Hilbert Group has opened deposits for its bitcoin fund BTC Basis+ on the Syntetika platform. It is the first time a strategy managed by the Swedish company can be held onchain, priced at an independently verified value.
Hilbert Group AB is a Swedish investment company that manages bitcoin and other digital assets using mathematical models and automated trading. It is listed on Nasdaq First North Growth Market under the ticker HILB B, with Redeye Nordic Growth AB as Certified Adviser. Hilbert backs the platform Syntetika, which has now opened deposits for its first strategy, BTC Basis+. The strategy is managed by Hilbert itself. The platform is governed by the Syntetika Foundation.
"This is an important milestone for Hilbert. For the first time, a strategy we manage can be accessed on-chain," says Barnali Biswal, CEO of Hilbert Group.
She points to how the model combines the reach and efficiency of blockchain infrastructure with the safeguards investors expect from a regulated fund structure, and says that was exactly the opportunity Hilbert saw in backing Syntetika – a model she considers powerful for bringing institutional-quality strategies onchain.
For Hilbert, this is also a new way of giving investors access to the strategies the company manages.
Syntetika's model gives investors access to strategies housed in ordinary, regulated funds – but the access happens onchain. At the same time, the safeguards institutional investors require are kept in place: the assets are held by an independent custodian, and the value of the fund is set and verified by an independent party.
The tokens representing ownership on the platform are issued and redeemed only at that value.
BTC Basis+ is what is known as a basis strategy. The aim is to grow the number of bitcoin held, not to profit from a rising bitcoin price. The strategy is built so that it should not be affected by whether the price goes up or down.
Instead, it seeks to exploit price differences between bitcoin in the spot market, where bitcoin is bought and sold directly, and in the futures and options markets.
Deposits on Syntetika are made in cbBTC, a tokenised bitcoin issued by Coinbase that can be used on blockchains such as Base. Deposits enter the fund at the next processing round. The platform then issues the token hBTC, which represents the holding in the fund, at the verified value. Redemptions follow the same rhythm and are subject to the fund's terms.
Syntetika has launched on the blockchain Base. Tulipa Capital contributes strategy curation, while Ember Protocol provides the technical infrastructure. The platform has also stated that once its Chainlink Proof of Reserve feed is live, anyone will be able to verify that the reserves behind the tokens actually exist.
Jorge Cuartero, CEO of Syntetika, says the choice of first strategy was deliberate.
"We wanted the first strategy on Syntetika to establish the standard for the platform: a real fund, a named manager and a token priced only at independently attested net asset value. BTC Basis+ delivers exactly that. Launching with a strategy managed by Hilbert Group also brings the accountability and transparency of a publicly listed asset manager to the platform from day one, which we believe is a strong signal for users and partners as Syntetika scales."
Jorge Cuartero, CEO of Syntetika
Sources: TradingView / MFN by Modular Finance
You have read what you can read for free. With an account you get unlimited access to all news and articles on kaupr.io — and become part of the network of investors, professionals and builders following onchain finance.