TechFlow news — According to a filing submitted to the U.S. Securities and Exchange Commission (SEC), Ugly Unicorn Crypto Fund, a DeFi-focused fund, has raised $12.46 million.
The fund’s co-founder Bridger Pennington said it was financed by 52 investors, each contributing at least $100,000.
They aim to raise up to $100 million for a comprehensive DeFi-focused strategy targeting "ugly" unicorns—lesser-known, under-the-radar projects that don't make headlines.
In an investor report, they stated that 40% is allocated to high-yield tokens, 25% to medium- and low-yield tokens, and 10% is reserved for moonshot investments.
Last year, when many tokens plunged by 90%, the fund returned 3.81%, outperforming both Bitcoin and the Nasdaq. However, this year it has gained only 26%, while Bitcoin has doubled.
