On October 21, Forbes reported that Joe Naggar, a former partner of Steven Tananbaum's GoldenTree Asset Management, was launching an independently operated and managed hedge fund with a scale of US$300 million, marking the official separation of his team from the focus on cryptocurrencies. Spinning out from Republic, an investment company. Today, Naggar and his team operate independently under the name of Feynman Point Asset Management, an investment firm that focuses on the digital asset market and cutting-edge technologies. Despite multiple transformations, the fund's performance remains outstanding. According to Feynman Point Asset Management, since its establishment in 2022, backers, including the US$600 million Swiss fund L1D and the New York Blockchain Investment Group, have achieved annualized net returns of more than 42%. Its successful transactions include: buying gray scale Bitcoin trusts (GBTC) at a discount of 40% below the underlying assets, early investments in the prominent decentralized exchange Hyperliquid, and equity investments in Ripple.