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.
