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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Huobi Technology Holdings Limited    1611   VGG4671J1012

HUOBI TECHNOLOGY HOLDINGS LIMITED

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Huobi Technology : Bixin Global Announces 66 Million USD Global Fund of Funds for Cryptocurrency

05/08/2020 | 02:59am EST

HONG KONG, May 8, 2020 - (ACN Newswire) - - Bixin Global, one of China's largest cryptocurrency custody and mining operators, has launched a proprietary Fund of Funds amounting to 6600 BTC, or approximately USD 66 million. This announcement comes alongside the anticipated BTC Halving, as different stakeholders make various preparations for its arrival. The 6600 BTC fund seeks to empower global crypto quant funds by providing additional resources for liquidity providers and market making activities.

Bixin's Fund of Funds is BTC dominated with the main goal of increasing BTC holdings by investing in global quant funds. The strategies that the quant funds can utilize will be based on arbitrage, CTA and trend analysis. Bixin Global also welcomes exploring mutually beneficial partnerships with other firms on mining management, cloud mining and mining fund sectors.

Bixin Global has an unwavering commitment to Bitcoin and provides robust financial services for the cryptocurrency industry such as OTC lending, exchange and escrow services. Bixin Global has had a major impact in growing the BTC industry to what it is today as they were early investors of leading cryptocurrency companies such as Whatsminers. Bixin Global was founded by veteran mining expert, Wu Gang, who began mining BTC during its infancy at the beginning of 2009.

Bixin Mining currently operates bitcoin mining facilities of about 300 megawatt-hour, roughly 3,000 petahashes per second (PH/s) of computing power that accounts for 2.5% of the Bitcoin network's total. This has been achieved under the leadership of Liu Fei. A seasoned veteran in the world of digital currency, Liu Fei cut his teeth at Huobi in 2016 where he served as Senior Operational Officer. During this time, he was in charge of building systematic approaches for market creation and liquidity management, and became connected with experienced miners. The company itself is a big operation with many moving parts that operates like a close-knit family business, and with its team of experienced professionals including former Director of Global Business Development at Huobi and Venture Partner at Amber Group, Mustafa Yilham, Bixin Global is poised to make a significant impact in the crypto landscape.

As one of the largest mining operators and cryptocurrency custody solutions in China boasting an extensive user base, Bixin Global is committed to actively growing the cryptocurrency industry by reinvesting back into quant funds globally. Spearheaded by Bixin Finance COO and Bixin Mining CEO, Liu Fei, he has led the company towards growth through the blending of different strategies and asset classes to deliver a more consistent return while minimizing risk during volatile times, with the end goal of accruing more Bitcoin. The fund has been primarily operated in house without outside investment and does not have plans for fundraising to date. Bixin Global also is steadily growing to become one of the largest prop cryptocurrency trading desks in Asia.

For further information on the 6600 BTC fund of Bixin Global and its development, please contact mustafa@bixin.com.

ABOUT Bixin Global

Bixin Global Co. Ltd. is one of the most influential blockchain companies in Asia. With its business covering both upstream, cryptocurrency mining, and downstream, bitcoin wallet, in the blockchain industry, the company has steadily diversified its service offerings as well as overall market capabilities over the past six years.

Bixin Global services are operated through Bixin.com, Bixin Capital, Bishin Cloud, Bixin CryptoLending, Bixin Financial Services, Bixin Investment, BixinIM, Bixin Mining and Bixin Software. For more information, please visit the official website at https://bixin.im.

Media Contact

Mustafa Yilham

Head of Business Development

mustafa@bixin.com

Copyright 2020 ACN Newswire . All rights reserved.

© Japan Corporate News, source JCN Press Releases

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Financials
Sales 2020 277 M 35,6 M 35,6 M
Net income 2020 -32,6 M -4,20 M -4,20 M
Net cash 2020 45,0 M 5,79 M 5,79 M
P/E ratio 2020 -40,3x
Yield 2020 -
Capitalization 6 066 M 781 M 781 M
EV / Sales 2019 4,33x
EV / Sales 2020 4,61x
Nbr of Employees 622
Free-Float 29,6%
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Managers and Directors
NameTitle
Lin Li Chairman & Chief Executive Officer
Li Zhang Chief Financial Officer
Ruobing Zhao Chief Operating Officer
Yan Lin Sun Compliance Director
Xiong Fei Duan Independent Non-Executive Director
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