Hong Kong billionaire and real estate tycoon Adrian Cheng’s financing firm is reportedly raising funds to invest in the cryptocurrency space as the selloff further pushes down the price of Bitcoin (BTC) (BTC) and the rest of the digital assets market.
Citing people familiar with the matter, the report reveal that the firm is marketing a $200 Million blockchain tech fund and intends 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 cryptocurrency winter continues to pummel down the prices of digital assets, including Bitcoin (BTC) which has sunk below $20,000.
“When people are on defense, we’re on the offense… After another 6 to 9 months, it will come back.”
C Financial resources has so far invested about $1 Billion in private corporations, digital assets and credits. Its hedge fund strategy primarily focuses on cryptocurrency trading. As reported by Cheng, the firm refused to accept offers from angel funds and corporations at a seed stage as a result of high valuations and limited upsides.
Featured Image: Shutterstock/spainter_vfx/Nikelser Kate
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