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The Lowdown Ep.7: From FX Fund Manager to Trading $1BN/Day in Bitcoin | Nathan Sage's Crypto Origin Story
Published on Apr 11, 2026
Updated on Apr 11, 2026
The Lowdown Ep.7: From FX Fund Manager to Trading $1BN/Day in Bitcoin | Nathan Sage's Crypto Origin Story
Published by LiquidityFinder | April 2026
In this episode of The Lowdown, LiquidityFinder founder Sam Low sits down with Nathan Sage, founder and CEO of digital assets prime brokerage firm Sage Capital Management, for a wide-ranging conversation about a decade of building infrastructure in the crypto markets.
Nathan's journey into digital assets began not as a crypto enthusiast, but as a risk-averse fund manager running a regulated FX fund. In 2015, he built algorithms to trade the crypto markets and found himself running a fund that grew to processing around a billion dollars a day in Bitcoin. The pain of operating at that scale in an illiquid, fragmented, and expensive market became the founding blueprint for Sage Capital Management.
"Back then we focused on Bitcoin, and astonishingly that fund grew to doing about a billion a day in Bitcoin. But back in 2016 that was significant."
Nathan Sage
Founder and CEO, Sage Capital Management
What We Cover in This Episode
- How predictive analytics and fund management led Nathan into crypto in 2015
- The operational challenges of trading $1BN/day in Bitcoin in 2016 and why execution costs reached $200 per Bitcoin
- How those pain points led directly to building Sage Capital Management's complete operating system
- Prime brokerage, elastic capital, and why Sage's $15BN smart balance sheet never runs out of liquidity
- The rise of stablecoins as a cross-border payments tool and why it is the biggest growth story in digital assets right now
- Banking-as-a-service and how Sage solved the chronic problem of crypto firms losing bank accounts without warning
- AI-powered onboarding through their Alex system, reducing a process that once took six months to as little as one hour
- How FX brokers are entering the crypto market and the opportunities still available in a maturing asset class
"Our driving force has always been how do we make customers lives easier."
Nathan Sage
Founder and CEO, Sage Capital Management
From Pain to Product
The story of Sage Capital Management is, in Nathan's own words, a story of pain points turned into products. Trading at scale in the early Bitcoin market meant facing $200-per-Bitcoin execution costs, unreliable liquidity providers, fragmented technology, and a market structure that simply was not built for institutional volume.
Rather than accepting those constraints, Nathan and his team built their way out of them. Direct relationships with every major market maker, a proprietary elastic capital system backed by a $15BN smart balance sheet, and a purpose-built trading GUI designed by traders for traders. Each product in the Sage stack was born from a specific problem the team had experienced firsthand.
Stablecoins: The Biggest Growth Story in Digital Assets
One of the most striking insights in this conversation is Nathan's view on where the real growth in digital assets is happening. While institutional trading in Bitcoin and Ethereum continues to mature, Nathan argues that stablecoins used for cross-border payments represent the most significant near-term opportunity in the market.
"I can pay somebody in 45 seconds in stablecoin pretty much anywhere in the world."
Nathan Sage
Founder and CEO, Sage Capital Management
Sage Capital Management is seeing significant growth from corporates using stablecoins not as a trading asset but as a payments and treasury tool, settling cross-border transactions in seconds across 140 currencies. Nathan points to markets in Africa and other underserved regions as particularly compelling use cases where stablecoin infrastructure is already transforming how businesses move money.
Banking-as-a-Service: Solving Crypto's Most Frustrating Problem
Nathan speaks candidly about the banking problem that has plagued crypto firms for years: six-month onboarding processes, unexpected account closures, failed transactions, and fees that bear no relation to those charged by traditional banks. Sage's banking-as-a-service layer, built on top of tier one banking rails covering 140 currencies, was designed specifically to eliminate that friction.
Clients onboard once, receive a multi-currency account in their own name, and gain access to trading, yield, and payments from a single relationship. Sage acts as the compliance and service layer between the client and the bank, translating the language of digital assets into something the banking infrastructure can process cleanly and reliably.
About Sage Capital Management
Sage Capital Management is a regulated digital assets prime brokerage offering market access, elastic capital, banking-as-a-service, AI-powered compliance onboarding, and a white-label trading GUI to institutional, professional, and regulated clients globally. The firm has been operating in the digital assets market since 2015 and is regulated across multiple jurisdictions.
You can find and connect with the Sage Capital Management team on LiquidityFinder: View Sage Capital Management on LiquidityFinder
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