Key Takeaways
- • Bitfinex Securities has opened capital raises for the CREST Fund and the Liberty Bitcoin Accumulation Fund (LBAF), two CMCC Global funds that are set to become the first tokenised fund-of-funds offerings issued under El Salvador's Digital Asset Framework.
- • The subscription period for both offerings runs until 29 October 2026, after which the tokens will be made available for secondary-market trading on Bitfinex Securities.
- • CREST is USD-denominated, issued at $10 per token, and targets returns above US Treasury bill yields; LBAF is Bitcoin-denominated, issued at 0.0001 BTC (about $8.00) per token, and targets net annualised returns of 8-12 percent.
- • Both are multi-manager, market-neutral quantitative digital-asset funds, tokenised via Hadron by Tether, with a six-month incentive period that halves performance fees and waives redemption fees for the listing period.
- • The offerings bring the number of new products listed on Bitfinex Securities this quarter to eight and are the first tokenised funds on the platform, which lists over $500 million in assets.
Summary
Bitfinex Securities, a regulated platform for raising capital and trading tokenised securities, has opened capital raises for the CREST Fund and the Liberty Bitcoin Accumulation Fund (LBAF), two funds managed by CMCC Global. According to the announcement, the offerings are the first tokenised fund-of-funds issued under El Salvador's legal framework for digital assets. Subscriptions are open to eligible investors until 29 October 2026, and the tokens will trade on Bitfinex Securities' secondary market once the raise completes.
CMCC Global, described as one of Asia's earliest asset managers focused exclusively on blockchain technology and operating in digital assets since 2016, co-founded both funds alongside Willy Woo, founder of The Bitcoin Forecast newsletter. Portfolio oversight is provided by CMCC Co-founder and Managing Partner Martin Baumann. CREST launched in March 2022 and LBAF in April 2025. Both are multi-manager quantitative hedge funds allocating across funding-rate arbitrage, market making, cross-venue arbitrage, volatility arbitrage and DeFi strategies. The CREST strategy has operated since early 2022 and underpins LBAF.
Structurally, both funds are segregated portfolios of CMCC Global SPC in the Cayman Islands. Tokens are issued by CMCC Global SPC and minted using Hadron by Tether, with distribution through Bitfinex Securities El Salvador. Each token is minted against and burned upon redemption of underlying participating shares, maintaining a 1:1 economic representation. Transfers are subject to KYC and AML controls, and the shares are held by BFXS (PTC) Limited as trustee. Baumann said the strategies have been tested through the collapse of Terra and FTX, the USDC de-peg in March 2023 and the October 2025 flash crash, and have posted positive returns in each calendar year.
The offerings add to a platform that, according to the announcement, lists over $500 million in assets, including tokenised subordinated debt, litigation financing, Bitcoin hashrate contracts and US Treasury bills. Bitfinex Securities also cited a $50 million raise for Alkemya Metacore, its largest to date, and five tokenised bitcoin treasury products issued in 2026. Jesse Knutson, Head of Operations at Bitfinex Securities, said the offerings demonstrate that digital-asset-native investment products can use regulated tokenised infrastructure for capital raising, distribution and secondary trading.
CMCC Global, described as one of Asia's earliest asset managers focused exclusively on blockchain technology and operating in digital assets since 2016, co-founded both funds alongside Willy Woo, founder of The Bitcoin Forecast newsletter. Portfolio oversight is provided by CMCC Co-founder and Managing Partner Martin Baumann. CREST launched in March 2022 and LBAF in April 2025. Both are multi-manager quantitative hedge funds allocating across funding-rate arbitrage, market making, cross-venue arbitrage, volatility arbitrage and DeFi strategies. The CREST strategy has operated since early 2022 and underpins LBAF.
Structurally, both funds are segregated portfolios of CMCC Global SPC in the Cayman Islands. Tokens are issued by CMCC Global SPC and minted using Hadron by Tether, with distribution through Bitfinex Securities El Salvador. Each token is minted against and burned upon redemption of underlying participating shares, maintaining a 1:1 economic representation. Transfers are subject to KYC and AML controls, and the shares are held by BFXS (PTC) Limited as trustee. Baumann said the strategies have been tested through the collapse of Terra and FTX, the USDC de-peg in March 2023 and the October 2025 flash crash, and have posted positive returns in each calendar year.
The offerings add to a platform that, according to the announcement, lists over $500 million in assets, including tokenised subordinated debt, litigation financing, Bitcoin hashrate contracts and US Treasury bills. Bitfinex Securities also cited a $50 million raise for Alkemya Metacore, its largest to date, and five tokenised bitcoin treasury products issued in 2026. Jesse Knutson, Head of Operations at Bitfinex Securities, said the offerings demonstrate that digital-asset-native investment products can use regulated tokenised infrastructure for capital raising, distribution and secondary trading.
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