Bitmain is the world’s largest manufacturer of cryptocurrency mining rigs.
Hong Kong investment management company Metalpha has secured $5 million for its Grayscale-based fund from Bitmain, reports by a source next to the company.
Metalpha is looking to raise $100 Million for the Next Generation Fund I, which it has formed in partnership with NextGen Digital Deal Limited. As of the end of March, Metalpha has raised $20 Million towards that goal. The fund invests in Grayscale products through structured derivatives, granting access to mainstays of digital investment portfolios in a way that is compliant with United States and Hong Kong laws.
Grayscale is owned by Digital currency Group, CoinDesk’s parent company.
Metalpha is partly owned by Antalpha, an financing company affiliated with Bitmain, which is the world’s largest manufacturer of mining rigs.