PwC and Elwood Asset Management (Elwood) recently issued their third annual Global Crypto Hedge Fund Report, with assistance from the Alternative Investment Management Association (AIMA). The study surveyed the crypto hedge fund landscape, including fund performance; fees; exposure to bitcoin; use of derivatives and leverage; decentralized exchanges; and several aspects of fund operations, including staffing, custody, governance, valuation, liquidity, domiciles and tax issues. It also explored how traditional hedge funds are obtaining exposure to digital assets. This article discusses the main findings of the study, with commentary from Henri Arslanian, crypto leader and partner at PwC; Michelle Noyes, managing director at AIMA; and Alexandre Schmidt, investment analyst at Elwood. See our two-part coverage of a recent AIMA global hedge fund study: “Most Hedge Fund Managers Met or Exceeded Targets Last Year” (May 13, 2021); and “Manager and Investor Interest in ESG Is Growing” (May 20, 2021).