Hong Kong asset management company Metalpha has secured $5 million for its Grayscale-based fund from Bitmain, according to a source close to the company.

Metalpha is looking to raise $100 million for the Next Generation Fund I, which it has formed in partnership with NextGen Digital Venture Limited. As of the end of March, Metalpha has raised $20 million towards that goal. The fund invests in Grayscale products through structured derivatives, granting access to mainstays of digital asset portfolios in a way that is compliant with U.S. and Hong Kong laws.

Grayscale is owned by Digital Currency Group, CoinDesk’s parent company.

Metalpha is partly owned by Antalpha, an investment firm affiliated with Bitmain, which is the world’s largest manufacturer of mining rigs.

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