Bitfinex Securities launches tokenized fund offerings using Tether’s Hadron

CMCC Global co founded the funds with Bitcoin analyst Willy Woo. Crest launched in March 2022, while LBAF launched in April 2025. Both allocate capital across quantitative managers using strategies such as funding rate arbitrage, market making, arbitrage across exchanges and DeFi.

Crest is denominated in dollars and seeks to generate returns above US Treasury bill yields. LBAF measures returns in Bitcoin and targets net annualized returns of 8% to 12%, according to CMCC Global Managing Partner Martin Baumann.

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

CMCC has previously described LBAF as a strategy for generating Bitcoin denominated yield through quantitative trading. Its return target is measured in Bitcoin rather than dollars.

CREST tokens will be issued at $10 each and LBAF tokens at 0.0001 BTC each. The minimum investment is one token, although participation remains subject to investor eligibility and verification requirements.

The offerings include a six month period following listing during which performance fees will be cut by 50% and redemption fees waived. Those benefits will remain attached to tokens traded on the secondary market for the remainder of the period.

Both funds are structured as segregated portfolios of CMCC Global SPC in the Cayman Islands. The tokens represent economic interests in underlying participating shares held by BFXS (PTC) Limited as trustee.

Tokens will be minted against the underlying shares and burned upon redemption. Transfers will be subject to identity verification and anti money laundering controls. Eligible investors will also be able to hold tokens in approved wallets and trade them around the clock on Bitfinex Securities.

Tether launched Hadron in November 2024 as a platform for issuing and managing tokenized assets, including stocks, bonds and funds. Its tools cover token issuance and burning, compliance and lifecycle management.

The offerings expand Bitfinex Securities’ lineup beyond products such as tokenized debt, Bitcoin hashrate contracts and US Treasury bills. The company said it now lists more than $500 million in assets and recently completed a $50 million capital raise for Alkemya Metacore, its largest to date.