British Billionaire Alan Howard Backed Equity Firm Raises $750 Million for New Crypto Fund

By Prashant Jha
Published September 8, 2021 Updated September 9, 2021
Best Buy In

Exchanges

Sportsbook

Wallet

Fund raise

British Billionaire Alan Howard Backed Equity Firm Raises $750 Million for New Crypto Fund

By Prashant Jha
Published September 8, 2021 Updated September 9, 2021

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.

advertisement

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.”

advertisement
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
991 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Loading Next Story