10 March 2013
The first Bitcoin hedge fund launches with 80,000 BTC
Exante Ltd.'s Bitcoin Fund reflects a pioneering step in the integration of Bitcoin into regulated financial vehicles. Launched from Malta, the fund represented a bridge between the bemerging bitcoin market and traditional investment strategies, catering to institutional investors and high-net-worth individuals.
Exante made history by launching the world’s first Bitcoin hedge fund in 2013. The Bitcoin Fund was incorporated as a Bermuda exempted company and registered as a segregated account company.
The fund offered an initial minimum subscription of $100,000. A 0.5% upfront subscription fee was charged. U.S. persons and institutions were initially unable to access the fund directly due to regulatory challenges. Exante operates from offices in Malta, Singapore, and Russia, with the fund receiving funds at Citibank London.
The fund invests in the core-level infrastructure of the new generation economy, focusing on Bitcoin. At the time, the fund had assets under management of $3.2 million (80,000 BTC). An annual management fee of 0.5% of Net Share Value, payable monthly, was applied.
The fund employed sophisticated security measures, including AES-256 encryption and Shamir’s Secret Sharing algorithm for private key protection. Exante intended to provide a two-way secondary market for trading of fund shares, similar to a contract for difference (CFD).
Exante made history by launching the world’s first Bitcoin hedge fund in 2013. The Bitcoin Fund was incorporated as a Bermuda exempted company and registered as a segregated account company.
The fund offered an initial minimum subscription of $100,000. A 0.5% upfront subscription fee was charged. U.S. persons and institutions were initially unable to access the fund directly due to regulatory challenges. Exante operates from offices in Malta, Singapore, and Russia, with the fund receiving funds at Citibank London.
The fund invests in the core-level infrastructure of the new generation economy, focusing on Bitcoin. At the time, the fund had assets under management of $3.2 million (80,000 BTC). An annual management fee of 0.5% of Net Share Value, payable monthly, was applied.
The fund employed sophisticated security measures, including AES-256 encryption and Shamir’s Secret Sharing algorithm for private key protection. Exante intended to provide a two-way secondary market for trading of fund shares, similar to a contract for difference (CFD).