Tok-Edge – The Crypto Hedge Fund with a Token
Raees Chowdhury is the co-founder and chief investment officer of Tok-Edge, a London-based regulated DeFi hedge fund built around a novel cryptoasset structure called the Redemption Token. With a career spanning senior roles at BCG and Bain Capital, a managing partner position at Revolt Ventures — a fund sitting beneath a $10 billion AUM vehicle — and deep roots in on-chain markets dating back to the ICO era of 2016–17, Raees brings rare dual fluency in institutional finance and DeFi to one of crypto's most ambitious new fund structures.
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Why you should listen
Tok-Edge emerged from stealth on the day of this recording, and the timing is deliberate. Raees argues that the current drawdown — with Bitcoin sitting roughly 50% off all-time highs and many altcoins down 90% or more — is precisely the moment to be allocating capital to DeFi. The fund is built on a contrarian but rigorous thesis: that crypto is a genuinely new liquid asset class, that existing token models are structurally flawed, and that the teams best positioned to capture the next cycle are those who can hold TradFi infrastructure and DeFi-native thinking in the same hand.
The centrepiece of what Tok-Edge is building is the Redemption Token — a new category of cryptoasset designed to solve what Raees calls the duality problem that has undermined most token models to date. Unlike governance tokens, which trend towards zero, or utility tokens, which are constrained to their native blockchain, the Redemption Token is permissionless and composable in DeFi while carrying a genuine defined function: the ability for fund investors to redeem underlying fund shares at net asset value. The model Raees reaches for by analogy is MicroStrategy — a structure designed first, then deployed as a product. Tok-Edge is doing the same, with the Redemption Token as the architecture and the Tok-Edge Fund as its first application.
The fund itself is built to institutional standard — custodians, regulated directors, and governance structures you’d expect from any tier-one equities vehicle — but applied entirely to crypto and DeFi strategies. Raees walks through the team’s approach to on-chain yield generation, active capital allocation between strategies, and why sitting in stablecoins and earning on-chain yield is a feature rather than a concession. He also shares his conviction that DeFi yields are far from dead, why on-chain flows will identify the winners of the next cycle before most people see them coming, and how the Berkshire Hathaway model — long-only, actively managed, comfortable holding cash — translates surprisingly well to liquid crypto asset management. With a TGE capped at $21 million targeting a $100 million first close later in 2026, this is a conversation worth hearing early.
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