Silicon Valley and UAE-Based Crypto 1 Targets Australian Crypto Firms
Silicon Valley and United Arab Emirates-based Crypto 1 is actively exploring the Australian market for potential investments. The $500 million C1 Fund, founded by former Coinbase lawyers and investors, is specifically targeting companies in the blockchain gaming and data analysis sectors, such as Animoca Brands and Chainalysis.
Discounted Acquisitions
The C1 Fund aims to acquire secondary shares at significant discounts. It has approached local venture firms with offers to buy private holdings at prices ranging from 50% to 80% less than their last valuation. The fund’s strategy is driven by attractive valuations in the secondary market due to current market conditions, hyperinflation, and rising interest rates.
Animoca Brands: A Potential Target
Hong Kong-based Animoca Brands, previously listed on the Australian Securities Exchange (ASX), is reportedly one of the targets for C1 Fund. Animoca Brands was delisted from the ASX in 2020 due to breaches and involvement in crypto-related activities. Despite this, its valuation has grown to $5.9 billion. C1 Fund aims to purchase its shares at a substantial discount.
Chainalysis: Another Potential Acquisition
Chainalysis, a firm specializing in blockchain analysis and investigation services, is also on C1 Fund’s radar. With a valuation of $8.6 billion in 2022, Chainalysis presents an opportunity for discounted shares on the secondary market.
C1 Fund’s Investment Focus
The C1 Fund intends to invest across multiple geographies, focusing on secondaries in blockchain, crypto, web3, and fintech companies. Its goal is to invest between $20 million to $50 million in companies with a minimum last-round valuation of $300 million, particularly those at the Series C funding stage or later.
Hot Take: C1 Fund Seeks Bargain Buys in Australian Crypto Market
Silicon Valley and UAE-based Crypto 1’s C1 Fund is actively targeting crypto firms in Australia, with a focus on Animoca Brands and Chainalysis. By acquiring secondary shares at significant discounts, the fund aims to take advantage of attractive valuations in the secondary market. Animoca Brands, despite previous breaches and delisting from the ASX, has experienced substantial growth and presents an opportunity for discounted share purchases. Chainalysis, known for its blockchain analysis services, is also a potential target. With its investment focus on blockchain, crypto, web3, and fintech companies, the C1 Fund seeks to invest between $20 million to $50 million in companies with valuations of at least $300 million.
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