Key Takeaways
- • CMCC Global is tokenising units of its Crest Fund and Liberty Bitcoin Accumulation Fund (LBAF), described as the first tokenised fund-of-funds offerings issued under El Salvador's digital asset framework.
- • The tokens are issued on Tether's Hadron tokenisation platform and will be issued, distributed and traded through Bitfinex Securities, a regulated venue for tokenised securities.
- • BTCS S.A. (NewConnect: BTF; FRA: 36C) has agreed to serve as anchor investor, intending to allocate an undisclosed triple-digit bitcoin amount to the LBAF launch via Bitfinex Securities.
- • The subscription period is open until 30 October 2026, with the offerings priced at USD10 per CREST token and 0.0001 BTC per LBAF token, and a minimum investment of one token.
- • LBAF targets net annualised returns of 8–12% in Bitcoin terms, while Crest is USD-denominated and seeks returns above US Treasury bill yields.
Summary
CMCC Global, a Hong Kong-founded asset manager focused on blockchain investments, has announced the tokenisation of two flagship funds: Crest Fund ("Crest") and the Liberty Bitcoin Accumulation Fund ("LBAF"). According to the company's press release distributed via PR Newswire, the offerings are set to be the first tokenised fund-of-funds issued under El Salvador's legal framework for digital assets. The tokens are built on Hadron by Tether, the tokenisation platform developed by the issuer of USDT, and will be offered through Bitfinex Securities, which the release describes as a regulated platform for raising capital and trading tokenised securities. The launch is also a first for Bitfinex Securities, as Crest and LBAF will be its first tokenised funds.
The two funds were designed with different objectives. Crest, co-founded with onchain analyst Willy Woo and launched in March 2022, is USD-denominated and seeks returns above US Treasury bill yields. LBAF, launched in April 2025, is designed for investors who measure returns in Bitcoin and targets net annualised returns of 8–12% in Bitcoin terms. Both are multi-manager quantitative hedge funds allocating across market-neutral digital-asset strategies, including funding-rate, cross-venue and volatility arbitrage, market making and DeFi. The release states the underlying strategies have delivered positive returns every year since 2022. Both funds are segregated portfolios of CMCC Global SPC in the Cayman Islands.
BTCS S.A., a Warsaw- and Frankfurt-listed digital asset treasury company, has agreed to act as anchor investor, intending to allocate an undisclosed triple-digit bitcoin amount to the forthcoming LBAF launch via Bitfinex Securities. BTCS CEO Marlena Lipińska said LBAF's bitcoin-denominated returns, managed by a team with a multi-year track record in market-neutral strategies, made it suitable for a listed company's treasury. Martin Baumann, Co-Founder and Managing Partner of CMCC Global, described tokenisation as "the biggest transformation to financial services in a generation." Jesse Knutson, Head of Operations at Bitfinex Securities, said the company expects many more fund managers to follow CMCC Global's lead.
Tokens are minted against underlying participating shares and burned on redemption, maintaining a 1:1 economic representation of fund interests, according to the release. Holders will be subject to full KYC and AML controls and can trade on a 24/7/365 secondary market through Bitfinex Securities, or self-custody using approved, whitelisted addresses. Subscriptions are open until 30 October 2026, with early-participant incentives during the initial offering period. The release notes that the offerings follow growth in tokenised stablecoins, government bonds and money-market funds, though it does not provide current asset figures for the funds themselves.
The two funds were designed with different objectives. Crest, co-founded with onchain analyst Willy Woo and launched in March 2022, is USD-denominated and seeks returns above US Treasury bill yields. LBAF, launched in April 2025, is designed for investors who measure returns in Bitcoin and targets net annualised returns of 8–12% in Bitcoin terms. Both are multi-manager quantitative hedge funds allocating across market-neutral digital-asset strategies, including funding-rate, cross-venue and volatility arbitrage, market making and DeFi. The release states the underlying strategies have delivered positive returns every year since 2022. Both funds are segregated portfolios of CMCC Global SPC in the Cayman Islands.
BTCS S.A., a Warsaw- and Frankfurt-listed digital asset treasury company, has agreed to act as anchor investor, intending to allocate an undisclosed triple-digit bitcoin amount to the forthcoming LBAF launch via Bitfinex Securities. BTCS CEO Marlena Lipińska said LBAF's bitcoin-denominated returns, managed by a team with a multi-year track record in market-neutral strategies, made it suitable for a listed company's treasury. Martin Baumann, Co-Founder and Managing Partner of CMCC Global, described tokenisation as "the biggest transformation to financial services in a generation." Jesse Knutson, Head of Operations at Bitfinex Securities, said the company expects many more fund managers to follow CMCC Global's lead.
Tokens are minted against underlying participating shares and burned on redemption, maintaining a 1:1 economic representation of fund interests, according to the release. Holders will be subject to full KYC and AML controls and can trade on a 24/7/365 secondary market through Bitfinex Securities, or self-custody using approved, whitelisted addresses. Subscriptions are open until 30 October 2026, with early-participant incentives during the initial offering period. The release notes that the offerings follow growth in tokenised stablecoins, government bonds and money-market funds, though it does not provide current asset figures for the funds themselves.
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