Bitfinex Securities is preparing to list two tokenized investment funds managed by CMCC Global, offering investors exposure to quantitative digital asset strategies through blockchain-based securities. Crest and the Ledger-based Bitcoin Alpha Fund (LBAF) will use tokenization infrastructure provided by Hadron by Tether, allowing fund interests to be issued, managed, and tracked on-chain.
The launch marks the introduction of Crest and LBAF as the first tokenized funds available on Bitfinex Securities, combining professionally managed quantitative investment 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 Target Different Investment Objectives
Crest is designed for investors seeking dollar-denominated returns that exceed yields on U.S. Treasury bills. Co-founded by on-chain analyst and investor Willy Woo and CMCC Global, the fund began operating in March 2022.
LBAF, which launched in April 2025, takes a different approach by targeting net annualized returns of 8% to 12% measured in Bitcoin terms. Its objective is to increase investors’ Bitcoin holdings rather than measure performance primarily in dollars.
Both funds use multi-manager quantitative hedge fund strategies covering market-neutral opportunities in digital asset markets. Their approaches include funding-rate arbitrage, cross-exchange arbitrage, volatility arbitrage, market making, and decentralized finance activities.
According to CMCC Global, the underlying strategies have produced positive returns every year since 2022. The manager said the strategies remained profitable through major market disruptions, including the Luna collapse, the bankruptcy of FTX and the approximately $19 billion flash crash in October 2025.
Past performance, however, does not guarantee future returns, and the funds remain exposed to market, operational and strategy-specific risks.
Hadron by Tether Provides Tokenization Infrastructure
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, manages investments across digital assets, equity venture capital, hedge fund portfolios and capital markets, with operations in Asia and North America.
Hadron by Tether will provide the infrastructure for representing the underlying fund interests as digital tokens. The tokenized structure is intended to connect conventional fund participation with blockchain-based issuance and management.
Each token maintains a 1:1 economic representation of participating shares in the corresponding underlying fund. Tokens are created when shares support their issuance and destroyed when investors redeem them, according to the announcement.
The minimum subscription is one token, priced at $10 for CREST or 0.0001 BTC for LBAF, lowering the initial investment threshold for eligible participants. Token issuance will take place through Bitfinex Securities El Salvador.
Investors must complete know-your-customer and anti-money-laundering checks before participating. Eligible token holders will be able to access secondary-market trading on Bitfinex Securities around the clock, throughout the year, and use self-custody arrangements through approved, whitelisted blockchain addresses.
The tokenized format could provide greater flexibility in transferring fund interests, although access remains subject to eligibility requirements and the platform’s applicable controls.
BTCS Commits Bitcoin to Support the Launch
BTCS S.A., a digital asset treasury company listed in Warsaw and Frankfurt, has agreed to serve as an anchor investor through Bitfinex Securities. The company intends to commit a Bitcoin amount in the triple digits, according to the announcement.
BTCS chief executive Marlena Lipińska indicated that the investment aligned with the company’s treasury strategy of increasing its Bitcoin holdings. She identified LBAF’s Bitcoin-denominated return objective, professional management, and regulated tokenized securities structure as factors behind the commitment.
The anchor investment provides initial institutional support for the offering, although the final amount subscribed by investors was not disclosed.
Subscription Window Ends October 30
Subscriptions for both funds are available to eligible investors, with incentives offered to early participants during the designated promotional period.
The offering combines dollar-oriented and Bitcoin-oriented investment objectives with tokenized fund ownership, giving eligible investors two distinct ways to access quantitative digital asset strategies through Bitfinex Securities.
The funds’ longer-term performance will depend on market conditions, the effectiveness of their trading strategies, operational execution, and investor demand for tokenized investment products. The subscription window is scheduled to end on October 30, 2026.