On Dec. 8 the two new funds were officially announced in a press release. The two new funds are:-
Asia Bitcoin Trust I
Atlas Mining Trust I
Coinbase Custody Will Act As Custodian For Both Trusts
Coinbase Custody will act as custodian for both trusts, with Asia-based Profound Trust Company acting as trustee. The combined size of the two trusts is $200 million.
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The firm’s CEO Kevin Yang states:
“As the investment manager of the Trust, IDEG will apply a range of hedging and arbitrage strategies in order to gain more Bitcoin for the investors and meanwhile effectively control the risk of drawdowns.”
Asia Bitcoin Trust I, is an actively managed investment vehicle. It was being pitched by the firm as a contrast to Grayscale’s flagship Bitcoin Trust which has seen consistent year-on-year appreciation outstripping many traditional investments.
IDEG Aiming To Drive Traditional Investors To Include Crypto In Their Allocation Strategies
IDEG is aiming to drive traditional investors to include crypto in their allocation strategies by offering a second trust that enables investors to share in the profits generated from IDEG’s mining business.
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IDEG founder Raymond Yuan claims that the firm is seeing solid return ratios on its mining activities because of its focus on capex, opex, operational and risk management strategies, as well its capacity to invest in hardware and infrastructure.
IDEG founder Raymond Yuan adds:
“Individual miners are dropping out because institutional miners like us can improve in almost every aspect,”
Source: Cointelegraph Image Credits: FM