Japanese game developer expands crypto push with SBI

Japanese game developer Gumi will begin operating a roughly ¥3 billion crypto asset fund with SBI Financial Services on Aug. Summary ¥3 billion fund begins operations August 1, targeting Bitcoin, major altcoins and active portfolio strategies. SBI Financial Services owns 51%, while Gumi subsidiary gC Labs holds the remaining 49% stake. Gumi held ¥14.13 billion in crypto assets by April, marking an 86% annual increase companywide. According to a July 28 company announcement.The private fund, named SBI Crypto Fund I, will invest mainly in Bitcoin and major listed altcoins. Daiwa Securities Group and several unnamed investors have also committed capital. However, Gumi did not disclose individual investment amounts or the fund’s planned asset allocations. Gumi and SBI will operate the fund for three years SBI Crypto Fund I will operate as a private placement through a Japanese silent partnership structure. The fund has a planned three-year term and will be managed by SBI Crypto Fund LLC, according to the official fund overview. SBI Financial Services owns 51% of the operating company. Gumi’s wholly owned subsidiary, gC Labs, owns the other 49%. The partners had originally considered be...