RATE Group | Bixin Unveils $65M BTC-Denominated Fund to Get More Bitcoin
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Bixin Unveils $65M BTC-Denominated Fund to Get More Bitcoin

10 May Bixin Unveils $65M BTC-Denominated Fund to Get More Bitcoin

Posted at 11:57h in Bitcoin News by

Bixin Global, a Hong Kong-based cryptocurrency firm, has launched a fund of funds (FOF) financed with 6,600 Bitcoin (BTC), worth over $65 million as of press time.

Main goal: increase Bitcoin holdings

According to a May 8 announcement, Bixin launched the fund to invest in cryptocurrency funds globally. The FOF is BTC-denominated and its main goal is to increase its Bitcoin holdings.

The strategies of the funds that Bixin intends to invest in will be quant-based and can utilize arbitrage or trend analysis. Furthermore, the firm also hopes to develop partnerships with other firms on mining management, cloud mining and funding of mining operations in general.

Founded in 2009, Bixin provides financial services for cryptocurrency firms such as lending, exchanging and escrow. Bixin’s mining facilitates reportedly use about 300 megawatt-hours of electricity and generates around 3,000 petahashes of computing power, which is equivalent to roughly 2.5% of the network’s total hashrate.

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