Crypto fund worth $500M eyes Animoca Brands and Chainalysis: Report
The C1 Secondaries Fund, which invests in companies in the digital assets space, is reportedly seeking to invest in crypto firms at discounts of up to nearly 80%.
C1 Secondaries Fund, which has assets worth $500 million, is looking to invest in crypto firms such as Animoca Brands and Chainalysis as crypto markets continue their bullish momentum, according to a report in the Australian Financial Review.
The Silicon Valley and UAE-based fund is prepared to write $20 million to $50 million cheques to buy private holdings in crypto companies with a valuation of $300 million and above in their last funding round, the Dec. 10 report citing a pitch deck.
Animoca Brands’ last capital raise sold shares at around $4.50. However, C1 Fund, whose co-founders include a former Coinbase executive, has offered to buy the shares at around $1.12, a price that’s 75% below its most recent valuation, the Australian Fi. Meanwhile, the fund is also looking to buy Chainalysis shares at a 63% discount compared to its last capital raise.
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The fund’s attempt to acquire stocks in the two companies follows a recent market uptick within the crypto space. In the first week of December, Bitcoin (BTC) surged past the $40,000 price point. This brought the market capitalization of the entire crypto space to over $1.6 trillion. The asset currently hovers at just under $42,000 at the time of writing.
Apart from crypto assets, nonfungible tokens (NFTs) have joined the market surge. On Dec. 8, a report by DappRadar showed that NFT trading volume went near $1 billion in November. The increase in volume suggests that there’s a shift in user behavior compared to earlier months. In November, the average value of NFT transactions also climbed from $126 to $270.
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