Leucadia Asset Management Announces Strategic Relationship with Tephra Digital

Leucadia Asset Management, the asset management division of Jefferies Financial Group Inc. (NYSE: JEF), today announced a strategic relationship with Tephra Digital LLC (“Tephra Digital”), a newly-formed digital assets investment firm. In connection with the transaction, Leucadia Asset Management will invest long-term capital into Tephra Digital’s liquid token strategy.

Co-led by Managing Partners Ryan Price and Raghav Chopra, Tephra Digital will pursue a long-term and scalable strategy of investing in digital assets. Tephra Digital seeks to enable investors to achieve comprehensive exposure to the blockchain and Web3 ecosystem through a thematic and disciplined approach.

“Ryan Price and Raghav Chopra bring decades of public and private market investing acumen to this nascent but increasingly important asset class. Our strategic relationship will differentiate Tephra Digital in the marketplace, provide substantial operational support, and enable it to scale efficiently to achieve long-term success,” said Nick Daraviras and Sol Kumin, Co-Presidents of Leucadia Asset Management.

“There is no better validation of our strategy than the vote of confidence from Leucadia Asset Management and its accomplished and experienced team. Leucadia’s resources and insight will be a game-changer for Tephra Digital’s growth trajectory and will enable us to be even more firmly devoted to our investing process,” said Ryan Price and Raghav Chopra, the founding Managing Partners of Tephra Digital.

About Leucadia Asset Management

Leucadia Asset Management offers institutional clients an innovative range of investment strategies through its affiliated asset managers. LAM is a division of Jefferies Financial Group Inc. (NYSE: JEF), a diversified financial services company.

About Tephra Digital LLC

Tephra Digital LLC (“Tephra Digital”) is a privately-held investment firm that focuses on digital assets. It employs a long-term investing philosophy and has partnered with best-in-class service providers. It is co-led by Ryan Price, who was a Managing Principal of Riposte Capital, a division of Leucadia Asset Management, where he invested across numerous sectors including financial technology and financial services, and Raghav Chopra, who was most recently a Portfolio Manager at AllianceBernstein LP, where he managed a global technology hedge fund strategy with an emphasis on enterprise software and internet businesses. Earlier in their careers, Chopra and Price were investors at Steadfast Financial LP, a renowned hedge fund in New York. Both have been personally investing in digital assets for a number of years.


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