• CMCC Global’s Crest and Liberty Bitcoin Accumulation Fund are the first tokenised fund-of-funds offerings issued under El Salvador’s Digital Asset Framework

• The USD-denominated Crest and Bitcoin-denominated LBAF funds invest across diversified market-neutral quantitative digital-asset strategies, including funding-rate arbitrage, cross-venue arbitrage and market making

• The funds are tokenised using Hadron by Tether, connecting blockchain-based issuance technology with Bitfinex Securities’ regulated infrastructure for distribution and secondary trading

Bitfinex Securities, a regulated platform for raising capital and trading tokenised securities, announces the opening of capital raises for Crest Fund and the Liberty Bitcoin Accumulation Fund, two CMCC Global funds set to become the first tokenised fund-of-funds offerings issued under El Salvador’s legal framework for digital assets.

The capital raise subscription period for both offerings will be open to eligible investors until 29 October 2026. Following completion of the raise, the respective tokens will be made available for secondary-market trading on Bitfinex Securities.

Crest and LBAF were co-founded by CMCC Global, one of Asia’s earliest asset managers focused exclusively on blockchain technology, alongside Willy Woo, founder of The Bitcoin Forecast market analytics newsletter and a pioneer of on-chain analysis. CMCC Global has operated in the digital-asset industry since 2016, with offices in Asia and North America.

Launched in March 2022 and April 2025 respectively, Crest and LBAF are both multi-manager quantitative hedge funds. The underlying strategy for the US-dollar-denominated Crest fund has operated since early 2022, providing the foundation for the later Bitcoin-denominated LBAF fund. The two funds allocate capital across diversified portfolios of digital-asset strategies, including funding-rate arbitrage, market making, cross-venue arbitrage, volatility arbitrage and decentralised finance (DeFi) strategies, with portfolio oversight provided by CMCC Global Co-founder and Managing Partner Martin Baumann.

Both funds are structured as segregated portfolios of CMCC Global SPC in the Cayman Islands, with the tokenised offerings representing economic interests in the relevant underlying participating shares. The tokens are issued by CMCC Global SPC and minted using Hadron by Tether, Tether’s platform for the issuance and lifecycle management of tokenised assets, with the digital securities issued and distributed through Bitfinex Securities El Salvador. The CREST and LBAF tokens are minted against the underlying participating shares of the fund and burned upon redemption, maintaining a 1:1 economic representation of the relevant fund interests. Transfers remain subject to KYC and AML controls, while eligible investors can access 24/7/365 secondary-market trading through Bitfinex Securities and self-custody tokens using approved, whitelisted addresses.

CREST tokens will be issued at $10 per token, while LBAF tokens will be issued at 0.0001 BTC (~$8.0 USD) per token, with a minimum investment of one token in each respective offering. The offerings will also include a six-month incentive period from the listing date, during which performance fees will be reduced by 50 percent and redemption fees waived. These benefits will remain attached to tokens traded on the secondary market for the remainder of the incentive period.

Martin Baumann, Co-Founder and Managing Partner of CMCC Global, commented:

“Crest and LBAF were developed around two different objectives: Crest is USD-denominated and seeks to generate returns above US Treasury bill yields, while LBAF is designed for investors who measure returns in Bitcoin units and targets net annualised returns of 8–12 percent. Both funds use diversified portfolios of quantitative, market-neutral strategies rather than relying principally on the directional performance of digital-asset markets.

“The underlying strategies have now been tested through several major periods of market stress, including the collapse of Terra and FTX, the USDC de-peg in March 2023 and the October 2025 flash crash, while generating positive returns in each calendar year. That track record gave us confidence in extending the strategy into a Bitcoin-denominated format through LBAF.

“Tokenising the funds is a natural extension of the infrastructure we have built at CMCC Global. We believe regulated tokenised markets such as those facilitated by Bitfinex Securities represent a more efficient way for investment funds to be issued, distributed and traded, while providing investors with access to strategies developed specifically for digital-asset markets.”

The offerings come as tokenisation continues to expand across global capital markets, with much of the recent focus centred on bringing traditional assets, including government bonds, money-market funds and equities, onto blockchain-based infrastructure. Crest and LBAF represent another side of that development: investment products created within digital asset markets themselves using regulated tokenised securities infrastructure for issuance, distribution and secondary trading.

The two offerings broaden the range of asset classes and investment structures available through Bitfinex Securities. Since launching in 2021, Bitfinex Securities has provided a regulated venue for the issuance and trading of tokenised securities, combining blockchain technology with regulated market infrastructure for issuers and eligible investors.

To date, the platform lists over $500 million in assets, including tokenised subordinated debt issued by a UK credit union (Titan 1), litigation financing (Titan 2 and Titan 4), Bitcoin hashrate contracts (BMN2) and US Treasury bills (USTBL). Issuance activity has accelerated in 2026, including the listing of five tokenised bitcoin treasury company products issued through ORO (II), including products linked to Strategy (CMSTR) and Metaplanet (CMPTL), and a successful $50 million capital raise for Alkemya Metacore SCSp (ALKN), the largest to date on the Bitfinex Securities platform. CREST and LBAF bring the number of new products added this quarter to eight and will be the first tokenised funds listed on the platform.

Jesse Knutson, Head of Operations at Bitfinex Securities, commented:

“Tokenisation is often discussed in terms of bringing existing traditional assets onchain, but its potential extends well beyond that. Crest and LBAF demonstrate how investment products developed within digital-asset markets can also use regulated tokenised infrastructure for capital raising, distribution and secondary trading.

“These offerings expand the range of investment structures being brought to market through Bitfinex Securities and are another example of how tokenisation can connect issuers and investors through more open and technologically advanced capital-market infrastructure. Building that infrastructure across a broad range of assets and financing models is central to what we are doing at Bitfinex Securities.”

Each CREST token represents an economic interest in one participating share of the CMCC Global SPC Crest Segregated Portfolio. Each LBAF token represents an economic interest in one Class BTC Participating Share of the Liberty Bitcoin Accumulation Fund Segregated Portfolio. In each case the share is held by BFXS (PTC) Limited as trustee under a depositary deed.

Source: Bitfinex Securities