Hong Kong billionaire and real estate tycoon Adrian Cheng’s investment firm is reportedly raising funds to invest in the crypto space as the selloff further pushes down the price of Bitcoin ( BTC ) and the rest of the digital assets market.
According to Bloomberg , C Capital is planning to pool $500 million to finance investments in blockchain assets, credit and private equity over the next 18 months.
Citing people familiar with the matter, the report says that the firm is marketing a $200 million blockchain fund and aims to gather $300 million more for private equity and private credit strategies investments.
The firm’s chief executive officer and president, Ben Cheng, is optimistic about returns even as the crypto winter continues to pummel down the prices of digital assets, including Bitcoin which has sunk below $20,000.
He says the current economic condition offers an opportunity to get the best results citing that the firm’s crypto investments increased by 40% in the first half of the year amid the bear market.
“When people are on defense, we’re on the offense… After another 6 to 9 months, it will come back.”
C Capital has so far invested about $1 billion in private companies, digital assets and credits. Its hedge fund strategy primarily focuses on crypto trading. According to Cheng, the firm refused to accept offers from angel funds and firms at a seed stage because of high valuations and limited upsides.
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The post Billionaire Real Estate Tycoon to Raise $500,000,000 for Crypto and Private Equity Investments: Report appeared first on The Daily Hodl .