XBTO

Philippe Bekhazi founded XBTO in 2015 and serves as CEO. Prior to XBTO, Bekhazi was a trader and portfolio manager at Citigroup and at the global macro hedge fund BlueCrest Capital Management. His co-founding team brought extensive experience in traditional systematic trading and derivatives market-making before pivoting the firm into cryptocurrency markets (per public record).

XBTO's core asset management entity is domiciled in Bermuda and licensed by the Bermuda Monetary Authority under the Digital Asset Business Act and as a licensed fund administrator. The firm also maintains operating subsidiaries and investment teams in the United States, Europe, and Asia-Pacific. This Bermuda-centric regulation is distinct from the more common Cayman Islands fund structures used by many crypto-native peers, subjecting XBTO to ongoing supervisory capital and governance obligations.

XBTO operates across four business lines: digital-asset fund management (systematic and discretionary strategies), crypto-backed private credit lending, venture capital investments in early-stage blockchain and Web3 infrastructure companies, and institutional staking and tokenization infrastructure. The firm's strategic communications emphasize a deliberate transition from proprietary market-making toward a diversified institutional asset management and credit platform.

Yes. XBTO manages external institutional capital through its Bermuda-licensed asset management entity, offering commingled fund structures and managed accounts. The firm accepts mandates from institutional investors and family offices allocating specifically to digital-asset strategies, including credit and venture portfolios.

XBTO has operated a private credit arm that provides over-collateralized, dollar-denominated loans secured against digital assets. This practice has been active across multiple credit cycles since at least 2018. The firm has publicly stated that it experienced zero credit losses through the 2022 crypto credit crisis and subsequent bankruptcies that affected many peer lenders (per firm communications).

XBTO Ventures makes direct equity and token investments in pre-seed to Series A blockchain-native startups, with a focus on DeFi protocol infrastructure, crypto payments, decentralized identity, and Web3 developer tooling. The venture practice operates alongside but separately from XBTO's liquid funds and credit business, drawing on the group's engineering and trading expertise for technical due diligence.

No. XBTO is an institutional asset management firm and digital-asset financial services group founded by proprietary trading professionals, not a family office. It manages external capital and is not structured around a single family's wealth.