Akuna Capital

Akuna Capital

Akuna Capital was founded in 2011 by Andrew Sheppard, an alumnus of the University of Chicago. The firm began as a small options market-making operation but quickly established itself as a significant player in US exchange-traded derivatives. Unlike most family offices, Akuna's capital is not tied to a single wealthy individual — it is a self-funded trading operation backed by the partners' own capital and reinvested profits. The firm's core strategy is algorithmic and high-frequency options market making. It also engages in proprietary directional trading, relative-value arbitrage, and systematic volatility strategies. The firm is known for its deep engagement with Cboe Global Markets, having been a major participant in Cboe's options trading. Its geographic footprint is primarily North American, with an office in Cambridge, Massachusetts, and its Chicago headquarters. Akuna Capital is very lean on public disclosures about its size or professionals. The firm has never publicly stated its AUM or deployment metrics. In 2024 the firm expanded its Cambridge office, continuing to hire quantitative developers and traders. Akuna operates as a privately held entity and does not manage external capital. Akuna Capital's defining structural differentiator is its pure proprietary trading model — it does not accept outside investors. This allows the firm to take high-risk, high-reward positions without committee oversight. Its governance is partnership-style, with all key partners deeply involved in daily trading decisions. This structure is rare among derivatives firms of its scale, most of which manage third-party flows.