Hong Kong-Listed Tech Firm Starts New $15 Million Bitcoin Fund

Hong Kong-Listed Tech Firm Starts New $15 Million Bitcoin Fund

| Updated
by Bhushan Akolkar · 3 min read
Hong Kong-Listed Tech Firm Starts New $15 Million Bitcoin Fund
Photo: Unsplash

The company’s initial efforts will involve early research and investment in Bitcoin network ecological assets before unveiling the “BTC Next” fund.

Linekong Interactive, a Beijing-based gaming and film production company listed on the Stock Exchange of Hong Kong (HKEX), is dedicating $15 million to invest in projects that contribute to the Bitcoin network. Wang Fang, the founder of Linekong, revealed in a tweet on November 8 that the Bitcoin fund, known as “BTC Next”, will focus on accelerating emerging initiatives within the Bitcoin ecosystem. These projects encompass areas like asset issuance protocols, trading markets, expansion, virtual machines, NFTs, RWA, and GameFi.

The company’s initial efforts will involve early research and investment in Bitcoin network ecological assets, along with the publication of investment portfolios and updates to the list of Bitcoin ecological crypto assets. This endeavor marks a significant step in unveiling the comprehensive landscape of the Bitcoin network ecosystem. Traditionally, Bitcoin has lacked the programmability features seen in newer blockchains like Ethereum and has remained relatively unaltered since its inception in 2008.

Originally established in 2007 in Beijing, Linekong Interactive is an online gaming company, that debuted on the Hong Kong Stock Exchange in 2014. Prior to launching Linekong, Wang served as the Vice President of Software Development at Kingsoft Software, a prominent Chinese information technology conglomerate.

In 2018, Wang stepped down from his role as CEO of Linekong to shift his focus toward blockchain. Later, he initiated various projects in the realms of nonfungible tokens (NFTs), decentralized finance (DeFi), and Bitcoin mining. His reappointment as CEO of Linekong took place in 2022 following an invitation from the company’s board of directors. This move aimed to enhance the integration of Linekong’s products with the Web3 ecosystem.

Bitcoin Ecosystem Continues to Expand

More and more financial players are willing to unveil Bitcoin funds in the market as the Bitcoin ecosystem continues to expand. Also, after the crypto winter of 2022, the Bitcoin ecosystem has shown significant growth this year as well.

This year has witnessed significant expansion within the Bitcoin ecosystem, primarily due to the introduction of innovative data storage methods known as Ordinals and Inscriptions. These methods, when combined, empower users to create one-of-a-kind digital assets on the Bitcoin blockchain.

In June, BitKeep, which has since rebranded as Bitget Wallet, introduced deposit and withdrawal support for BRC-20 Bitcoin tokens. These tokens adhere to the Ethereum ERC-20 standard. Fast forward to November 7, Binance made a strategic move by listing the highly popular BRC-20 token Ordinals (ORDI), leading to a remarkable 40% increase in its value within a single day. The combined market capitalization of BRC-20 tokens has now reached an impressive $1.36 billion since their inception.

Bitcoin News, Blockchain News, Cryptocurrency News, News
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