Crypto fund worth $500M eyes Animoca Brands and Chainalysis: Report

By Cointelegraph December 11, 2023 In NFTs
Nvidia plans Vietnam expansion for AI development

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.

Related: Web3 firms to support ecosystem development through grants amid market uptick

Advertisement

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

$42,396

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.

Magazine: Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis

Nvidia plans Vietnam expansion for AI development
Nvidia plans Vietnam expansion for AI development

Published on

Cointelegraph

View the full article

You may also like