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XBTO
Philippe Bekhazi's XBTO has been trading crypto since 2015 and now runs a Bermuda-regulated asset manager and credit platform for digital assets.
XBTO
XBTO launched in 2015 as a proprietary cryptocurrency market-making and liquidity-provision desk, founded by Philippe Bekhazi, a former Citigroup and hedge fund trader. The firm's early identity was forged in the high-risk, high-volume spot and derivatives markets of digital assets, carving out a reputation as a systematic, quantitatively driven trading shop during crypto's most volatile expansion period. By 2023, XBTO had undergone a deliberate structural pivot away from proprietary trading toward institutional asset management, structured credit, and blockchain-native infrastructure. The firm now operates across four primary verticals: systematic and discretionary digital-asset funds, a private credit arm that extends dollar-denominated loans against crypto collateral, a venture capital practice targeting pre-seed to Series A blockchain startups, and a tokenization and staking infrastructure business servicing institutional clients. Portfolio disclosures show meaningful venture exposure across DeFi protocol layers, crypto payments infrastructure, and Web3 development tooling. Geographic delivery spans North America, Europe, Bermuda, and key Asia-Pacific financial hubs including Singapore, reflecting the firm's regulatory licensing footprint. XBTO maintains its core entity in Bermuda, where its asset management business is licensed by the Bermuda Monetary Authority, while running investment and operational teams out of Miami, New York, Paris, and Singapore. Philippe Bekhazi retains the CEO role and is the public face of the firm; Nicola Duke joined as Chief Operating Officer, bringing traditional market structure leadership from her prior role at a global exchange group. In late 2024, XBTO publicly reinforced its institutional asset management thesis, emphasizing a credit-first and fund-management growth strategy that leans on its Bermudian regulatory posture. XBTO's architecture is structurally distinct among digital-asset peers because it runs a regulated fund-management business in Bermuda — not a Cayman Islands exempted fund stack or a token issuer masquerading as an asset manager — and pairs that with a genuine institutional credit operation. This dual mandate, backed by a ten-year track record of crypto trading and survival through multiple market cycles, represents a governance commitment that differs from the typical venture-capital or prop-desk wrapper common in the digital-asset sector.
General information
Firm type
Asset Manager
Year founded
2015
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Miami
Corporate office
Miami, FL, United States
Additional offices
New York · San Francisco · Paris · Singapore · London · George Town · Taipei · Los Angeles · Atlanta · Sheridan
Principals
Philippe Bekhazi
CEO & Co-Founder
Nicola Duke
Chief Operating Officer
Sector focus
Frequently asked questions
Who founded XBTO and what is their background?
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).
How is XBTO structured and regulated?
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.
What is XBTO's primary investment strategy today?
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.
Does XBTO raise external capital?
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.
What is XBTO's track record in private credit?
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).
How does XBTO's venture capital program work?
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.
Is XBTO a single family office?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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