According to CoinDesk, a new fund called Unbroken Chain, backed by the owner of Bitcoin Magazine, plans to raise $5 million to actively trade Ordinals and inscriptions, which are at the core of the NFTs-on-Bitcoin mania that created buzz and congestion earlier this year on the oldest and largest blockchain. The fund will be led by Asher Corson, portfolio manager at Consolidated Trading, with general partners including UXTO Management, the fund arm of Bitcoin Magazine owner BTC Inc., and Isabel Foxen Duke, the former communications director of Ordinals creator Casey Rodarmor.
Unbroken Chain claims to be the first managed fund to actively trade Ordinals and inscriptions, including BRC-20 tokens, a category whose name is inspired by the ubiquitous ERC-20 tokens on Ethereum. Anonymous BRC-20 creator 'Domo' is also backing the Unbroken Chain fund. The fund has already started investing early contributions of $1.5 million, with initial assets including a Bitcoin Rock from the first contiguous collection of inscribed Ordinals, purchased on September 20 for 3 BTC (approximately $85,000).
Ordinals is a protocol that allows non-fungible tokens (NFTs) to be stored on the Bitcoin blockchain by embedding data, known as 'inscriptions,' into smaller BTC transactions. While Ordinals and BRC-20 tokens could bring greater utility to Bitcoin, they are controversial among some developers who believe that they are clogging up the network, raising fees, and 'polluting' the blockchain with data unrelated to Satoshi Nakamoto's mission of a peer-to-peer system of money transfer. UTXO Management investor and Bitcoin Magazine CEO David Bailey expressed excitement about leading the charge of institutional investment directly into Ordinals assets.
