• Abraxas Capital holds over $800M in leveraged shorts, incurring $106M in unrealized losses.
• BTC and ETH positions make up the bulk of exposure, with ETH alone down over $72M.
• The only profitable position is SUI, while all others remain open with high margin risk.

Abraxas Capital Management, trading under the Heka Funds label, is now holding heavy short positions across five major tokens. Current exposure exceeds $800 million, with losses mounting to over $106 million. The largest open positions are in BTC and ETH, with both trades significantly underwater. These leveraged shorts are positioned on Hyperliquid and remain active despite substantial losses across the board.

Abraxas Capital Portfolio Composition and On-Chain Activity

According to a report by Arkham, the fund’s on-chain wallet currently shows a total value of $12,006,810.1. A large portion, $12.01 million, is stored in ARBUSDCN. The remaining value is split across smaller holdings, including 0.199 ETH worth $774.23. Additional assets include 10 USDT and 0.0001 BNB, both valued under $10.

Over the last 157 days, Abraxas deposited $154.67 million to Binance. In the same period, the fund withdrew $463.7 million from exchanges. Withdrawal volume moved primarily to Binance and Kraken, indicating strong exchange engagement.

Several large transactions were recorded, including 12.06 million ARBUSDCN moved to Aave Arbitrum. Around 2.001 million ARBUS tokens were received from Aave shortly after. Additionally, $3 million USDC was sent to Hyperliquid’s bridge, followed by mirrored ARBUS withdrawals, signaling asset reallocation.

Trading Exposure and Open Positions

Abraxas Capital currently holds five active leveraged short positions. These include BTC, ETH, HYPE, SOL, and SUI. Combined exposure for BTC and ETH alone is valued above $643 million. The fund shorted 2,918.37 BTC at $110,624. At present, BTC trades at $118,016. The position has lost $21.57 million, with an ROE of -66.8%.

The ETH short position is larger in scale. It covers 79,493.31 ETH, entered at $2,840.7. With ETH currently trading at $3,755, this position has dropped $72.67 million. ROE is marked at -321.8%. The liquidation level sits at $5,342, above the current trading price.

Broader Position Breakdown

Other short positions show continued negative performance. The fund holds 1.91 million HYPE tokens, showing a loss of $6.83 million or 45.2%. Its SOL short has fallen by $6.13 million, down 97.0% from entry. The only trade in profit is the SUI short. That position has gained $178,734.96, showing a 63.8% return from a small $2.6 million position.

All five short positions remain open. Total margin across trades is over $465 million. The BTC position has a liquidation price of $161,605, well above market value. Despite these losses, Abraxas Capital has not adjusted or closed any position. With the on-chain portfolio stable at $12 million, the firm continues to carry high leverage risk through its trading exposure.