management consolidation accelerating: reverse solicitation from both crypto natives seeking scale and TradFi entering the space


• Running eight-person team across five strategies: two market-neutral alpha, active index long-only, over-collateralized BTC/ETH credit, and strategic venture


• The tokenization question: will Deribit and Coinbase overtake traditional exchanges, or will NYSE acquire crypto-native venues


• T+0 settlement and 24/7 operations as structural advantages that TradFi infrastructure cannot replicate without years of rebuilding


• Operating lean with senior talent through three crypto cycles using TradFi risk management discipline

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