10T Holdings has raised $750 million in launched crypto startup funds
Dan Tapiero's 10T Holdings' total assets under management for investments in high-growth cryptocurrency companies reached $750 million.
On Sept. 9, the company announced the successful closing of the 10T Fund Growth and 10T DAE Expansion Funds with an AUM of $389 million.
The idea to open the first 10T Fund A structure originated in late 2020. In January 2021, 10T Holdings filed the necessary paperwork with the SEC.
The fund has already managed to allocate 80% of the received funds to mid- and late-stage companies. These include Kraken, Ledger, Figure, Deribit, Bitfury, Huobi, eToro, Figment, Animoca Brands and Helium. The entities do not invest in cryptocurrencies.
Among their participants are billionaire Alan Howard and the Michigan Public Employees Retirement Fund, according to Bloomberg.
We have a good portfolio of companies. There weren't many startups three years ago, the space is growing rapidly. I think bitcoin will grow to $400,000-$500,000, but the path will involve a lot of volatility, Tapiero said.
As a reminder, 10T Holdings entered the capital of cryptocurrency derivatives exchange Deribit in August.
In July, Franklin Templeton, with $1.4 trillion AUM, backed a $34 million crypto fund created by Galaxy Digital.