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How Hedge Funds Make Money - The Most Lucrative Business Model1. Digital Currency Group (DCG) � AUM: $50 billion � 2. Multicoin Capital � AUM: $ billion � 3. Polychain Capital � AUM: $ billion � 4. This analysis finds that crypto hedge fund can provide hedging effect against ASEAN-5 stock portfolio resulting in hedging effectiveness with positive value. The hedge funds we have exposure to, invest exclusively in highly liquid crypto assets and Initial Coin Offerings (ICOs). These hedge funds include some of the.