In a recent conversation, Rachel Pether, Head of Middle East at 3iQ, sits down with Julien Tizot, CIO at ARAS Single Family Office, to discuss how institutional investors are approaching digital assets today.
At the center of the discussion is Further x 3iQ Alpha Digital, a market-neutral, multi-strategy hedge fund designed to deliver risk-managed exposure to digital assets, including a Bitcoin share class. But the conversation quickly moves beyond product design to address a more fundamental shift taking place across portfolios.
For family offices like ARAS, Bitcoin is no longer viewed purely as a speculative asset. Instead, it is increasingly positioned within portfolios as a long-term allocation with unique characteristics. However, holding Bitcoin is only part of the story. The more interesting question is how digital assets can be actively managed to generate consistent returns.
As Julien explains, the structure of digital asset markets continues to create meaningful inefficiencies. Unlike traditional markets, these inefficiencies are driven by fragmentation, evolving infrastructure, and a rapidly growing derivatives ecosystem. For sophisticated investors, this opens the door to strategies that aim to generate alpha regardless of market direction.
The conversation also explores how institutional approaches to manager selection, risk management, and operational structure have evolved alongside the market itself. With improved infrastructure and more robust service providers, strategies that were once difficult to implement are now becoming increasingly institutionalized.
One of the key themes throughout is a shift in perspective. Investors do not necessarily need a strong directional view on Bitcoin or other digital assets to participate. Instead, the focus can shift toward identifying and capturing inefficiencies, using disciplined, multi-strategy approaches.
From portfolio construction to the role of Bitcoin, from risk management to the evolution of the ecosystem, the discussion provides a practical look at how family offices are engaging with digital assets today.
Disclaimer
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