China-Based BTC Miner and Wallet, Bixin, Opens A $66M Crypto Investment ‘Fund Of Funds’

2020-5-8 15:52

One of the largest Bitcoin mining pools in China, Bixin, sets up a “fund of funds” dedicating over $60 million in crypto to boost market liquidity ahead of the upcoming halving event.

The announcement released on Friday states, Bixin will set aside 6,600 BTC (~66 million dollars) from its proprietary mining capital into the “fund of funds”. The funds will be invested in global quantitative trading funds with a special focus on arbitrage, BTC futures and general technical and trend analysis within the industry.

As Bitcoin heads into halving, the company aims to diversify its capital in an aim to increase revenues in the long term. The Bitcoin halving is set to occur in about 75 hours which is expected to lower the revenues of Bixin and miners in general. Bixin’s fund of funds aims to close in the liquidity gap, adding much needed liquidity and market making opportunities to these Bitcoin trading desks in a bid to foster growth in the Bitcoin ecosystem.

Liu Fei, head in Bixin’s mining activities and now in charge of the ‘fund of funds’ believes increased investment in Bitcoin will lead to better “global liquidity structure for the bitcoin ecosystem.” He further said,

“We are strong believers in bitcoin and it's not what we want to see that the bitcoin ecosystem in China and elsewhere are in a silo.”

The investment and finance arm of the company launched in mid-2018 and has since invested in several blockchain based projects including MicroBT, a mining hardware producer competing with leading firm in the BTC mining industry, Bitmain.

Wu Gang founded the firm back in 2014, launching as HaoBTC mining pool and later rebranding to Bixin. The mining pool has since witnessed steady growth over the years to become one of the most recognized blockchain wallets and mining pool across China. Currently the mining firm holds about 2.5% of the total BTC mining hash rate, roughly 3,000 petahashes per second (PH/s) in hash power.

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