Bitfinex Securities has initiated capital raises for two tokenized funds from CMCC Global, marking the first tokenized fund-of-funds issued under El Salvador’s digital asset framework. The offerings include the Crest Fund and the Liberty Bitcoin Accumulation Fund (LBAF), both co-founded by CMCC Global and Bitcoin analyst Willy Woo. These products are tokenized using Tether’s Hadron platform.
Crest is denominated in dollars and aims to generate returns above US Treasury bill yields, while LBAF measures performance in Bitcoin with a target net annualized return of 8% to 12%. Both funds allocate capital across quantitative managers employing strategies such as funding rate arbitrage and market making. Subscriptions remain open to eligible investors through October 29, with secondary trading expected after the raises conclude. Tokens will be minted against underlying shares held by BFXS (PTC) Limited as trustee, subject to identity verification and anti-money laundering controls.
The launch represents a significant integration of traditional fund structures with blockchain infrastructure, leveraging El Salvador’s regulatory environment to issue tokenized securities. By utilizing Tether’s Hadron for issuance and lifecycle management, Bitfinex Securities demonstrates how established crypto entities can bridge institutional investment strategies with on-chain accessibility. The specific focus on quantitative, market-neutral strategies distinguishes these products from typical directional crypto investments, potentially appealing to investors seeking yield diversification without direct exposure to volatile asset prices.
From a Market Structure perspective, this development highlights the growing maturity of tokenized real-world assets (RWA). The implementation of strict compliance measures, including AML checks and eligibility verification, underscores the necessity of regulatory adherence in scaling tokenized finance. However, the success of these offerings will depend on investor confidence in the underlying fund performance and the liquidity provided by the secondary trading mechanism on Bitfinex Securities.
