PANews reported on December 8 that according to The Block, Sam Altman-backed crypto startup Meanwhile Group launched a Bitcoin private credit fund through its investment management subsidiary Meanwhile Advisors, providing institutional investors with access to Bitcoin investment. The fund seeks to raise $100 million and is expected to complete fundraising by the end of the first quarter of 2024. The fund is a closed-end fund that will generate income by lending Bitcoin, with a target yield of 5%. The minimum investment amount is $250,000, with no upper limit. The investment period is three years, the harvest period is four years, and the total period is seven years. Capital will be returned to investors during the harvest period, so most of the capital may be returned before 7 years. The fund will charge a 2% management fee and a 20% carried interest, which will be collected in the form of Bitcoin. Anchorage Digital will serve as the fund custodian.
