Bitfury is planning to launch a Bitcoin mining fund in Japan following a rollout of the offering in North America last month.
Bitfury, a cryptocurrency mining and blockchain development firm, is planning to launch a Bitcoin (BTC) mining fund in Japan in July. Katsuya Konno, the head of Bitfury Japan, confirmed the development with Cointelegraph Japan today.
As uncertainty regarding traditional markets amid the coronavirus pandemic continues, investors are increasingly paying attention to Bitcoin and cryptocurrencies as an alternative investment.
However, there has not yet been a way for investors in Japan to gain indirect exposure to Bitcoin through crypto-related infrastructure.
The new offering will purportedly be the first crypto-mining fund in Japan, and will initially cater to institutional investors such as “family offices, owner-operated small and medium‐sized enterprises [and] religious corporations” before expanding to retail clients.
Konno expressed confidence in demand for the project “because its yield is different from other products.”
In order to comply with the Japanese regulations, the fund has established a Special Purpose Company to raise investment.
The new fund will be operated by Nippon Angels Investment, which is registered as a Financial Instruments Business Operator with Japan’s finance watchdog, the Financial Services Agency. Major Japanese law firm Anderson Mori & Tomotsune will serve as advisor.
Bitfury previously launched its Bitcoin mining fund for institutional investors in the North American market in May.