Digital Assets: Private Equity Firm 10T Closes On $750M For Investing In Crypto Companies
Most of the funds have already been deployed via 10T’s inaugural growth equity funds.
Dan Tapiero led 10T Holdings, the Greenwich, Conn.-based private equity fund which focuses on crypto-asset companies, has closed $750 million in a fundraising round that commenced at the end of last year. 10T’s three funds, the 10T Fund, LP and 10T DAE Expansion Fund mopped up $389 million between them. Co-investment and sub-advised vehicles accounted for the balance. (BusinessWire)
According to Bloomberg, billionaire hedge fund manager Alan Howard is a big investor in 10T, along with public pensions including the Municipal Employees’ Retirement System of Michigan. The latest fundraising drew commitments from public pension plans, endowments, foundations, and family offices, in addition to high net worth individuals.
10T’s key portfolio investments include Kraken, Ledger, Figure, Deribit, Bitfury, Huobi, eToro, Figment, Animoca Brands, and Helium, among others.
Digital assets are a historic invention
“We are now at the dawn of a new era – Bitcoin and blockchain technology are historic inventions akin to the invention of the combustion engine and will have a similar transformative impact on our world,” said 10T founder Tapiero. “As adoption of digital assets by governments, banks, companies, and consumers continues to progress, we remain in the early stages of a generational opportunity to participate in the value being created by distributed computing and decentralized networks.”
According to the 10T website, the digital asset ecosystem (DAE) is at the 1996 equivalent of the growth seen in internet adoption since inception.
“I still think Bitcoin is going up to $400,000 or $500,000 and potentially more, but it’s not going to be a straight shot and you’re going to have lots of volatility,” Tapiero told Bloomberg.
Tapiero has a quarter-century of experience in macro and commodity investing and trading, research and economics. He previously served at some of the world’s largest hedge funds, including Tiger Management, Duquesne Capital Management, Steinhardt Management Co., and SAC Capital Advisors.
Related Story: Ledger, The Hardware Wallet Maker For Crypto, Nabs $380M
Images credit: 10T
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