Bitfinex Securities Launches Tokenized Funds with Tether's Hadron

Bitfinex Securities has launched capital raises for two tokenized funds managed by CMCC Global, broadening its platform with dollar and Bitcoin-denominated investment strategies.

New Tokenized Funds Expand Investment Options

The new offerings encompass the Crest Fund and the Liberty Bitcoin Accumulation Fund (LBAF). Both funds are being tokenized utilizing Tether’s Hadron platform, according to a press release. Subscriptions are open to eligible investors until October 29, with secondary trading anticipated to commence after the capital raises conclude. Bitfinex Securities stated these products mark the debut of tokenized funds of funds issued under El Salvador’s digital asset regulatory framework.

CMCC Global, in partnership with Bitcoin analyst Willy Woo, co-founded both funds. Crest was launched in March 2022, while LBAF began operations in April 2025. Both funds allocate capital to quantitative managers employing strategies such as funding rate arbitrage, market making, and cross-exchange arbitrage within decentralized finance (DeFi).

Investment Strategies and Return Targets

The Crest Fund is denominated in U.S. dollars and aims to achieve returns exceeding those of U.S. Treasury bills. The LBAF, conversely, measures its returns in Bitcoin and targets net annualized returns between 8% and 12%, as detailed by Martin Baumann, Managing Partner at CMCC Global.

“Both funds leverage diversified portfolios of quantitative, market-neutral strategies, rather than relying primarily on the directional performance of digital-asset markets,” Baumann explained. CMCC Global has previously characterized LBAF as a strategy designed to generate Bitcoin-denominated yield through quantitative trading, with its return targets expressed in Bitcoin rather than U.S. dollars.

Token Details and Investor Benefits

CREST tokens will be issued at $10 each, and LBAF tokens at 0.0001 BTC each. The minimum investment requirement is one token, subject to investor eligibility and verification.

The offerings include a six-month period post-listing during which performance fees will be reduced by 50%, and redemption fees will be waived. These benefits will extend to tokens traded on the secondary market for the remainder of this introductory period.

Fund Structure and Compliance

Both funds are structured as segregated portfolios under CMCC Global SPC in the Cayman Islands. The tokens represent economic interests in underlying participating shares held in trust by BFXS (PTC) Limited. Tokens will be minted against these underlying shares and subsequently burned upon redemption. All transfers will be subject to identity verification and anti-money laundering controls. Eligible investors will have the ability to hold tokens in approved wallets and trade them 24/7 on Bitfinex Securities.

Tether introduced Hadron in November 2024 as a platform for the issuance and management of tokenized assets, including equities, debt, and funds. The platform’s capabilities include token issuance and burning, compliance, and lifecycle management.

These new offerings enhance Bitfinex Securities’ product suite, which already includes tokenized debt, Bitcoin hashrate contracts, and U.S. Treasury bills. The company reports listing over $500 million in assets and recently concluded a $50 million capital raise for Alkemya Metacore, its largest to date.