Russian Asset Management Launches 300,000 Rubles Bitcoin Mining Fund
Key Points:
- Finam Management, a Russian investment management firm, is developing a closed-end mutual investment fund to finance the country’s crypto mining enterprises.
- The fund, which will be registered with a professional custodian in March, will be available to eligible investors with a minimum investment of 300,000 rubles (about $4,500).
It will reportedly be made available to qualified investors in order to raise capital for the acquisition of coin minting machinery, as reported by a Russian news outlet.
Finam Management, a Russian investment management firm, will launch a closed-end mutual investment fund on March 3 to finance the country’s crypto mining firms. It will function as a venture fund and be acquired through a special corporation. Mining hardware, then renting it out. The fund, which will be registered with a professional custodian in March, will be available to eligible investors with a minimum investment of 300,000 rubles (about $4,500).
Finam CEO Vladislav Kochetkov stated that the business plans to raise 500 million rubles (about $6.6 million) before merging with the leasing company. A portion of the proceeds will be utilized to acquire mining equipment, while the remainder will be used to pay for energy and maintenance.
According to the journal, the idea is a one-of-a-kind offering for Russian. Management firms have already developed mutual funds that are only focused on enterprises developing blockchain technology. Others attempted to register funds for cryptocurrencies and derivatives in 2021, but the Bank of Russia prohibited the inclusion of foreign crypto assets in mutual funds.
The increased interest in cryptocurrency mining has been ascribed to a severe reduction in investment alternatives in the local financial sector, as well as the potentially high profitability of mining ventures. Russia has several benefits as a mining site, such as low-cost electricity and a pleasant environment. A measure to regulate the business is being debated in Russia’s lower chamber of parliament.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Russian Asset Management Launches 300,000 Rubles Bitcoin Mining Fund
Key Points:
- Finam Management, a Russian investment management firm, is developing a closed-end mutual investment fund to finance the country’s crypto mining enterprises.
- The fund, which will be registered with a professional custodian in March, will be available to eligible investors with a minimum investment of 300,000 rubles (about $4,500).
It will reportedly be made available to qualified investors in order to raise capital for the acquisition of coin minting machinery, as reported by a Russian news outlet.
Finam Management, a Russian investment management firm, will launch a closed-end mutual investment fund on March 3 to finance the country’s crypto mining firms. It will function as a venture fund and be acquired through a special corporation. Mining hardware, then renting it out. The fund, which will be registered with a professional custodian in March, will be available to eligible investors with a minimum investment of 300,000 rubles (about $4,500).
Finam CEO Vladislav Kochetkov stated that the business plans to raise 500 million rubles (about $6.6 million) before merging with the leasing company. A portion of the proceeds will be utilized to acquire mining equipment, while the remainder will be used to pay for energy and maintenance.
According to the journal, the idea is a one-of-a-kind offering for Russian. Management firms have already developed mutual funds that are only focused on enterprises developing blockchain technology. Others attempted to register funds for cryptocurrencies and derivatives in 2021, but the Bank of Russia prohibited the inclusion of foreign crypto assets in mutual funds.
The increased interest in cryptocurrency mining has been ascribed to a severe reduction in investment alternatives in the local financial sector, as well as the potentially high profitability of mining ventures. Russia has several benefits as a mining site, such as low-cost electricity and a pleasant environment. A measure to regulate the business is being debated in Russia’s lower chamber of parliament.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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