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.
Citing a pitch deck, the Australian Financial Review report on Dec. 10 said the Silicon Valley and United Arab Emirates-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 its last funding round.
Animoca Brands’ last capital raise sold shares at around $4.50. However, the C1 Fund, which was co-founded by a former Coinbase executive, has offered to buy the shares at about $1.12, a price 75% below its most recent valuation.
Meanwhile, the fund is also looking to buy Chainalysis shares at a 63% discount on its last capital raise.
Related: Web3 firms to support ecosystem development through grants amid market uptick
The fund’s attempt to acquire stocks in the two companies follows a recent market uptick within the crypto space. Bitcoin (BTC) surged past the $40,000 price point in the first week of December, bringing the market capitalization of the entire crypto space to over $1.6 trillion. BTC hovers at just under $42,000 at the time of writing.
Apart from crypto assets, nonfungible tokens have joined the market surge. On Dec. 8, a report by DappRadar showed that NFT trading volume almost hit $1 billion in November. The increase in volume suggests a shift in user behavior. 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