Bitfire New Huo Group, a Hong Kong-licensed listed company, has launched Alpha RWA, which it describes as Hong Kong’s first compliant crypto asset quantitative strategy, as its profit-contributing assets under management exceeded HK$2 billion. The market-neutral strategy targets arbitrage opportunities across crypto and artificial intelligence assets, including native crypto assets, tokenized U.S. equities and traditional alternative assets, and is intended to give professional and institutional investors access to related returns without direct exposure to their volatility. Alpha RWA is the first product under the group’s expanded integrated real-world asset business, which will cover RWA asset management, trading and market making, and custody. The company said it aims to turn RWA from an issuance concept into standardized financial services that can be invested in, traded, measured and allocated within a compliant framework.