Two tokenized funds managed by CMCC Global have completed their first capital raises on Bitfinex Securities, the platform announced on November 3, 2026. The Liberty Bitcoin Accumulation Fund (LBAF) and Crest (CREST) together accounted for over $15 million in combined tokenized interests.
These are the first tokenized funds listed on Bitfinex Securities and the first tokenized fund-of-funds under El Salvador’s digital asset framework.
Subscription details
The subscription window for both funds opened on October 12, 2026, and closed on October 29, 2026. CREST tokens were issued at $10 each, while LBAF tokens were issued at 0.0001 BTC each, approximately $8 at the time of the announcement. The minimum subscription for both funds was a single token.
LBAF also secured an anchor investor: BTCS S.A. has signaled its intention to make a triple-digit BTC allocation. The tokens were created on Tether’s Hadron platform, which handled issuance and compliance.
Secondary-market trading for both funds on Bitfinex Securities is expected to begin in November 2026.
Fund strategies
LBAF launched in April 2025 and aims to deliver annualized returns of 8-12% denominated in BTC using market-neutral quantitative strategies. Crest, which started in March 2022, is designed to outperform US Treasury bill yields.
Both funds share the same risk targets: zero annual drawdowns and target volatility below 5%.
Tokenization and structure
Tokenization turns a fund share into a digital asset that can change hands on an exchange. El Salvador’s digital asset framework provides the regulatory home for these products, giving LBAF and Crest an early-mover position as the first tokenized fund-of-funds under that regime.
A fund-of-funds structure means the product allocates capital into other investment vehicles rather than running every position directly, typically offering exposure to multiple strategies through one holding.
What it means
The combination of tiny minimums and conservative targets is notable. Market-neutral strategies with volatility goals below 5% have historically been the domain of institutions and wealthy clients, and a one-token minimum opens the door wider.
However, targets are not guarantees. LBAF’s 8-12% BTC return range and both funds’ zero-drawdown aims describe what the managers are trying to achieve, not promised results.
The BTCS S.A. commitment is another item to track. An anchor investor signaling a triple-digit BTC allocation lends credibility, but intentions and completed transfers are two different things.
For the platforms involved, Bitfinex Securities now has a working template for listing tokenized funds, and Tether’s Hadron has a live example of its issuance and compliance tooling in action.
At over $15 million, the raise is modest by traditional finance standards, but as a first run for a new kind of fund listing, it gives the market something concrete to measure.
