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Two tokenized funds have finished passing the hat on Bitfinex Securities, and the hat did not come back empty.
The Liberty Bitcoin Accumulation Fund (LBAF) and Crest (CREST), both managed by CMCC Global, have completed their first capital raises. Bitfinex Securities announced the results on November 3, 2026, with the pair accounting for over $15 million in combined tokenized interests.
These are the first tokenized funds listed on Bitfinex Securities, and they are also the first tokenized fund-of-funds under El Salvador’s digital asset framework.
How the raise worked
The subscription window for both funds opened on October 12, 2026, and closed on October 29, 2026. That gave investors a little over two weeks to commit.
Pricing was set per token. CREST tokens were issued at $10 each, while LBAF tokens were issued at 0.0001 BTC each, which worked out to approximately $8 at the time of the announcement.
The minimum subscription for both funds was a single token.
LBAF also landed a heavyweight early backer. BTCS S.A. served as the anchor investor for the fund and has signaled its intention to make a triple-digit BTC allocation.
Under the hood, the tokens were created on Tether’s Hadron platform, which handled both issuance and compliance.
The next step is trading. Secondary-market trading for both funds on Bitfinex Securities is expected to begin in November 2026, which would let holders buy and sell the tokens with other investors.
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What the funds actually do
The two products share a philosophy but chase different goals.
LBAF launched in April 2025 and aims to deliver annualized returns of 8-12% denominated in BTC. Its approach relies on market-neutral quantitative strategies.
Crest is the older sibling. It started in March 2022 and is designed to outperform US Treasury bill yields, the benchmark most cash managers use as their baseline.
Both funds share the same risk targets. They aim for zero annual drawdowns and target volatility below 5%.
Background: why tokenize a fund at all
Tokenization turns a fund share into a digital asset that can, in principle, change hands on an exchange. That is the pitch behind listing funds on a platform like Bitfinex Securities rather than keeping them in a manager’s private ledger.
El Salvador’s digital asset framework provides the regulatory home for these products. The fact that LBAF and Crest are the first tokenized fund-of-funds under that regime gives them an early-mover position.
A fund-of-funds structure means the product allocates capital into other investment vehicles rather than running every position directly. For investors, that typically means exposure to multiple strategies through one holding.
What this means
For investors, the most interesting feature here is the combination of tiny minimums and conservative targets. 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 far wider.
That said, 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 what they have promised to deliver.
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.
There is also a competitive angle 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.
For now, the numbers are modest by traditional finance standards. Over $15 million will not rattle Wall Street, but as a first run for a new kind of fund listing, it gives the market something concrete to measure.
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