Wave Select 5 Crypto Index Fund, LP is a hedge fund based in Los Angeles, California. According to its most recent Form D, filed Nov 13, 2025, the fund has sold $7,019,951 of interests to 7 investors since its first sale in May 2021. The minimum investment it accepts from an outside investor is $50,000. It relies on the Section 3(c)(1) exclusion, which limits it to 100 beneficial owners, typically accredited investors. The offering uses Rule 506(c), which permits general advertising to investors verified as accredited. Based on its first sale date and the amount raised, HedgeMountain classifies it as an emerging manager. Related persons named in the filing include Benjamin Tsai; Wave Digital Assets LLC; Jennifer Anderson.
Performance
No verified returns have been reported for this fund. Hedge fund returns are not part of SEC filings; managers report them to HedgeMountain directly.
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- Total raised
- $7,019,951Cumulative sales reported on Form D
- Investors
- 7
- First sale
- May 11, 2021
- Minimum investment
- $50,000
- Who can invest
- Accredited investorsSection 3(c)(1): up to 100 beneficial owners
- Offering exemption
- Rule 506(c)May advertise; investors must be verified as accredited
- Key people and entities
- Benjamin Tsai; Wave Digital Assets LLC; Jennifer Anderson
- Latest Form D
- Nov 13, 2025
From SEC filings, not verified. This page republishes the fund's Form D as filed. It is not an offer, solicitation or recommendation, and HedgeMountain has not reviewed the fund. “Raised” is cumulative sales, not current assets or performance. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures
Size compared with every hedge fund
Raised more than 31% of the 1,051 hedge funds based in California, and more than 17% of all 10,157 that report sales.