Braiins, a developer of mining software, firmware, and energy management systems, announced today the acquisition of CAMMS Capital on May 12, 2026, marking a significant strategic move at the intersection of energy markets and digital infrastructure. The transaction, executed through Braiins CAM Holdings LLC, represents one of the first instances of a Bitcoin-native infrastructure provider taking ownership of a traditional, CFTC-registered commodity hedge fund.
The acquisition highlights an intensifying convergence between the “energy-compute” sector and traditional commodity trading. Braiins, which has operated in the Bitcoin sector since 2010 and manages the oldest active mining pool, has increasingly focused on the technical and electrical components of the industry, including the development of autotuning firmware and specialized three-phase power supplies for data centers.
By acquiring CAMMS Capital, Braiins gains an established platform for navigating the physical and financial volatility of global energy and commodity markets. Eli Nagar, CEO of Braiins and now Executive Chairman of CAMMS Capital, noted that the move is a logical extension of the company’s decade and a half of experience managing the relationship between technology and energy.
CAMMS Capital will continue to operate as an independent entity under its current National Futures Association (NFA) registration as a Commodity Pool Operator and Commodity Trading Advisor. The firm’s leadership remains intact, with Stéphane Bernhard continuing as CEO.
Bernhard, whose 30-year career includes tenures at global commodity merchants such as Louis Dreyfus and ETG, developed the fund’s proprietary risk management framework. The multi-strategy fund operates independent trading pods across several sectors:
Agriculture and Energy: Leveraging physical flow analysis and fundamental supply-demand data.
Metals and Freight: Focused on volatility and supply dislocations.
Systematic Strategies: Managed by COO Rafael Molinero, who brings 25 years of systematic trading experience.
The firm was incubated for five years within ETG before launching as an independent fund in 2026 with backing from Braiins. It currently accepts subscriptions through its onshore Delaware LP and offshore Cayman vehicles.
This deal follows a broader trend in early 2026 where mature digital asset firms are acquiring traditional financial platforms to secure unique capabilities and institutional compliance. While recent deals have seen exchanges like Kraken and Ripple acquire futures platforms and prime brokers, the Braiins-CAMMS transaction is distinct for its focus on the physical commodity markets that underpin the energy requirements of the computing industry.
As Bitcoin mining and AI infrastructure become more vertically integrated, the ability to hedge energy costs and understand physical commodity flows is becoming a core competency for the sector’s largest operators.