Bitfinex Securities Launches Tokenized Funds Using Tether’s Hadron Platform

Tokenized Quantitative Funds Launch on Bitfinex Securities

Digital asset investment firm CMCC Global, in collaboration with prominent Bitcoin analyst Willy Woo, is expanding the reach of its flagship institutional strategies through tokenization on Bitfinex Securities. The venture involves two distinct quantitative vehicles: Crest, which initially debuted in March 2022, and the Liquid Bitcoin Alpha Fund (LBAF), launched in April 2025. By deploying these funds as digital tokens, the managers aim to provide qualified investors with accessible, around-the-clock trading and liquid secondary market exposure to institutional-grade digital asset management.

The core design of both vehicles focuses on generating alpha without betting purely on market direction. Both vehicles deploy capital across a spectrum of professional quantitative managers employing market-neutral mechanisms, including funding rate arbitrage, exchange-based arbitrage, market making, and decentralized finance (DeFi) yields. Describing the strategic focus of the underlying portfolios, CMCC Global Managing Partner Martin Baumann highlighted the non-directional nature of their operations.

“Both funds use diversified portfolios of quantitative, market-neutral strategies rather than relying principally on the directional performance of digital-asset markets,” Baumann said.

Distinct Strategies: Dollar Stability vs. Bitcoin-Denominated Yield

While sharing a reliance on algorithmic execution, Crest and LBAF diverge in their currency denominations and return objectives. Crest is denominated in U.S. dollars and is structured to deliver returns surpassing prevailing U.S. Treasury bill yields. In contrast, LBAF is designed specifically for investors seeking to accumulate more underlying cryptocurrency without market timing. CMCC Global has designated LBAF as a framework for securing Bitcoin-denominated yield, targeting net annualized returns between 8% and 12% measured in BTC rather than fiat currency.

The tokenized mechanics offer granular entry points for verified participants. CREST tokens are priced at $10 each at issuance, while LBAF tokens are offered at 0.0001 BTC per unit. Both structures set the minimum barrier to entry at a single token, provided that participants successfully fulfill identity verification and anti-money laundering (AML) protocols. Furthermore, early adopters will benefit from an introductory incentive: during the first six months post-listing, performance fees are reduced by 50% and redemption fees are entirely waived. These fee reductions stay linked to the tokens if traded on Bitfinex Securities’ secondary market for the duration of the promotional timeframe.

Legal Architecture and Tether Hadron Integration

To ensure regulatory compliance and institutional governance, both funds operate as segregated portfolios under CMCC Global SPC, domiciled in the Cayman Islands. Investors holding the digital assets receive economic interests in underlying participating shares held in trust by BFXS (PTC) Limited. Tokens are dynamically minted upon the deposit of capital against underlying shares and systematically burned whenever a redemption takes place. Qualified participants maintain custody in approved wallets and can trade the assets 24/7 on the Bitfinex Securities platform.

The technical deployment is powered by Hadron, the asset tokenization platform launched by Tether in November 2024. Hadron’s administrative architecture provides full lifecycle oversight for tokenized assets—ranging from equities and debt instruments to alternative investment funds—managing minting, burning, and compliance requirements. For Bitfinex Securities, adding Crest and LBAF diversifies an investment catalog that already encompasses tokenized debt, Bitcoin mining hashrate contracts, and U.S. Treasury products. The platform now oversees more than $500 million in total listed assets, having recently finalized its largest funding event to date—a $50 million capital raise for Alkemya Metacore.

Why This Matters

The arrival of CREST and LBAF on Bitfinex Securities marks a notable shift in the real-world asset (RWA) and tokenization sector, migrating beyond basic tokenized fiat and government debt into complex, actively managed quantitative strategies. For the broader industry, it demonstrates how alternative fund managers can use infrastructure like Tether’s Hadron to dismantle high institutional minimums, automate compliance, and establish continuous, 24/7 liquidity on secondary order books. Furthermore, by offering an option denominated entirely in Bitcoin (LBAF), the fund provides an institutional pathway for long-term cryptocurrency holders to generate non-directional BTC yield without relying on high-risk directional exposure.

Frequently Asked Questions

What are the minimum investment amounts for CREST and LBAF tokens?

The minimum investment requirement for both funds is set at a single token—issued at $10 for CREST and 0.0001 BTC for LBAF. However, prospective buyers must satisfy investor eligibility standards, including anti-money laundering checks and identity verification, before purchasing or trading.

How does LBAF generate returns compared to Crest?

Crest is a U.S. dollar-denominated vehicle that seeks returns exceeding U.S. Treasury bill yields. LBAF measures its returns natively in Bitcoin, targeting a net annualized return of 8% to 12% in BTC by employing market-neutral quantitative approaches such as funding rate arbitrage, cross-exchange arbitrage, DeFi mechanisms, and market making.

What role does Tether Hadron play in this offering?

Tether’s Hadron platform acts as the core issuance and asset-servicing engine. It manages the token lifecycle, including the minting of tokens against underlying fund shares held in trust by BFXS (PTC) Limited, burning mechanisms upon redemption, and embedded compliance checks.