Ex-Coinbase Pros Raised A $500M Fund To Buy Shares In Animoca Brands, Chainalysis
Portfolio Pulse from Murtuza Merchant
Ex-Coinbase professionals have established a $500 million fund, C1, to acquire secondary shares in crypto firms like Animoca Brands and Chainalysis at discounts of 50% to 80%. The fund targets companies valued at $300 million or more and plans to invest $20 million to $50 million per deal. Animoca Brands, now valued at $7.8 billion, and Chainalysis, valued at $8.4 billion, are potential targets. The crypto market is showing signs of recovery, with Bitcoin crossing $40,000 and anticipation of a U.S.-regulated Bitcoin ETF and a Bitcoin network upgrade.
December 11, 2023 | 4:01 pm
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Ex-Coinbase professionals have created a $500 million fund to invest in crypto companies at significant discounts, which may indicate a growing interest in the crypto sector and potentially benefit Coinbase's business.
The establishment of a large investment fund by former Coinbase employees suggests confidence in the crypto market, which could lead to increased trading volumes and user engagement on Coinbase's platform. This may have a positive short-term impact on Coinbase's stock price.
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