Crypto 1, a Silicon Valley and United Arab Emirates-based firm, is actively seeking opportunities in the Australian market through its C1 Fund.
Crypto 1, a Silicon Valley and United Arab Emirates-based firm, is actively seeking opportunities in the Australian market through its C1 Fund. The $500 million fund is targeting prominent crypto companies, including blockchain gaming business Animoca Brands and data analysis firm Chainalysis.
According to The Australian Financial Review, the C1 Fund aims to acquire secondary shares at substantial discounts. The fund has been engaging with local venture firms, offering to purchase private holdings at discounts ranging from 50% to 80% off their last valuations. The targeted companies are those with a minimum last-round valuation of $300 million, particularly those in the Series C funding stage or later, with investment amounts ranging from $20 million to $50 million. The pitch deck highlights the attractive valuations available in the secondary market due to current market conditions, hyperinflation, and rising interest rates.
Among the fund's targets, Hong Kong-based Animoca Brands, previously listed on the Australian Securities Exchange, has garnered attention. Animoca Brands, now valued at $5.9 billion, was delisted from the exchange in 2020 due to governance breaches, involvement in crypto-related activities, and extensive use of Simple Agreements for Future Equity (SAFEs) issued by its subsidiaries. The C1 Fund aims to purchase Animoca Brands' shares at approximately $0.73 each, representing a significant 75% reduction from its last capital raise price of around $2.95.
In addition to Animoca Brands, the C1 Fund has reportedly set its sights on Chainalysis, a specialized firm offering blockchain analysis and investigation services. Chainalysis, valued at $8.6 billion in 2022, allegedly has around $30 million worth of shares available on the secondary market at a discounted price of $15, a 65% reduction.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
