Bixin Global, a cryptocurrency firm based in Hong Kong, has launched a fund of funds (FOF) funded with 6,600 Bitcoin (BTC), worth more than c.$65 million.
Bixin launched the fund to invest globally in crypto-currency funds, according to company’s announcement. The FOF is denominated BTC, and its main objective is to increase its holdings of Bitcoin.
The funds strategies in which Bixin intends to invest will be quantitatively based and can use arbitrage or trend analysis. In addition, the company also hopes to develop partnerships with other firms on mining management, cloud mining, and mining operations finance in general.
Bixin was founded in 2009 and provides financial services for cryptocurrency firms such as loans, exchanges, and escrows. Bixin’s mining supposedly facilitates the use of approximately 300 megawatt-hours of electricity and generates around 3,000 petahashes of computing power, which is equivalent to approximately 2.5 percent of the total hashrate of the network.
Cryptocurrency Funds Continue to Thrive
After the major fall in the Bitcoin price in March taking down at least one hedge fund, cryptocurrency funds are seeing renewed investor interest.
As reported last month, Canadian asset manager 3iQ launched the first fund tied to the price of Bitcoin on the Toronto stock exchange after three years of work.
The U.S. Securities and Exchange Commission also allowed a 10 billion dollar hedge fund to access the Bitcoin futures of Chicago Mercantile Exchange in April.
Cryptolydian reported earlier that, the seemingly highly lucrative Medallion Funds can target CME Group’s cash-settled Bitcoin futures. A secretive yet allegedly highly lucrative hedge fund now has the green light to invest in futures markets for Bitcoin (BTC).
In a brochure originally dated March 30 the Securities and Exchange Commission (SEC) of the United States regulator confirmed that Medallion Funds of Renaissance Technologies now have access to the burgeoning Bitcoin futures scene.