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Crypto hedge fund BXB eyes $27m for bitcoin-based fund

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Cryptocurrency hedge fund firm BXB Capital, which is owned by Binance Korea’s co-founders JJ Petersen and Alex Friedberg, is looking to raise $27 million for a new fund, with all capital commitments being made exclusively in bitcoin, according to a report by Fortune.

The new vehicle, which Singapore-based BXB hopes to launch in July of this year, has reportedly so far attracted 400 BTC, around $10 million, from investors.

As well as raising capital in bitcoin, all of the new fund’s trading strategies will also be carried out in the world’s largest cryptocurrency with any investor returns being made in BTC, too.  

According to Petersen, many crypto-oriented investors no longer want to hold more dollars, so they see the new BXB fund as an opportunity to earn in bitcoin without the use of lending or yielding products.

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