Real Estate Billionaire Grant Cardone Purchases $300M Worth of Bitcoin

Grant Cardone, a real estate investor and entrepreneur, is taking his business strategy to the next level by embracing Bitcoin. Cardone Capital, his investment firm, has announced plans to acquire an additional $300 million worth of Bitcoin.

Cardone Capital’s Growing Bitcoin Strategy

The company, Cardone Capital, with over $5 billion in assets under management, operates a variety of real estate ventures. By combining real estate investments with Bitcoin, Cardone aims to create a hybrid strategy that appeals to a broader group of investors.

The company already owns over 14,200 rental units and more than 500,000 square feet of office space. Now, it is expanding into the digital currency sector.

Grant Cardone announced that his company plans to buy up to 3,000 more Bitcoin, further strengthening its crypto holdings. As of now, Cardone Capital’s Bitcoin holdings are valued at over $100 million, considering the current price of Bitcoin around $102,000. If the firm successfully follows through on its purchase plan, its total Bitcoin holdings could exceed $400 million by the end of the year.

10X Miami River Bitcoin Fund

In addition to buying Bitcoin, Cardone Capital launched the 10X Miami River Bitcoin Fund last month. This fund represents a dual-asset strategy that combines a multifamily real estate property with Bitcoin. The fund has already secured a 346-unit property located along the Miami River in Florida, along with $15 million worth of Bitcoin.

This fund aims to convert a portion of the rental income from the property into Bitcoin, creating a self-sustaining cycle of real estate and crypto investment.

This initiative marks the company’s fourth fund designed to blend traditional real estate with digital currencies. According to Grant Cardone, the idea to launch this fund stemmed from a suggestion from his brother, who proposed the idea of converting rental income into Bitcoin. Cardone noted that had he followed this approach in the past, it could have transformed $160 million into $3 billion.

BTC Adoption by Institutional Investors

The decision by Cardone Capital is consistent with a larger trend in institutional space where large companies are becoming more likely to use Bitcoin. Companies like MicroStrategy, Tesla, and Galaxy Digital are other leading companies that have taken major Bitcoin investments. An example is the MicroStrategy holding which is over 592,000 Bitcoin, worth over 60 billion. Electric car company, Tesla, has about 11,500 Bitcoin in its portfolio, with Galaxy Digital potentially having 12,800 BTC.

These companies, as well as Cardone Capital, make up an increasingly wide range of institutional investors that look beyond Bitcoin as just a store of value to one that can be incorporated into existing investment portfolios.

The founder of Strategy, Michael Saylor, has been confident in his predictions concerning the future value of Bitcoin. According to Saylor, Bitcoin may reach up to $21 million per coin in 21 years. He points out that this surge will not occur in a smooth manner but very probably will be characterized by a lot of volatility. His forecast joins the already emerging optimism about Bitcoin as an investment vehicle, especially among institutional investors who have continued to accumulate the digital currency despite the fluctuations in the market.