CMCC Global Tokenises Two Crypto Funds in El Salvador

CMCC Global, a Hong Kong-founded crypto asset manager, is selling tokenised units of two of its funds through Bitfinex Securities in El Salvador. The tokens are built on Hadron, the tokenisation platform from Tether, the issuer of the USDT stablecoin. One of the funds targets returns of 8–12% a year measured in bitcoin.

In its announcement on 22 October, CMCC says the Crest Fund and the Liberty Bitcoin Accumulation Fund (LBAF) are “set to become the first-ever tokenised fund-of-funds offerings issued under El Salvador’s legal framework for digital assets”. That is the company’s claim. What can be checked is that both products are on the public issuance register of El Salvador’s digital-assets regulator, the Comisión Nacional de Activos Digitales (CNAD). The register lists CREST and LBAF, both issued by CMCC Global SPC through Bitfinex Securities El Salvador, with entries dated 18 August 2026.

What is on offer

According to CMCC, the two funds have different jobs:

Crest is denominated in dollars and “seeks to generate returns above US Treasury bill yields”. It was co-founded with the onchain analyst Willy Woo and launched in March 2022.
LBAF is for investors who count their returns in bitcoin. It “targets net annualised returns of 8–12 percent in Bitcoin terms”. It launched in April 2025.

Both are multi-manager quantitative hedge funds. CMCC says they allocate across market-neutral strategies, including funding-rate, cross-venue and volatility arbitrage, market making and DeFi. The funds are segregated portfolios of CMCC Global SPC in the Cayman Islands. Tokens are priced at $10 per CREST and 0.0001 BTC per LBAF, with a minimum of one token.

Each token is minted against a participating share in the fund and burned when it is redeemed, which CMCC describes as “a 1:1 economic representation”. Holders must pass identity and anti-money-laundering checks. Eligible holders can trade the tokens around the clock on Bitfinex Securities, or keep them in approved, whitelisted wallets.

Martin Baumann, CMCC’s co-founder and managing partner, said: “Tokenisation represents the biggest transformation to financial services in a generation. Every asset that can be tokenised will be tokenised.”

BTCS S.A., a Warsaw- and Frankfurt-listed bitcoin treasury company, has agreed to be the anchor investor. CMCC says it intends to allocate “an undisclosed triple-digit bitcoin amount”. Its chief executive, Marlena Lipińska, said: “Our Active Treasury model has one rule: the bitcoin on our balance sheet should earn more bitcoin.”

Two closing dates, and an earlier start

The dates need care. CMCC’s release says eligible investors can subscribe “until the 30th October 2026”. But Crypto Briefing reported on 12 October, citing Bitfinex Securities’ own release, that the raises had already opened and would run “through October 29”. TSN could not find Bitfinex Securities’ original release online to settle the difference. Anyone interested should check the date on the offering page itself.

Crypto Briefing also reported terms that CMCC’s release does not mention: for six months after listing, performance fees will be cut by half and redemption fees waived. It said the underlying shares are held by BFXS (PTC) Limited as trustee.

What a target is, and what it is not

The 8–12% figure is a target, and CMCC presents it as one. Nothing in the release guarantees it, and no audited return figures are published in it. CMCC says the underlying strategies “have delivered positive returns every year since 2022”. That is the manager’s own description of its record, not an independent measurement.

Market-neutral strategies aim to profit whether prices rise or fall. But they are not risk-free. Funding-rate and cross-venue arbitrage depend on the exchanges where the trades sit staying solvent and open, and DeFi strategies carry smart-contract risk. CMCC itself cites the collapse of the FTX exchange among the shocks its strategies came through. The token changes how a fund share is held and traded. It does not change what the fund owns. TSN’s guide to what backs a real-world-asset token sets out why that distinction matters.

Why Tether and Bitfinex want this

For Bitfinex Securities, these are the first tokenised funds on its platform. Jesse Knutson, its head of operations, said in CMCC’s release: “we expect many more fund managers to follow CMCC Global’s lead.” The CNAD register shows Bitfinex Securities El Salvador already acting as provider for other issues, including the USTBL Treasury-bill token issued by NexBridge.

For Tether, Hadron is part of a push beyond stablecoins. It has signed an exploratory agreement with Kazakhstan’s central bank, and it has faced questions in the US, including a Wall Street Journal report on payments to a firm co-owned by Bo Hines. Most of the tokenised funds launched in September came from large traditional managers. CMCC’s offering tests whether crypto-native hedge fund strategies can be sold through a regulated tokenised-securities venue rather than by private subscription.