Hilbert Capital, the asset management division of Hilbert Group AB (Nasdaq: HILB B) and Xapo Bank have completed the launch of their BTC-denominated credit fund with BTC3000 in initial investments – currently valued at USD175m.

Hilbert Capital is the investment manager for the Xapo Byzantine BTC Credit Fund which is planned to be made available to clients globally of Xapo Bank, subject to regulatory approval.

The fund enables investors with bitcoin balance sheets to earn a high-quality and institutional grade yield on their holdings.

In a press statement, Niclas Sandström, CEO of Hilbert Group, said: "Xapo and Hilbert have worked closely for approaching two years and in the last year have initiated a series of investments, culminating in the establishment of this offering. We expect Hilbert's previously-communicated $200m target for 2024 will be materially exceeded."