The establishment of Russia’s first mutual investment fund dedicated to financing cryptocurrency mining operations is underway. According to a report by the Russian press, it will be available to qualified investors and will finance the acquisition of coin minting equipment.

Work has begun to set up the first mutual fund for investments in crypto mining enterprises in Russia, the business daily Kommersant reported. It will operate as a venture fund for the purchase of mining hardware through a special entity which will then lease the equipment.

The new closed-end fund will be established by Finam Management, which will register it with the specialized depository in March, the article details. Only qualified investors will have access, with a minimum threshold of 300,000 rubles (almost $4,000).

The company intends to raise 500 million rubles (over $6.6 million) before incorporating the leasing firm, Finam CEO Vladislav Kochetkov explained. Part of the money will be used to buy mining machines and the rest will be spent to pay for electricity and maintain the fund.

(By Lubomir Tassev)

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