Crypto-based wealth management company Metalpha Technology Holding, announced today that its Next Generation Fund I, in partnership with NextGen Digital Venture Limited, has secured a significant $5 million anchor investment from a leading crypto company.
According to a source with knowledge of the deal, the investor behind this strategic investment is Bitmain, a China-headquartered manufacturer of cryptocurrency mining hardware.
Metalpha said its licensed fund products, catering to the growing demand for exposure to cryptocurrencies from institutional investors, family offices, and high-net-worth individuals, have been gaining momentum. The Next Generation Fund I provides a regulated and compliant avenue for investing in Grayscale's products through structured derivatives.
With a target capital raise of $100 million, the fund had already secured $20 million as of March 2023.
In an announcement, Adrian Wang, president of Metalpha, expressed enthusiasm about the company's licensed fund products and the opportunities presented by the rapidly expanding digital assets industry in Hong Kong. He emphasized the company's commitment to providing competitive and compliant products to clients worldwide.
Metalpha, headquartered in Hong Kong, said it "aims to provide customers with high-quality investment products and trading capabilities and is committed to delivering the best structured derivative products to cryptocurrency market participants."
Related: Metalpha, NextGen Unveil Fund for Institutional, HNW Investors Seeking Crypto Exposure
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