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Bhutan Partners With Bitdeer on Crypto Mining FundSingapore-based Bitcoin mining firm Bitdeer has entered into a partnership with the commercial arm of the Royal Government of Bhutan to jointly develop green digital asset mining operations within the Kingdom of Bhutan.Bitdeer issued a press release on Wednesday to announce the partnership. Druk Holdings and Investments (DHI) acts as the commercial arm of the Royal Government of Bhutan. It was formed pursuant to a Royal Charter in 2007 with the mandate of making investments on behalf of Bhutan while optimizing usage of resources.Driving growthAccording to the information provided, the two companies will “launch the partnership through establishing a closed-end fund with an estimated size of up to US$500 million.” The initiative will see a canvas for funding commencing at the end of this month. Bitdeer’s role in the partnership is that of a general partner while DHI will act as a strategic limited partner.Bitdeer’s Chairman, Jihan Wu, expressed his enthusiasm in gaining access to Bhutan’s zero-emissions hydropower resources through the partnership. Wu stated that the fund represents “a pathway to foster global stakeholder networks that are driving growth and innovation in the technology sector in Bhutan.”Once funding has been raised, that capital will be channeled directly into greenfield operations on the ground in Bhutan. That encompasses the construction of data centers and what the joint parties to the initiative describe as “the acquisition of cutting edge technology.”Photo by Singkham on PexelsDigital transformationUjjwal Deep Dahal, CEO of DHI, stated: “The partnership with Bitdeer to launch a carbon-free digital asset mining data center represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation.”Bhutan is executing on a plan to accelerate digital transformation and economic diversification by exploiting opportunities in emerging sectors. Further evidence that this is part of a broader longer term strategy emerged recently. Dahal had told a local Bhutanese publication that DHI had been engaged in bitcoin mining on behalf of the Kingdom since bitcoin had a unit price of $5,000. In that interview, Dahal acknowledged that the involvement from the outset of its bitcoin mining activities was part of a broader, long term strategy.Bitdeer’s Asia expansionAlthough Bitdeer is Singapore-based, its operations up until this point have been focused on facilities located in Northern Europe and North America. According to this latest announcement, the bitcoin miner sees this partnership as a “crucial expansion into Asia for Bitdeer.” A shift in geographical focus may be well timed by Bitdeer as it emerged today that President Joe Biden in the United States is considering the imposition of a 30% tax on crypto mining.The bitcoin miner completed a long overdue special purpose acquisition company (SPAC) merger with Blue Safari Group last month. As part of that process, it listed on the Nasdaq. That public listing process has been a baptism of fire for the company as shortly afterwards, the company traded down 30% from the point of its initial listing.A corporate filing made by the company with the Securities and Exchange Commission (SEC) provides more detail with regard to Bitdeer’s plans in Bhutan. “We expect to generate 100 MW out of the 550 MW power supply from Bhutan, where the construction of a mining data center is expected to begin in the second quarter of 2023 and complete in the third quarter of 2023,” the filing states.

Hong Kong’s Metalpha Secures $5M Investment from BitmainMetalpha Technology Holding, a Hong Kong-headquartered crypto-based wealth management company, has recently announced a significant milestone for its Next Generation Fund I. The fund, put together in collaboration with NextGen Digital Venture Limited, has secured a strategic investment of $5 million from Bitmain, a prominent player in the crypto space.Photo by Pixabay on PexelsFund expansionThe timing of this investment is noteworthy as Metalpha’s licensed fund products are experiencing rapid growth. These products cater to the increasing demand for exposure to cryptocurrencies among institutional investors, family offices, and high net worth individuals. The Next Generation Fund I serves as a regulated and compliant avenue for investing in the Grayscale Trust’s digital asset investment products through structured derivatives.Having set a target capital raise of $100 million, the fund had already secured $20 million by March of this year, demonstrating a strong market interest. This additional $5 million investment from Bitmain further solidifies Metalpha’s position and potential for expansion.Adrian Wang, the President of Metalpha, commented on the development: “We aim to capitalize on the fast growing digital assets industry here in Hong Kong and provide our clients with competitive, complaint products worldwide.”Founded in 2015, Metalpha aims to provide customers with high-quality investment products and trading capabilities. The company, which went public in October 2017, claims to deliver the best structured derivative products to participants in the cryptocurrency market.Strategic investmentThe strategic investment from Bitmain not only brings substantial financial backing to Metalpha’s Next Generation Fund I but also signifies the confidence that industry leaders have in the company’s potential. Bitmain’s reputation as a prominent manufacturer of cryptocurrency mining hardware lends credibility to the investment and serves as a testament to Metalpha’s position in the market.The digital assets sector has had to deal with a 2022 bear market and macroeconomic headwinds. Notwithstanding that, the investment is timely and while we are not in bull market conditions, the space remains progressive, working towards ongoing adoption. Institutional investors, in particular, are increasingly seeking exposure to digital assets as part of their diversified portfolios. Metalpha’s licensed fund products provide a regulated and compliant solution to meet this demand, offering investors a secure and structured way to access the cryptocurrency market.Asian hubHong Kong, as a global financial hub and aspiring crypto hub, has witnessed substantial interest in digital assets in recent months. The region’s supportive regulatory environment, combined with its proximity to major Asian markets, makes it an attractive destination for companies like Metalpha to operate and grow. The autonomous Chinese territory’s credentials have been bolstered in that respect recently with a move to permit retail crypto trading while enabling aspiring digital asset unicorns.The $5 million investment from Bitmain will enable Metalpha to further enhance its fund offerings, expand its reach, and strengthen its position as a leader in crypto-based wealth management. With the financial support and industry expertise of Bitmain, Metalpha can leverage this partnership to drive innovation and develop new investment opportunities for its clients.As the digital assets industry continues to evolve and mature, companies like Metalpha play a crucial role in bridging the gap between traditional finance and the crypto space. By providing regulated investment products and maintaining compliance with regulatory frameworks, Metalpha contributes to the overall growth and legitimacy of the cryptocurrency market.

Animoca Brands, a Hong Kong-based Web3 company focused on blockchain gaming and NFTs, has signed a memorandum of understanding (MOU) with DayDayCook (DDC) Enterprise Limited in a deal that will see Animoca allocate up to $100 million in Bitcoin with that capital to be exposed to yield enhancement strategies operated by DDC.Photo by Erika Fletcher on UnsplashBitcoin treasury strategyIn a press release published to its website, Animoca Brands claimed that the deal accelerates the Bitcoin accumulation strategy pursued by DDC. Back in May, DDC Enterprise, a Chinese company listed on the Nasdaq in the U.S. while headquartered in Hong Kong, became one of many Nasdaq-listed companies recently to add Bitcoin to its balance sheet.  At that time, it made a symbolic initial 21 BTC purchase, bearing in mind the leading digital asset has a supply cap of 21 million BTC. The company has set out an ambitious plan to build up a Bitcoin treasury of 5,000 BTC over the course of three years. DDC Founder Norma Chu described the development as a “pivotal moment.” ‘Pristine monetary asset’On this occasion, Chu described the partnership with Animoca as a “transformative step,” reflecting the companies’ “shared vision to accelerate Bitcoin’s role as a pristine monetary asset.” As part of the partnership, Animoca Brands Co-Founder and Executive Chairman, Yat Siu, will join DDC’s Bitcoin Visionary Council (BVC). The company established the BVC recently in order to put strategic leadership and guidance in place so that DDC’s Bitcoin-related treasury operations are conducted in accordance with industry standards so as to maximize value creation in the long term. Siu said that the arrangement enables Animoca Brands “to enhance the value of [its] blockchain technologies and maximize the value of [its] Bitcoin holdings.” Commenting further on the partnership, he added: “We will focus on developing strategies to enhance Bitcoin’s value proposition, leveraging DDC’s commitment to advancing corporate Bitcoin treasury solutions." Siu told Cointelegraph that Animoca Brands' belief in the abilities of the DDC founder played a large part in the company establishing the partnership. He said that her background and experience enable her to “bridge the East and West to successfully navigate markets on both sides of the planet,” adding that “she has good appeal and connections to the Chinese market, one of the largest for crypto adoption, while also running a NASDAQ-listed company.” On BitcoinTreasuries.net, a Bitcoin treasury data hub, DDC is listed as 47th in terms of corporations globally that have adopted a Bitcoin treasury strategy, ranked by the amount of Bitcoin that they have accumulated. The website suggests that DDC currently holds 368 BTC, valued at approximately $43.2 million. Following its initial purchase of 21 BTC in May, the company followed up with the acquisition of 38 BTC in June. On July 1, it announced that it had raised $528 million to expand its Bitcoin holdings, with confirmation of a further purchase of 230 BTC by July 7.