CMCC Global has tokenised units in two of its fund-of-funds vehicles under El Salvador’s digital asset framework, using Tether’s Hadron platform and Bitfinex Securities for planned issuance, distribution and secondary-market trading. The Hong Kong-based digital asset manager says the Crest Fund and Liberty Bitcoin Accumulation Fund are the first tokenised fund-of-funds products issued under the country’s digital asset regime.
BTCS S.A., a digital asset treasury company listed on Warsaw’s NewConnect market and the Frankfurt Stock Exchange, has agreed to serve as an anchor participant. BTCS said it plans to allocate an undisclosed triple-digit amount of Bitcoin through the offering, providing an early institutional-sized commitment without disclosing the value of the purchase.
The launch puts shares in Cayman Islands fund structures onto a digital ledger while retaining the underlying portfolios and investment mandates. Each token is minted against an underlying participating share and burned when redeemed, according to CMCC Global, giving the token a 1:1 economic representation of the relevant fund interest.
Subscription for both products is scheduled to remain open until October 30, 2026. Participation is limited to eligible users meeting the platform’s know-your-customer and anti-money-laundering requirements. CMCC Global said early subscribers may qualify for an initial public offering incentive period, although the terms were not detailed in the announcement.
Two funds with different reference currencies
The Crest Fund is denominated in US dollars and seeks returns above US Treasury bill yields. Its token, CREST, will be offered at $10 per unit, with a minimum subscription of one token.
The Liberty Bitcoin Accumulation Fund takes a different approach. It measures performance in Bitcoin rather than dollars and targets net annualised returns of 8% to 12% in Bitcoin terms. Its LBAF token will be priced at 0.0001 BTC, also with a one-token minimum.
That split gives participants a choice between a dollar-referenced vehicle designed to outperform short-term government debt benchmarks and a Bitcoin-referenced strategy intended to increase Bitcoin-denominated holdings. The distinction matters for treasury companies and long-term Bitcoin holders whose liabilities, reporting currency, or accumulation goals may not be tied solely to US dollars.
Neither target represents a guarantee. Market-neutral strategies can lose money when trading relationships break down, counterparties fail, liquidity disappears, or hedges do not perform as expected. Tokenising the fund interests also introduces operational considerations, including wallet controls, transfer restrictions and the rules governing redemptions.
Market-neutral strategies behind the tokens
Both funds are segregated portfolios of CMCC Global SPC, a Cayman Islands segregated portfolio company. CMCC Global describes the vehicles as multi-manager quantitative hedge funds that allocate across market-neutral digital asset strategies.
The reported strategy set includes funding-rate arbitrage, cross-venue arbitrage, volatility arbitrage, market making and decentralised-finance positions. Funding-rate strategies generally seek to capture periodic payments between long and short participants in perpetual futures markets, while cross-venue trades aim to exploit price gaps for the same asset across different venues. These approaches are typically designed to reduce direct exposure to broad market direction, though they remain exposed to execution, leverage, liquidity and counterparty risks.
CMCC Global said the underlying strategies generated positive returns in every year since 2022, including periods marked by the collapse of the Terra ecosystem and the bankruptcy of FTX. The firm also cited performance through a $19 billion market flash crash in October, though it did not provide a full audited performance record in the announcement.
Crest launched in March 2022 and was co-founded by market analyst Willy Woo alongside CMCC Global. The Liberty Bitcoin Accumulation Fund began operations in April 2025 as the manager expanded its Bitcoin- and stablecoin-related accumulation products.
Trading planned around the clock
Bitfinex Securities is expected to handle issuance, distribution and trading of the fund tokens. CMCC Global said secondary trading is planned on a 24-hour, seven-day basis, subject to the venue’s eligibility requirements and market operations.
The structure could give qualifying holders more flexibility than conventional private fund interests, which are often transferred infrequently and may impose lengthy redemption cycles. Yet continuous trading does not ensure continuous liquidity. The ability to sell depends on the presence of eligible counterparties, token transfer rules, available market makers and the relationship between secondary-market prices and the underlying net asset value.
CMCC Global said holders will be able to use self-custody through approved whitelisted wallet addresses. The approach keeps compliance checks attached to transfers while allowing eligible participants to hold the tokenised interests outside a platform-controlled wallet.
El Salvador expands its digital asset fund market
The issuance adds another use case to El Salvador’s digital asset legal framework, which has sought to create a regulated route for digital securities and tokenised financial products. In this case, the jurisdiction is being used for tokenised interests in offshore fund portfolios rather than for a direct tokenisation of Bitcoin or a conventional bond.
CMCC Global, founded in Hong Kong in 2016, operates digital asset funds, venture investments, market-neutral fund-of-funds strategies and a capital markets business, according to the firm. It has previously highlighted early purchases of Bitcoin, Ethereum and Solana as part of its history in the sector.
For BTCS, the proposed allocation would extend its Bitcoin treasury strategy into a vehicle designed to compound returns in Bitcoin terms. For CMCC Global, the offering tests whether regulated tokenised fund units can attract participants seeking smaller minimums, faster transferability and Bitcoin-denominated performance without relying on a simple directional bet on Bitcoin’s price.
Explore how regulated venues handle tokenised assets in practice with Toobit’s detailed guide on tokenized equities today.
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