Bitfinex Securities Launches Tokenized Fund Offerings Using Tether’s Hadron

Bitfinex Securities has opened capital raises for two tokenized funds from CMCC Global, introducing investment strategies denominated in both dollars and Bitcoin. The funds, named the Crest Fund and the Liberty Bitcoin Accumulation Fund (LBAF), are the first tokenized funds of funds issued under El Salvador’s digital asset framework.

According to a press release, subscriptions for these funds will remain open to eligible investors until October 29, with secondary trading anticipated to commence after the fundraising period concludes. CMCC Global co-founded the funds alongside Bitcoin analyst Willy Woo, with Crest launching in March 2022 and LBAF in April 2025.

Both funds employ capital allocation across quantitative managers, utilizing strategies such as funding rate arbitrage, market making, and exchange arbitrage. Crest aims to generate returns exceeding US Treasury bill yields, while LBAF targets net annualized returns of 8% to 12% in Bitcoin.

CMCC Global Managing Partner Martin Baumann emphasized that both funds utilize diversified portfolios of quantitative, market-neutral strategies rather than relying solely on the directional performance of digital asset markets. CREST tokens will be priced at $10 each, while LBAF tokens will be available at 0.0001 BTC each, with a minimum investment of one token, subject to investor eligibility and verification.

The offerings include a six-month period post-listing during which performance fees will be halved, and redemption fees waived, benefits that will persist for tokens traded on the secondary market. Both funds are structured as segregated portfolios of CMCC Global SPC in the Cayman Islands, with tokens representing economic interests in underlying shares held by BFXS (PTC) Limited as trustee.

Tether's Hadron, launched in November 2024, serves as a platform for issuing and managing tokenized assets, including stocks, bonds, and funds. This expansion of Bitfinex Securities’ product lineup includes tokenized debt, Bitcoin hashrate contracts, and US Treasury bills, with the company currently listing over $500 million in assets.