RockawayX acquires Relayer Capital, rebrands as Liquid Opportunities Fund

RockawayX, a crypto investment firm managing roughly $2 billion in assets, has acquired Relayer Capital, a crypto-focused hedge fund known for its long/short strategies. The deal will see Relayer folded into a new vehicle called the RockawayX Liquid Opportunities Fund, with a fundraising target of $150 million.

Austin Barack, who founded Relayer in 2024, will stay on as Chief Investment Officer of the new fund.

Why the deal makes sense on paper

Relayer’s reported performance is the headline stat here: approximately 70% returns year-to-date in 2026. The gains were reportedly driven by positions in projects like Hyperliquid and Venice AI.

For RockawayX, the acquisition fills a gap. The firm already operates across venture, credit, liquidity, and infrastructure divisions. What it lacked was a dedicated liquid strategies arm that actively trades tokens and crypto-related equities with a hedge fund mentality. Relayer’s long/short approach, which involves betting on undervalued tokens while shorting overvalued ones, gives RockawayX a product that institutional investors have increasingly been asking for.

Context and complications

This isn’t RockawayX’s first attempt at growth-by-acquisition in 2026. Earlier this year, the firm pursued a deal with Solmate Infrastructure that ultimately fell apart. The reasons behind that termination haven’t been widely disclosed.

Founded in 2018, RockawayX serves as the blockchain arm of Rockaway Capital, with offices in Prague, London, and Dubai. The firm has formed deep roots within the Solana ecosystem and has launched various funds reaching investment targets of $120–125 million, while its vault curation business has surpassed $100–200 million in Total Value Locked.

What this means for the competitive landscape

The 70% YTD return figure will inevitably draw attention, but sophisticated investors will scrutinize how those returns were generated, what the drawdowns looked like along the way, and whether the strategy can scale to $150 million without degrading performance.

The competitive set to watch includes firms like Pantera Capital, Polychain, and Paradigm, all of which have been expanding their own liquid strategies. RockawayX has traditionally been strong in European and emerging markets, positioning it to compete with these established names if the new fund reaches its $150 million target.

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