Hong Kong billionaire and actual property tycoon Adrian Cheng’s funding agency is reportedly elevating funds to put money into the crypto area because the selloff additional pushes down the value of Bitcoin (BTC) and the remainder of the digital belongings market.
In keeping with Bloomberg, C Capital is planning to pool $500 million to finance investments in blockchain belongings, credit score and personal fairness over the following 18 months.
Citing individuals conversant in the matter, the report says that the agency is advertising and marketing a $200 million blockchain fund and goals to collect $300 million extra for personal fairness and personal credit score methods investments.
The agency’s chief govt officer and president, Ben Cheng, is optimistic about returns even because the crypto winter continues to pummel down the costs of digital belongings, together with Bitcoin which has sunk beneath $20,000.
He says the present financial situation affords a chance to get one of the best outcomes citing that the agency’s crypto investments elevated by 40% within the first half of the yr amid the bear market.
“When persons are on protection, we’re on the offense… After one other 6 to 9 months, it’ll come again.”
C Capital has to this point invested about $1 billion in non-public corporations, digital belongings and credit. Its hedge fund technique primarily focuses on crypto buying and selling. In keeping with Cheng, the agency refused to simply accept affords from angel funds and companies at a seed stage due to excessive valuations and restricted upsides.
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