Bitfinex Securities is set to list two tokenized investment funds managed by CMCC Global, giving eligible investors blockchain-based exposure to quantitative digital asset strategies. The two vehicles — Crest and the Ledger-based Bitcoin Alpha Fund (LBAF) — will run on tokenization infrastructure supplied by Hadron by Tether, enabling fund interests to be issued, managed, and tracked on-chain.

The listing marks the first time tokenized funds have been made available on Bitfinex Securities, pairing professionally managed quantitative strategies with blockchain-based ownership and secondary-market trading. Subscriptions are open to eligible investors, with the offering window scheduled to close on October 30, 2026.

Two Funds, Two Distinct Objectives

Crest targets investors seeking dollar-denominated returns that outstrip yields on U.S. Treasury bills. Co-founded by on-chain analyst and investor Willy Woo together with CMCC Global, the fund has been operating since March 2022.

LBAF, launched in April 2025, pursues a different goal: net annualized returns of 8% to 12% measured in Bitcoin terms. Rather than benchmarking performance primarily in dollars, the fund aims to grow investors' Bitcoin holdings.

Both funds deploy multi-manager quantitative hedge fund strategies focused on market-neutral opportunities across digital asset markets. In a market-neutral approach, returns are sought from pricing inefficiencies — such as gaps between related assets or venues — rather than from the overall direction of the market. Their toolkits include funding-rate arbitrage, cross-exchange arbitrage, volatility arbitrage, market making, and decentralized finance activities.

According to CMCC Global, the underlying strategies have generated positive returns every year since 2022. The manager said the strategies stayed profitable through major market disruptions, including the Luna collapse, the bankruptcy of FTX, and the roughly $19 billion flash crash of October 2025.

Past performance does not guarantee future returns, however, and the funds remain exposed to market, operational, and strategy-specific risks.

Hadron by Tether Powers the Tokenization Layer

The funds are structured as segregated portfolios under CMCC Global SPC, an entity established in the Cayman Islands. CMCC Global, founded in Hong Kong in 2016, invests across digital assets, equity venture capital, hedge fund portfolios, and capital markets, with operations spanning Asia and North America.

Hadron by Tether will supply the infrastructure for representing the underlying fund interests as digital tokens, a setup designed to bridge conventional fund participation with blockchain-based issuance and management. Each token carries a 1:1 economic representation of participating shares in the corresponding fund, with tokens created when shares back their issuance and destroyed when investors redeem them, according to the announcement. Tokenized fund structures like this sit within a broader push to issue traditional financial instruments on blockchain rails.

The minimum subscription is a single token, priced at $10 for CREST or 0.0001 BTC for LBAF — a threshold intended to lower the initial cost of entry for eligible participants. Token issuance will take place through Bitfinex Securities El.

Investors must complete know-your-customer and anti-money-laundering checks before taking part. Once onboarded, eligible token holders can trade on Bitfinex Securities' secondary market around the clock, throughout the year, and hold their positions in self-custody through approved, whitelisted blockchain addresses — an arrangement that differs from conventional fund structures, where shares are typically registered and held through intermediaries. The tokenized format may allow greater flexibility in transferring fund interests, though access remains subject to eligibility requirements and the platform's applicable controls.

BTCS Commits Bitcoin as Anchor Investor

BTCS S.A., a digital asset treasury company listed in Warsaw and Frankfurt, has agreed to act as an anchor investor through Bitfinex Securities. The company intends to commit an amount of Bitcoin in the triple digits, according to the announcement.

BTCS chief executive Marlena Lipińska indicated that the investment fits the company's treasury strategy of increasing its Bitcoin holdings. She cited LBAF's Bitcoin-denominated return objective, professional management, and regulated tokenized securities structure as factors behind the commitment.

The anchor investment provides initial institutional backing for the offering, though the final amount subscribed by investors was not disclosed.

Subscription Window Closes October 30

Subscriptions for both funds are open to eligible investors, with early participants offered incentives during a designated promotional period. The offering pairs dollar-oriented and Bitcoin-oriented objectives with tokenized fund ownership, presenting two distinct routes into quantitative digital asset strategies via Bitfinex Securities.

The funds' longer-term performance will hinge on market conditions, the effectiveness of their trading strategies, operational execution, and investor demand for tokenized investment products. How the early-participant incentives operate in practice is among the details still to be spelled out before the offering window closes. The subscription window is scheduled to end on October 30, 2026.

Source: CoinTrust