CMCC Global Taps Tether and Bitfinex for Tokenized Bitcoin Funds
Asset manager CMCC Global is launching tokenized versions of two digital-asset investment funds, partnering with Tether and Bitfinex Securities to issue the products under El Salvador’s legal framework. The move, announced on October 22, 2026, represents a significant step in bringing complex, actively managed crypto strategies into a regulated, on-chain format, including new tokenized Bitcoin funds.
The collaboration involves Hong Kong-based CMCC Global as the investment manager, Tether providing its “Hadron” tokenization platform, and Bitfinex Securities El Salvador acting as the regulated venue for issuance, distribution, and secondary trading. This initiative will see CMCC’s Crest Fund and Liberty Bitcoin Accumulation Fund (LBAF) become the first tokenized fund-of-funds available under the Central American nation’s progressive digital asset laws.
The rise of tokenized Bitcoin funds
For years, the conversation around tokenizing real-world assets (RWA) has largely centered on stablecoins and, more recently, US Treasury bills. This venture pushes the boundary further, applying blockchain technology to professionally managed hedge fund strategies. It signals a market maturation where the benefits of on-chain assets—such as 24/7 trading and potential for self-custody—are applied to more sophisticated financial products.
Martin Baumann, Co-Founder and Managing Partner of CMCC Global, framed the development as a watershed moment. “Tokenisation represents the biggest transformation to financial services in a generation,” he said. “Every asset that can be tokenised will be tokenised. Stablecoins and Treasuries proved the model at a scale of hundreds of billions of dollars.
Now it’s time for investment funds.” The use of Tether’s infrastructure is a core component; the company operates the world’s largest stablecoin, USDt, and its Hadron platform is designed to issue and manage tokenized assets.
The partnership structure is designed to leverage each company’s strengths. CMCC Global brings its investment track record, Tether provides the technological backbone through its Hadron platform launched in November 2024, and Bitfinex Securities offers the regulated environment necessary for institutional adoption.
Baumann added, “By partnering with Tether and Bitfinex Securities we are selecting issuance technology proven at the scale of the world’s largest stablecoin, USDt, together with a regulated venue purpose-built for tokenised securities.”
Inside the two distinct fund strategies
The two funds cater to investors with different risk appetites and performance benchmarks. Both operate as segregated portfolios in the Cayman Islands and employ a multi-manager, market-neutral approach, utilizing strategies like arbitrage and market making. The firm notes these strategies have delivered positive returns each year since 2022, navigating severe market stress including the Luna collapse and FTX bankruptcy.
Crest fund targets stable returns
The Crest fund, co-founded by CMCC Global and renowned on-chain analyst Willy Woo, is denominated in US dollars. Its objective is to generate returns that outperform US Treasury bill yields. Having started operations in March 2022, it has an established track record.
The tokenized version will be available at an issuance price of $10 per CREST token, with a minimum subscription of just one token, making it highly accessible.
Liberty Bitcoin Accumulation Fund (LBAF)
In contrast, the Liberty Bitcoin Accumulation Fund (LBAF), which debuted in April 2025, is for investors who measure their wealth in Bitcoin. The fund is denominated in BTC and has a target of 8–12% net annualized returns in Bitcoin terms.
This unique structure is designed to help investors grow their Bitcoin holdings regardless of the cryptocurrency’s dollar price. The LBAF token will have an issuance price of 0.0001 BTC. The growth of such sophisticated products reflects a maturing digital asset market, where specialized financial instruments, like crypto derivatives, are gaining traction.
The crucial role of regulated infrastructure
Unlike many permissionless DeFi protocols, participation in these tokenized funds is strictly controlled. The offerings are subject to full Know-Your-Customer (KYC) and Anti-Money Laundering (AML) checks. This regulated approach is key to attracting institutional capital and professional investors who require compliance and legal certainty. Once approved, eligible investors can trade the tokens 24/7 on the Bitfinex Securities platform.
“CMCC Global is setting the standard for the next wave of tokenisation: taking investment strategies built inside digital-asset markets and bringing them onchain on regulated infrastructure,” stated Jesse Knutson, Head of Operations at Bitfinex Securities. He noted that the offerings demonstrate what “open, 24/7 capital markets can do for issuers and investors.”
The platform also supports self-custody options for token holders using approved, whitelisted wallet addresses.
The initiative has already secured an anchor investor, BTCS S.A., a digital asset treasury company listed in Warsaw and Frankfurt. BTCS S.A. has agreed in principle to allocate a “triple-digit” amount of Bitcoin, though the exact figure remains undisclosed.
Marlena Lipińska, CEO of BTCS S.A., explained the rationale: “Our Active Treasury model has one rule: the bitcoin on our balance sheet should earn more bitcoin. LBAF measures its returns in bitcoin…and is now available as a tokenized security on a regulated venue. For a listed company that is the right combination.”
El Salvador’s framework and broader implications
The choice of El Salvador as the legal jurisdiction is no accident. The country has actively worked to create a clear and supportive regulatory environment for digital assets, positioning itself as a hub for financial innovation.
This launch serves as a major test case for its framework, potentially paving the way for more fund managers to follow suit. The project’s success could significantly influence how other nations approach the regulation of tokenized securities.
This move is about more than just two new products; it’s a blueprint for blending the efficiency of blockchain with the structure of traditional finance. By maintaining a 1:1 economic representation of the underlying fund shares—where tokens are minted upon investment and burned upon redemption—the model offers on-chain transparency without dismantling familiar fund governance.
The strategy of accumulating more Bitcoin through LBAF resonates with the long-term bullish outlook held by many in the industry.
However, the path forward is not without challenges. The announcement clarifies that the token price does not guarantee portfolio returns or uninterrupted secondary market liquidity. Technology can programmatically manage transfers, but it cannot eliminate investment risk or the need for transparent governance. The initial capital raise, which is open for subscription until October 30, 2026, will be the first test of investor appetite.
The veterans behind the venture
CMCC Global is not a newcomer to the crypto space. Founded in Hong Kong in 2016 by Martin Baumann and Charlie Morris, it was one of Asia’s first investment managers dedicated exclusively to blockchain.
The firm boasts an impressive track record, including early investments in Bitcoin at $600, Ethereum at $7, and Solana at just $0.20, underscoring its deep understanding of the market’s long-term potential.
The firm operates across four main business lines: digital asset funds, equity venture capital, a fund of hedge funds focused on market-neutral strategies, and a capital markets business. This diverse expertise provides a solid foundation for launching innovative products like the new tokenized funds. Their history of identifying foundational protocols early suggests a strategic, forward-looking approach that extends to their view on financial market structure.
Ultimately, this collaboration between CMCC Global, Tether, and Bitfinex Securities could be a pivotal moment for digital assets. If successful, it will provide a compelling model for other asset managers looking to bridge the gap between traditional finance and the burgeoning world of on-chain securities.
The industry will be watching closely to see if this blend of proven investment strategy and regulated tokenization can attract the next wave of capital.