Bixin presents a $65 million fund denominated in BTC to obtain more Bitcoin
Bixin Global, a Hong Kong-based crypto-currency firm, launched a fund of funds (FOF) funded with 6,600 Bitcoin (BTC), worth over USD 65 million, at the close of this issue.
Main objective: to increase Bitcoin holdings
According to an announcement on May 8th,
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launched the fund to invest in cryptosystems funds worldwide. The FOF is named after BTC and its main objective is to increase its holdings of Bitcoin.
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The strategies of the funds in which Bixin intends to invest will be quantitative and may use arbitrage or trend analysis. In addition, the firm also expects to develop partnerships with other firms in mining management, cloud mining and general mining finance.
Founded in 2009, Bixin provides financial services for crypto-currency companies, including loans, exchanges and escrow. Bixin’s mining reportedly facilitates the use of about 300 megawatt-hours of electricity and generates about 3,000 petahashes of computing power, equivalent to about 2.5 percent of the network’s total hashrate.
The first public Bitcoin fund listed on the Toronto Stock Exchange is now on air
Bixin did not respond to Cointelegraph’s request for additional comments at press time.
Kryptomoney Funds Continue to Thrive
After the significant drop in Bitcoin prices in March, sinking at least one hedge fund, cryptomoney funds are seeing renewed interest from investors.
US SEC authorizes $10 billion hedge fund to offer access to Bitcoin futures from CME
As Cointelegraph reported in early April, after three years of work, Canadian asset manager 3iQ launched the first fund linked to the price of Bitcoin on the Toronto Stock Exchange.
Also in April, the U.S. Securities and Exchange Commission allowed a $10 billion hedge fund access to Bitcoin futures on the Chicago Mercantile Exchange.