Bixin stands as one of the earliest Bitcoin wallets startups and miner operators. On Friday, the company announced that it would dedicate 6600 BTC to a new fund of funds. At the time of writing, this attributes to $64.6 million in value.
Going All In For BTC
The company announced the fund of funds the same day as its proprietary value. According to Bixin, this fund of funds’ goal is to invest in global quantitative trading funds. Particularly, those funds who based their strategies on BTC futures contracts, arbitrage, as well as trend analysis.
Through the provision of more market-making activities and liquidity to these various trading desks, Bixin aims to increase its Bitcoin holdings. This comes just as Bitcoin’s halving event is set to occur in 3 days’ time, and shows Bixin’s “unwavering commitment” to Bitcoin as a whole, according to the announcement in question.
The Mandatory Public Statement
Liu Fei oversees the fund of funds and mining business of Bixin, having joined the company from the Huobi exchange back in 2018. Fei stated that Bixin is a firm believer in Bitcoin, aiming to see the BTC ecosystem in a silo both within China, and without. With this in mind, Fei stated that Bixin hopes that this new fund of funds is capable of contributing to improving the liquidity structure for Bitcoin on a global scale.
BIxin itself was founded all the way back in 2014 by Wu Gang, with Wu Gang already being busy with Bitcoin mining since 2009. As it stands now, Bixin is one of the most well-known Bitcoin mining pools and Bitcoin wallet operators in China.
A Brief history
The company had scaled up in late 2018/early 2019 to invest in Bitcoin self-mining, during the times of increasingly bearish markets. As it stands now, Bixin is operating a BTC mining facility expending approximately 300 megawatts per hour for about 3,000 petahashes per second, or PH/S. This, in turn, attributes to 2.5% of the total computing power of the Bitcoin network.
At around 2018, Bixin established its own financial service and investment arm, using its own capital for it. As it stands now, Bixin has already invested in leading crypto startups in China. A prime example of this would be MicroBT, one of the heavyweight contenders against the Bitmain mining giant’s dominance in the BTC mining hardware field.