Arrington Capital removes $100M Anchor Yield Fund from website after UST rollover

Arrington Capital removes $100M Anchor Yield Fund from website after UST rollover

Founder Michael Arrington attributed the decision to remove the fund from the company's website to decreased demand.

Arrington Capital, a crypto investment firm with more than $1.6 billion in assets under management, has removed mention of its $100 million fund tied to Anchor, a return-generating protocol on the terra blockchain, from its website. Deposits into the protocol are primarily in the crisis-ridden stablecoin terraUSD (UST).

Arrington Capital announced the $100 million Arrington Anchor Yield Fund last November to provide institutional investors with insured exposure to the "stable yield" generated by the Anchor Protocol. The fund was backed by Arrington Capital Partners and Terraform Labs.

The Anchor Yield Fund was listed on the company's main website in a May 1 screenshot. That notice has since been removed.

"Risk Harbor Anchor's UST insurance was not yet widely available - we waited to raise third-party funds until we could acquire this insurance in bulk. I anticipate less demand for the product this fund offered and have therefore removed it from the website," founder Michael Arrington told CoinDesk in an email.

When asked if the fund would continue, Arrington replied, "We are not currently raising capital for this fund."

Arrington was founded in 2017 by TechCrunch and CrunchBase founder Arrington and TechCrunch CEO Heather Harde. Arrington Capital offers the flagship Arrington XRP Capital and the $100 million Arrington Algorand Growth Fund, which was announced last July.