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

The Next Generation Fund I, formed in partnership with NextGen Digital Venture Limited, aims to raise $100 million, with $20 million already raised as of March.

The fund invests in Grayscale products through structured derivatives, providing access to digital asset portfolios that comply with US and Hong Kong laws. Metalpha is partly owned by Antalpha, an investment firm affiliated with Bitmain, the world's largest manufacturer of mining rigs.