Key Takeaways
- • Crest and LBAF, two multi-manager quantitative hedge funds run by CMCC Global, are set to become the first tokenised funds available on Bitfinex Securities, a regulated platform for raising capital and trading securities.
- • Crest targets returns above US Treasury bill yields in US dollar terms, with a USD10 minimum subscription per token; LBAF targets 8-12% net annualised returns in Bitcoin terms, with a 0.0001 BTC minimum.
- • The tokens are backed 1:1 by participating fund shares, minted on issuance and burned on redemption, with infrastructure provided by Hadron by Tether.
- • BTCS S.A. has agreed to act as anchor investor, intending to allocate a triple-digit Bitcoin amount to the launch.
- • The subscription window closes on October 30, 2026, and participation is subject to full KYC and AML controls.
Summary
Crest and LBAF, two funds managed by CMCC Global, are set to become the first tokenised funds available on Bitfinex Securities, according to the publication. The tokens rely on Hadron by Tether, which provides the infrastructure to issue, manage and track the funds onchain. The launch converts existing investment funds into a tokenised structure rather than creating new vehicles.
Crest, co-founded by onchain analyst Willy Woo together with CMCC Global, began operations in March 2022, while LBAF debuted in April 2025. Each fund operates as a segregated portfolio under CMCC Global SPC in the Cayman Islands. The manager was founded in Hong Kong in 2016 and operates across digital asset funds, equity venture capital, funds of hedge funds and capital markets, with offices in Asia and North America.
The two funds differ in their return targets. Crest is denominated in US dollars and seeks returns above US Treasury bill yields. LBAF targets 8-12% net annualised returns in Bitcoin terms, aimed at investors who measure performance in Bitcoin units. Both are multi-manager quantitative hedge funds whose allocations span market-neutral digital asset strategies, including funding-rate arbitrage, cross-venue arbitrage, volatility arbitrage, market making and decentralised finance. CMCC Global said the underlying strategies have generated positive returns in every year since 2022, including through the Luna collapse, the FTX bankruptcy and the USD19bn flash crash in October 2025. These performance claims are the manager's own and have not been independently verified in the source.
The minimum subscription is one token per fund, at issuance prices of USD10 per CREST and 0.0001 BTC per LBAF. Tokens will be issued through Bitfinex Securities El Salvador. Each token maintains a 1:1 economic representation of the underlying participating fund shares. Eligible holders gain access to secondary-market trading on Bitfinex Securities 24 hours a day, and self-custody options using approved, whitelisted addresses. Participation remains subject to full know-your-customer and anti-money-laundering controls.
BTCS S.A., a digital asset treasury company listed in Warsaw and Frankfurt under NewConnect: BTF and FRA: 36C, has agreed to act as anchor investor through Bitfinex Securities, intending to allocate a triple-digit Bitcoin amount. CEO Marlena Lipińska said: "Our Active Treasury model has one rule: the bitcoin on our balance sheet should earn more bitcoin." She cited LBAF's Bitcoin-denominated returns, professional management and regulated tokenised security format as reasons for the commitment. Subscriptions for both offerings are open to eligible investors, with benefits for early participants during the incentive period, and close on October 30, 2026.
Crest, co-founded by onchain analyst Willy Woo together with CMCC Global, began operations in March 2022, while LBAF debuted in April 2025. Each fund operates as a segregated portfolio under CMCC Global SPC in the Cayman Islands. The manager was founded in Hong Kong in 2016 and operates across digital asset funds, equity venture capital, funds of hedge funds and capital markets, with offices in Asia and North America.
The two funds differ in their return targets. Crest is denominated in US dollars and seeks returns above US Treasury bill yields. LBAF targets 8-12% net annualised returns in Bitcoin terms, aimed at investors who measure performance in Bitcoin units. Both are multi-manager quantitative hedge funds whose allocations span market-neutral digital asset strategies, including funding-rate arbitrage, cross-venue arbitrage, volatility arbitrage, market making and decentralised finance. CMCC Global said the underlying strategies have generated positive returns in every year since 2022, including through the Luna collapse, the FTX bankruptcy and the USD19bn flash crash in October 2025. These performance claims are the manager's own and have not been independently verified in the source.
The minimum subscription is one token per fund, at issuance prices of USD10 per CREST and 0.0001 BTC per LBAF. Tokens will be issued through Bitfinex Securities El Salvador. Each token maintains a 1:1 economic representation of the underlying participating fund shares. Eligible holders gain access to secondary-market trading on Bitfinex Securities 24 hours a day, and self-custody options using approved, whitelisted addresses. Participation remains subject to full know-your-customer and anti-money-laundering controls.
BTCS S.A., a digital asset treasury company listed in Warsaw and Frankfurt under NewConnect: BTF and FRA: 36C, has agreed to act as anchor investor through Bitfinex Securities, intending to allocate a triple-digit Bitcoin amount. CEO Marlena Lipińska said: "Our Active Treasury model has one rule: the bitcoin on our balance sheet should earn more bitcoin." She cited LBAF's Bitcoin-denominated returns, professional management and regulated tokenised security format as reasons for the commitment. Subscriptions for both offerings are open to eligible investors, with benefits for early participants during the incentive period, and close on October 30, 2026.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.