By Milan Rojan
Further Asset Management and 3iQ have expanded the Further x 3iQ Alpha Digital Fund with a new USD Class II share class, giving investors USD-denominated exposure to long Bitcoin alongside alpha generation. The firms have said the new share class has been built for institutional allocators that want Bitcoin-linked returns without the operational burden of buying, converting or holding BTC directly.
The fund, which Further and 3iQ launched in December 2025, was structured as a market-neutral, multi-strategy hedge fund focused on digital assets. With the latest addition, the product now offers three share classes: a USD class aimed at pure alpha, the new USD Class II combining alpha with long Bitcoin exposure, and a BTC-denominated class for investors looking to grow their Bitcoin holdings.
Tommaso Mancuso, President and CIO of 3iQ, said the new class has been designed to combine two features that institutional investors increasingly want in one product. He said: “USD Class II combines two things institutional investors increasingly want in the same product. It pairs disciplined alpha generation across liquid digital asset markets with long exposure to Bitcoin’s scarcity and convexity. Delivering both within a USD-denominated, institutionally risk-managed structure is what makes this share class distinctive.”
The firms have positioned the update as a step towards broader institutional adoption of digital asset strategies, particularly for investors that want familiar subscription and redemption processes. The new structure has also given allocators more flexibility to split exposure between USD and BTC share classes depending on their risk and return goals.
Faisal Al Hammadi, Managing Partner at Further, said the launch has reflected investor demand for simpler access to Bitcoin within institutional portfolios. He said: “We believe long Bitcoin exposure and disciplined alpha generation belong together in institutional portfolios, and USD Class II makes that combination accessible to investors who prefer to allocate in USD.”
The move has come as asset managers have continued to package digital assets into more traditional fund structures, aiming to reduce friction while keeping exposure to crypto markets.