Leucadia Asset Management Partners with Tephra Digital to Scale Blockchain Investment Strategy

Jefferies Financial Group’s investment arm, Leucadia Asset Management, has forged a significant partnership with Tephra Digital LLC, a newly-formed investment vehicle dedicated to digital assets and Web3 opportunities. The collaboration involves Leucadia committing sustained capital to support Tephra Digital’s flagship liquid token investment program.

Strategic Foundation and Market Positioning

The venture brings together two seasoned investment professionals: Ryan Price, formerly a Managing Principal at Riposte Capital (a Leucadia subsidiary focused on fintech and financial services), and Raghav Chopra, who most recently managed a global technology hedge fund at AllianceBernstein specializing in enterprise software and internet companies. Both executives previously worked as portfolio managers at Steadfast Financial LP, a prominent New York-based hedge fund, and have maintained personal exposure to digital assets for several years.

Tephra Digital’s investment thesis centers on delivering institutional investors comprehensive blockchain and Web3 ecosystem exposure through a disciplined, thematic framework. The partnership with Leucadia Asset Management signals confidence in this long-term approach while providing operational infrastructure and institutional credibility.

Why This Partnership Matters

For Leucadia Asset Management, the relationship represents a strategic entry into the increasingly mainstream digital assets class with experienced hands at the helm. The backing of a major financial services platform elevates Tephra Digital’s competitive positioning and operational capabilities, enabling faster scaling and enhanced market access.

Co-Presidents Nick Daraviras and Sol Kumin emphasized that this collaboration brings decades of combined investing expertise to an asset class gaining institutional legitimacy. By leveraging Leucadia Asset Management’s resources and institutional networks, Tephra Digital gains operational advantages while maintaining its independent investment philosophy.

The Founding Team’s Perspective

Price and Chopra view the partnership as validation of their investment process and strategic vision. Access to Leucadia Asset Management’s infrastructure, analytical depth, and market relationships positions Tephra Digital to execute its long-term strategy more effectively while serving institutional clients seeking targeted Web3 exposure.

This partnership exemplifies the broader trend of established financial institutions expanding into digital assets through specialized vehicles led by experienced practitioners rather than venture-style investments, reflecting the maturing landscape of cryptocurrency and blockchain-based finance.