Bixin Launches BTC Fund To Acquire More Bitcoin
Bixin Global, a Hong Kong-based crypto company, has launched a fund of funds with 6,600 Bitcoin, worth more than $65 million to expand its bitcoin holdings. The main goal of the firm is to increase its Bitcoin holdings.
According to a recent announcement, Bixin unveiled the fund to invest in crypto funds across the globe. The funds of funds are Bitcoin denominated, and the primary goal is to widen its Bitcoin holdings.
The strategies that Bixin will employ will be quant-based and can use trend analysis. Additionally, the firm also intends to develop partnerships with other firms on cloud mining, mining management, and general mining operations.
Bixin was founded in 2009, and since that time, it has provided financial services for crypto firms like escrow, exchanging, and lending. Bixin’s mining facilitates employ more than 300 megawatt-hours of electricity and generates more than 3,000 petahashes of computing power.
Crypto Funds Continue To Thrive
After the seismic Bitcoin price drop in March, which saw the fall of at least one hedge fund, crypto funds are attracting a new interest from investors. Crypto funds are attracting renewed interests, as seen by the recent move by 3iQ. The Canadian asset manager launched its first und tied to Bitcoin’s price on the Toronto stock exchange.
Also, last month, the US Securities and Exchange Commission allowed a $10 billion hedge fund to gain access to Chicago Mercantile Exchange’s Bitcoin futures.
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