Three Arrows has returned to avoid wasting crypto. Right here’s its pitch deck

Just like the gargantuan corpse of a slain god, FTX is offering loads of meal alternatives.

Right here’s The Block:

Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital (3AC), are hoping to boost $25 million to begin a brand new crypto change referred to as GTX, in keeping with two separate pitch decks obtained by The Block.

Information of the fundraise comes two months after change big FTX imploded, leaving greater than one million collectors out of pocket. The brand new change takes benefit of the scenario providing depositors the flexibility to switch their FTX claims to GTX and obtain speedy credit score in a token referred to as USDG, the pitch deck mentioned.

The change’s title is even a spin on “FTX,” with one of many GTX pitch decks opening with the road “as a result of G comes after F.”

When you’ve completed laughing, you may contemplate crying. In case you’ve already repressed the occasions of final 12 months, Singapore-based crypto “hedge fund” Three Arrows Capital (3AC) collapsed after being blown up by margin calls — with several other crypto players caught in the aftershocks.

Nicely, don’t despair: 3AC’s architects are again, bringing with them Mark Lamb and Sudhu Arumugam, the co-founders of CoinFLEX — which filed for restructuring final 12 months after June’s crypto tumult compelled a suspension of withdrawals.

If that pedigree hasn’t already bought you champing on the bit, we have now considered one of their pitch decks (h/t Kadhim Shubber), which we’re sharing to your ‘enjoyment’.

You possibly can obtain the total PDF here, or get pleasure from our alternative of highlights.

The pitch begins in earnest with some primo dataviz. We expect that is alleged to be like a snowball, however can’t assist be reminded of the enduring James Bond gunbarrel intro. Potential buyers will presumably be hoping this ends with much less pink on the display.

The following slide pledges to fill the “energy vacuum” left by FTX. Maybe essentially the most telling sentence is the plan to “Attraction to crypto buying and selling urge for food of claimholders” — implying that individuals burnt by the collapse of FTX might be fiending for some extra crypto enjoyable. Hell, possibly they’re proper. You possibly can’t belief folks.

Subsequent comes an identical leap of religion: that your boyfriend, who has $4k caught in FTX, is just in search of a brand new alternative to YOLO it.

GTX, naturally, is the answer (when you occur to disregard locations like Cherokee Acquisition, the place our colleagues report that FTX claims are already buying and selling for 10-14 cents on the dollar).

For no significantly purpose, we’re going to spotlight the sentence “Collateral worth backstopped by debt companies” as a result of this feels by no means like foreshadowing.

A number of slides on, within the top-right, is a gem.

It continues:

Collectors could proceed to carry their claims to maturity or elect to promote them to crypto, whereas utilizing claims as margin capital.

We really can’t be mad at this, it’s so diabolical.

The deck pledges battle-tested expertise, which given the pedigree of its founders is presumably akin to how the Loss of life Star was battle examined.

Look, when you’re not already bought, bear in mind all they want is $25mn. Time to market is “ASAP by finish of February”, so don’t miss out!

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