Bitfury Plans Bitcoin Mining Fund for Japanese Institutional Investors
Cryptocurrency mining and blockchain technology company Bitfury intends to roll out a Bitcoin (BTC) mining fund next month in Japan. Katsuya Konno, the chief of Bitfury Japan, announced the plan.
As traditional markets have turned extremely volatile against the backdrop of Covid-19 pandemic, investors are increasingly regarding Bitcoin and other altcoins as an alternative form of investment.
Nevertheless, Japanese investors find it hard to make investments in Bitcoin, the numero uno cryptocurrency in terms of market capitalization, in an indirect manner.
The latest offering will supposedly be the first cryptocurrency mining fund in Japan and will first-of-all serve institutional investors such as “family offices, owner-operated small and medium‐sized enterprises [and] religious corporations” before starting to serve retail customers.
Konno pronounced optimism about the need for the endeavor “because its yield is different from other products.”
For the purpose of confirming with Japanese regulations, the fund has setup a Special Purpose Company to boost investment.
The fresh fund will be run by Nippon Angels Investment, which is enrolled as a Financial Instruments Business Operator with Japan’s financial regulator, the Financial Services Agency.
Top Japanese law firm Anderson Mori & Tomotsune will act as advisor. Last month, Bitfury rolled out its Bitcoin mining fund for institutional investors in the North American market.