Bixin Global, a Hong Kong-based cryptocurrency company, has launched a Fund of Funds (FOF) funded with 6,600 Bitcoin (BTC) worth more than $ 65 millionat the time of printing.
Main goal: increasing Bitcoin holdings
According to an announcement on May 8, Bixin launched the fund to invest in crypto funds worldwide. The FOF is on BTC and The main goal is to increase Bitcoin holdings.
The strategies of the funds in which Bixin plans to invest are quantitative and can use arbitrage or trend analysis. The company also hopes to develop alliances with other mining management, cloud mining, and mining finance companies in general.
Bixin was founded in 2009 and offers financial services for cryptocurrency companies such as loans, exchanges and fiduciary transactions. According to reports The Bixin degradation facilitates the use of around 300 megawatt hours of electricity and generates around 3,000 Petahashes computing power, which corresponds to approximately 2.5% of the total hashrate of the network.
At the time of going to press, Bixin did not respond to Cointelegraph’s request for additional comments.
Cryptocurrency funds continue to thrive
After the sharp fall in Bitcoin prices in March, which saw at least one hedge fund fall, Crypto funds see renewed interest from investors.
As Cointelegraph reported in early April, Canadian asset manager 3iQ launched the first price-sensitive Bitcoin fund on the Toronto Stock Exchange after three years of work.
Also in April, the U.S. regulator gave a $ 10 billion hedge fund access to Chicago Mercantile Exchange bitcoin futures.