Crypto Hedge Fund Room40 to Return All Outside Investor Capital

Cointime update: Room40 Capital founder Paul Yablon has decided to return all external investor capital and will invest going forward with proprietary funds and a single institutional partner, expanding its strategy into macro markets. Yablon cited fewer attractive asymmetric risk-reward opportunities in crypto over the past year and rising security and technical operating costs. Room40 managed about $262 million as of end-2025 and has returned roughly 14.4% annualized since its 2022 founding.