Russia has begun setting up its first mutual fund to invest in cryptocurrency mining companies. It will operate as a venture fund that will purchase mining machines through a special entity, which will then lease the equipment. The new closed-end fund will be established by Finam Management and will be registered with a professional depository in March. It will be open only to qualified investors, with a minimum investment threshold of 300,000 rubles (about $4,000).

Finam CEO Vladislav Kochetkov explained that the company intends to raise 500 million rubles (more than $6.6 million) before establishing a leasing company. Part of the money will be used to purchase mining machines, while the rest will be used to pay for electricity bills and maintenance funds. (Bitcoin.com)