Hong Kong-based cryptocurrency company Bixin Global has launched a fund (FOF) of 6,600 BTC valued at more than $63 million.
Bixin launched the fund to invest in cryptocurrency funds worldwide. The FOF is based on BTC and the main goal is to increase BTC stocks. The Bixin investment will be quantitatively based and can use arbitrage or trend analysis. The company also hopes to partner with other cloud mining and mining management companies.
“We are strong believers in bitcoin and it’s not what we want to see that the bitcoin ecosystem in China and elsewhere are in a silo,” said Liu Fei, who joined Bixin from the Huobi exchange in 2018 and now oversees the firm’s mining business and the fund of funds.
“We hope the fund of funds can contribute to a better global liquidity structure for the bitcoin ecosystem,” he added.
Cryptocurrency Funds are Booming
After the major fall in Bitcoin price in March, investors regained interest in cryptocurrency funds.
As reported last month, the Canadian asset management company 3iQ launched the first fund linked to the price of Bitcoin on the Toronto Stock Exchange.
The U.S. Securities and Exchange Commission allowed a $10 billion hedge fund to access the Chicago Mercantile Exchange’s Bitcoin futures in April.
In a brochure originally published on March 30, the U.S. Securities and Exchange Commission (SEC) confirmed that the Renaissance Medal Fund can now enter the booming bitcoin future market.
Brief History of Bixin
Bixin was founded in 2009 to provide financial services to cryptocurrency companies such as loans, transactions, and escrows. Today, Bixin is well known among China’s operators of Bitcoin wallets and mine pools.
The Bixin mining facility consumes approximately 300 megawatts-hour (MWh) and generates approximately 3000 Petahashes computing power, which is approximately 2.5% of the total hash rate of the Bitcoin network.
Do you know that you can win daily rewards for reading articles on Lightblocks.live. Learn more about it here.
