CMCC Global, a $500 million Hong Kong-based crypto investment business, is diversifying its funds portfolio to reach all corners of blockchain-based finance.
The team began fundraising for the fourth iteration of its Alpha series of pure token-based investment vehicles in April this year. It’s now preparing its first equity VC fund, with a market-neutral crypto fund of funds on the drawing board.
These are on top of three token-based funds and a Cayman-regulated bitcoin tracker strategy that is currently available only to institutional investors, but which CMCC is hoping to list as an exchange-traded fund, possibly in Australia.
“CMCC Global’s mission is not to manage just one fund,” said Martin Baumann, co-founder and managing partner (pictured, left). It wants to become a global asset manager across the asset class of blockchain-based enterprise: “We are building the BlackRock of crypto.”
That may sound aspirational. BlackRock manages $9.5 trillion today, and there are plenty of startups who say they are going to be the XYZ of crypto.
But CMCC is already managing $500 million after five years, and it counts a roster of big-name investors and general partners, including Hong Kong tycoon Richard Li and other Asian elites, as well as Cameron and Tyler Winklevoss.