BTCS Plans to Allocate Three-Digit Amount of Bitcoin to Tokenized Liberty Fund
Key Facts
CMCC Global announced that BTCS S.A. agreed to act as a lead investor in the Liberty Bitcoin Accumulation Fund and intends to allocate a three-digit amount of bitcoin, without disclosing the specific figure, when the fund is expected to launch through Bitfinex Securities. The announcement places the commitment within the launch of two tokenized funds, Crest and Liberty, which the company says will be the first two fund-of-funds offerings issued under El Salvador’s digital asset legal framework. A separate BTCS disclosure, however, described the memorandum of understanding with CMCC Global, on behalf of the Liberty fund, as largely non-binding. The disclosure said the planned investment requires additional arrangements and fulfillment of applicable formal and regulatory requirements. The announcement therefore combines CMCC’s stated intention to allocate bitcoin with terms that have yet to be finalized, according to the company’s disclosure.
The two funds differ in the currency against which they measure their investment objectives. Crest is denominated in dollars and targets returns above those of U.S. Treasury bills, according to published information about the fund. Liberty, which focuses on bitcoin accumulation, targets net annual returns of between 8% and 12% denominated in bitcoin, according to Bitfinex Securities. That difference means Liberty’s objective is measured by an increase in the amount of bitcoin, while Crest’s objective is benchmarked against returns on a short-term U.S. government debt instrument. Published information describes both as multi-manager funds of funds, directing their investments to market-neutral digital asset strategies. CMCC presents the deal as deploying BTCS’s treasury in a strategy aimed at increasing its bitcoin holdings.
The BTCS chief executive said the company’s active treasury model is based on one rule: "The bitcoin on our balance sheet should generate more bitcoin." The statement links the company’s participation in Liberty to the goal of increasing its holdings of the currency through an allocation whose precise size CMCC has not disclosed. According to Bitfinex Securities, both funds use a multi-strategy approach that allocates capital across a portfolio of 10 to 20 market-neutral quantitative strategies. These include market making and funding, basis and volatility arbitrage, as well as cross-platform arbitrage. CMCC says the core strategies have generated positive returns every year since 2022. It added that they weathered disruptions including the collapse of Luna, the bankruptcy of FTX and the October 2025 flash crash, which it said amounted to $19 billion.
The two funds date back to different periods, according to CMCC Global. Crest launched in March 2022 and was co-founded by investor and analyst Willy Woo and CMCC Global. Liberty launched in April 2025, and both funds invest in market-neutral digital asset strategies. This history provides context for the funds’ objectives, but does not change the fact that the stated returns for the Liberty fund are a declared target, not a guaranteed realized return for investors. CMCC linked the strategies’ performance to years marked by major shocks in the cryptocurrency market, including the collapse of Luna and the bankruptcy of FTX. It also cited the October 2025 crash, which it described as amounting to $19 billion. These figures and precedents appeared in the company’s description of the performance of the funds’ core strategies.
Crest units are issued at $10 per unit, compared with 0.0001 bitcoin per Liberty unit, and the minimum subscription starts at one unit, according to a CMCC Global statement. Each token represents a 1:1 economic interest in fund participation units; tokens are minted against the underlying units and burned upon redemption. This enables eligible investors to trade the tokens on the secondary market around the clock, 24/7, through Bitfinex Securities, the statement said. The tokens are built using Tether’s Hadron platform, while Bitfinex Securities handles issuance, distribution and trading, and the company describes it as a regulated platform for capital raising and trading tokenized securities. Access to and trading in these products are subject to know-your-customer and anti-money-laundering requirements. CMCC said the two offerings target eligible investors.
For eligible investors, the initial public subscription remained open through October 30, 2026, according to a CMCC Global statement, with incentives for participants during the initial incentive period. The deadline follows the announcement of the funds’ expected launch, while the BTCS disclosure does not confirm that the bitcoin allocation has already been made. Execution remains subject to further arrangements and fulfillment of formal and regulatory conditions, according to the company’s disclosure on the memorandum of understanding. CMCC has not announced the amount of bitcoin BTCS intends to allocate, describing it only as a three-digit amount. This places the subscription deadline and participation terms within the announced offering, while BTCS’s allocation remains contingent on completing subsequent requirements.