Bitfinex Securities Opens CMCC Tokenized Fund Raises Through Oct. 29

Two crypto-native funds come to a regulated token venue

Bitfinex Securities has opened capital raises for two funds managed by CMCC Global. One is the dollar-denominated Crest Fund. The other is the Liberty Bitcoin Accumulation Fund (LBAF), which measures its results in bitcoin. The platform calls them the first tokenised fund-of-funds offerings issued under El Salvador's digital asset framework.5 Eligible investors can subscribe until 29 October 2026. Once the raises close, the tokens are expected to trade on the secondary market of Bitfinex Securities.54

The deal is small next to the large tokenization programs at traditional asset managers. It still matters for two reasons. It shows a capital-raising channel being built for investment products that originate inside crypto markets, and it tests how much a token wrapper can change the investor experience of a hedge-fund-style vehicle. Coverage in trade and crypto outlets agrees on the basic facts. It differs in how much weight it puts on liquidity and risk.

The mechanics of the raise

CREST tokens will be issued at $10 each. LBAF tokens will be issued at 0.0001 BTC each, which the platform put at roughly $8. The minimum subscription is one token in either offering.5 Several outlets stress that the one-token minimum does not open the door to everyone. Participation still depends on eligibility and verification checks.42 TokenPost says LBAF is structured as a regulated Cayman Islands mutual fund for accredited investors.2 The low ticket price therefore makes positions easier to divide up, but it does not widen the pool of people allowed to buy.

Both funds are segregated portfolios inside CMCC Global SPC in the Cayman Islands. Each token carries an economic interest in one underlying participating share. BFXS (PTC) Limited holds those shares as trustee under a depositary deed.5 Tokens are minted against the shares and burned on redemption, so they keep a 1:1 economic link to the fund interests. Transfers are subject to know-your-customer and anti-money-laundering controls, and eligible holders can self-custody in whitelisted wallets.5

The tokens are minted on Hadron by Tether. Tether launched Hadron in November 2024 to issue and manage tokenized stocks, bonds and funds, with tools for issuance, burning, compliance and lifecycle management.4 TokenPost describes the split this way: Hadron supplies the issuance and compliance infrastructure, and Bitfinex Securities runs issuance and trading.2 The platform is licensed by El Salvador's National Commission of Digital Assets and also operates under the Astana International Financial Centre framework in Kazakhstan.2

The offering includes a fee incentive. For six months after listing, performance fees are cut by 50% and redemption fees are waived. Those terms stay with the tokens if they change hands on the secondary market during that window.51

What the funds actually do

The products are not bitcoin trackers. CMCC Global and Willy Woo, who runs The Bitcoin Forecast newsletter and is known for on-chain analysis, co-founded both funds. Crest launched in March 2022 and LBAF in April 2025. Both are multi-manager quantitative hedge funds.5 They spread capital across external managers running funding-rate arbitrage, market making, cross-venue arbitrage, volatility arbitrage and decentralized finance strategies. CMCC co-founder and managing partner Martin Baumann oversees the portfolios.5

The two funds are judged against different benchmarks. Crest aims to beat US Treasury bill yields in dollar terms. LBAF targets net annualized returns of 8% to 12% measured in bitcoin.14 Baumann describes both as market-neutral portfolios that do not depend mainly on the direction of crypto prices.4 He also says the underlying strategies earned positive returns in every calendar year while passing through the Terra and FTX collapses, the March 2023 USDC de-peg and the October 2025 flash crash.5 That is the manager's own description of its track record. The coverage reviewed here does not independently verify it, and TokenPost notes that the LBAF figure is a target, not a guarantee.2

Coindoo points out that a bitcoin-denominated target can be misread as a return from simply holding BTC, when it actually comes from active trading by outside managers.15 It also notes the risk in each benchmark. LBAF could post gains in bitcoin terms while its dollar value falls in a steep BTC sell-off. Crest could hit its dollar goal while lagging far behind a bitcoin rally.15 That is the right way to read these products. They are yield strategies with fund-level risk, not crypto exposure with a bonus attached.

Where the coverage diverges: liquidity

The sharpest difference in the reporting is about how easy it will be to exit. The issuer's announcement promotes round-the-clock secondary trading on Bitfinex Securities.5 Most crypto-trade coverage repeats that point.14 Coindoo adds a qualification: Liberty's own website says no secondary market for fund interests exists or is expected to develop.15

That disclosure may predate the tokenization, and the token venue is meant to address exactly that gap. Coindoo's broader point still holds. It describes liquidity in three layers: the fund's own redemption terms, the presence of an eligible buyer on the secondary market, and whether underlying managers can unwind positions to meet redemptions.15 KYC rules and investor-classification limits can shrink the pool of possible buyers, and the economic rights still come from the offering memorandum, not the token.15

My reading is that the announcement oversells what tokenization does here. The token improves administration, record-keeping and potential transferability. It does not turn a multi-manager hedge fund into a liquid instrument. Order-book depth after the 29 October close will show whether the 24/7 claim means anything in practice.

The capital-raising angle: a platform finding its scale

For Bitfinex Securities, the CMCC raises are part of a busier 2026. The platform says it lists more than $500 million in assets. These include tokenised subordinated debt from a UK credit union (Titan 1), litigation finance (Titan 2 and Titan 4), bitcoin hashrate contracts (BMN2) and US Treasury bills (USTBL).5 Earlier this year it listed five tokenised bitcoin-treasury-company products through ORO (II), including ones linked to Strategy and Metaplanet. It also completed a $50 million raise for Alkemya Metacore SCSp, its largest to date.5 Hokanews described that deal as a nickel-backed tokenized raise. TokenPost dated the $500 million listed-asset figure to September 2026.2

The platform has grown fast from a modest start. Its first listed bond, a Mikro Kapital microfinance instrument in late 2023, raised just over $5.2 million in USDT. Going from single-digit millions to a $50 million raise in under three years is real progress, though small next to conventional capital markets. Crest and LBAF bring the number of new products added this quarter to eight. They will also be the first tokenised funds listed on the platform.5

The new raises also broaden what the venue is for. Jesse Knutson, head of operations at Bitfinex Securities, argued that tokenization is not only about moving traditional assets onchain. In his view, products built inside digital-asset markets can also use regulated token rails for raising capital, distribution and secondary trading.5 That distinguishes Bitfinex's pitch from the bank and asset-manager programs focused on putting government bonds, money-market funds and equities onchain.5

CMCC's venture pedigree and the wider funding climate

CMCC Global has run blockchain strategies since 2016 and has offices in Asia and North America.5 It is also a venture investor. Its Titan Fund raised $100 million at first close in 2023, anchored by a $50 million commitment from Block.one, with backing from Pacific Century Group, Winklevoss Capital and Jebsen Capital.8 Titan invests at seed through Series A/B stages in infrastructure, fintech and consumer applications. In the past year it joined a $14 million Series A for Belo and a $4 million seed round for Veera.6

This matters because the firm is moving beyond the standard venture model. It now raises capital for its quant products through a tokenized retail-adjacent channel instead of relying only on limited-partner commitments. Crypto venture funding fell sharply after FTX, which made Titan's 2023 close notable when it happened.7 Distributing yield-focused fund-of-funds tokens through a regulated exchange is a different bet. It assumes there is demand for crypto-native strategies packaged as securities with small minimum tickets.

The verdict

The CMCC raises are a modest but meaningful step for tokenized capital formation. They are the first fund listings on a platform that has so far mostly hosted debt and asset-backed instruments, and they test whether crypto-native managers can raise capital through regulated token rails. The structure is sound: Cayman segregated portfolios, a trustee holding the shares, and minting and burning tied to redemptions. The weak point is the liquidity story. Investors should read the fund documents, not the token label, and treat the 8% to 12% bitcoin target as an aim, not a promise. The size of the raise when subscriptions close on 29 October, and how actively the tokens trade afterward, will show whether tokenized fund-of-funds become a real category or stay a niche product.