British Billionaire Alan Howard Led Equity Firm Raises $750 Million for New Crypto Fund
10T Holdings, a private equity firm backed by the likes of British billionaire Hedge Fund manager Alan Howard has raised a whopping $750 million from investors to launch its first-ever crypto fund. The new fund would offer investors exposure to the fast-growing crypto market.
The founder of the private equity fund Dan Tapiero revealed that the company started raising money for its debut crypto fund towards the end of last year. The firm has already invested 80% of the total funds in mid-to-late stage crypto companies. Tapiero like many other traditional financial experts seemed to be in awe of the crypto market’s growth. He said,
“The space is growing so quickly that three years ago there were only a handful of companies that were at scale. There’s a nice pipeline here, too.”
The debut crypto fund from the private equity firm would not invest directly into crypto assets, rather it will invest in crypto companies with a reputable past and a potential to grow further. Until now it has invested in crypto firms with a valuation of around half a billion that includes the popular crypto exchange Kraken, blockchain lending startup Figure Technologies, and Ledger SAS.
” Bitcoin is Going to $500,000″
The crypto market has gone through multiple ups and downs this bull cycle started towards the end of last year and reached a short-term top in May this year before registering a massive crash. The market has started showing signs of recovery starting from August but recorded its biggest sell-off since May yesterday. However, the institutional interest in the crypto market hasn’t taken any hit.
10T founder also acknowledged the volatility of the crypto market but maintained that the top cryptocurrency could still touch $400,000 to $500,000 price point. He said,
“There’s tremendous volatility in these nascent markets because the participants are trying to figure out how to price the asset. 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.”