The C1 Secondaries Fund, boasting a portfolio of $500 million, is setting its sights on investing in prominent crypto companies like Animoca Brands and Chainalysis, capitalizing on the ongoing bullish trend in the crypto markets.
According to a pitch deck referenced in a report by the Australian Financial Review on December 10, the fund, which operates out of Silicon Valley and the United Arab Emirates, is ready to invest between $20 million and $50 million. These investments are targeted at acquiring private stakes in crypto firms valued at $300 million or more in their most recent funding rounds.
Animoca Brands, in its latest capital raise, priced its shares at approximately $4.50 each. However, the C1 Fund, co-founded by a former executive of Coinbase, is proposing to purchase these shares at roughly $1.12 each, representing a significant 75% discount from their latest valuation.
In a similar vein, the fund is also looking to acquire shares of Chainalysis at a 63% discount compared to its last capital raise. This move to invest in these two companies comes in the wake of a recent uplift in the crypto market. Bitcoin (BTC) notably surpassed the $40,000 mark in early December, pushing the total market capitalization of the crypto sector beyond $1.6 trillion. At the time of this report, BTC’s price is hovering just below $42,000.
The surge isn’t limited to cryptocurrencies alone; non-fungible tokens (NFTs) are also experiencing a significant uptick. A report from DappRadar on December 8 indicated that NFT trading volume nearly reached $1 billion in November. This surge in volume points to a change in user behavior, with the average transaction value of NFTs rising from $126 to $270 in November.
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