Two funds with different return objectives
Crest targets returns above US Treasury bill yields and is denominated in US dollars. LBAF instead measures performance in bitcoin, targeting net annualized returns of 8%–12% in bitcoin terms.
Both operate as multi-manager quantitative hedge funds and are segregated portfolios of Cayman Islands-based CMCC Global SPC. Their market-neutral digital-asset strategies span funding-rate arbitrage, arbitrage across venues, volatility arbitrage, market making and DeFi.
CMCC Global and onchain analyst and investor Willy Woo co-founded Crest, which began operating in March 2022. LBAF followed in April 2025. According to CMCC Global, the underlying strategies have produced positive returns in every year since 2022, through disruptions including the Luna collapse, FTX's bankruptcy and the $19 billion flash crash in October 2025.
Token prices, trading and fees
Hadron, developed by USDT issuer Tether, will supply the technology for launching, managing and tracking the tokenized funds. Bitfinex Securities will handle issuance, distribution and trading through its regulated securities platform.
The issuance through Bitfinex Securities El Salvador prices each CREST token at $10 and each LBAF token at 0.0001 BTC. Investors can participate with as little as one token.
Each token represents an economic interest in the relevant fund on a 1:1 basis. Tokens are minted against participating shares and burned when redeemed, while the structure remains subject to full know-your-customer and anti-money-laundering controls.
Eligible holders will be able to trade on Bitfinex Securities' secondary market around the clock, every day of the year. They will also have the option to hold tokens in self-custody at approved, whitelisted addresses.
A six-month incentive period begins when the tokens are listed, according to Panamá América. During that period, performance fees are cut by 50% and redemption fees are waived entirely. The benefits remain attached to the assets when they trade on the secondary market.
BTCS commits as anchor investor
BTCS S.A. has agreed to anchor the LBAF offering and plans to allocate an undisclosed triple-digit amount of bitcoin at the forthcoming launch through Bitfinex Securities. The digital asset treasury company is listed in Warsaw and Frankfurt under NewConnect: BTF and FRA: 36C.
CEO Marlena Lipińska said the company's Active Treasury approach requires the bitcoin on its balance sheet to generate additional bitcoin. She cited LBAF's bitcoin-denominated returns, professional management and regulated tokenized-security format as reasons for the investment.
BTCS runs that treasury model without leverage. Its second-quarter 2026 interim report put total bitcoin exposure at 201.475362 BTC as of June 30, 2026. The total includes both directly held bitcoin and representations used in Bitcoin Layer-2 solutions.
El Salvador's issuance framework
CMCC Global says Crest and LBAF will also be the first tokenized funds offered on Bitfinex Securities. Jesse Knutson, the platform's head of operations, said he expects other fund managers to follow.
El Salvador established its digital asset issuance regime through the Digital Asset Issuance Law, known as LEAD, in 2023. The law created the Comisión Nacional de Activos Digitales (CNAD) to regulate digital asset issuances, stablecoins and tokenized real-world assets, according to a 2026 Chambers and Partners practice guide.
The guide reports more than 70 digital asset service provider licenses as of early 2026. It identifies Bitfinex Securities as the first provider approved under LEAD, in April 2023, and also lists Bitfinex Derivatives' approval in January 2025 and the core Bitfinex platform's approval in May 2026.
The same guide describes a November 2025 partnership among Hadron, Bitfinex Securities and asset manager KraneShares to issue tokenized versions of US exchange-traded funds from El Salvador under the country's regulatory framework.
Separately, TokenPost reported that Bitfinex Securities had more than $500 million in listed assets as of September 2026. The platform holds a license from El Salvador's CNAD and also operates under Kazakhstan's Astana International Financial Centre framework.
Subscription deadline
Eligible investors have until Oct. 30, 2026, to subscribe to the initial public offerings. The subscription pages are capital.bitfinex.com/crest and capital.bitfinex.com/lbaf.
