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As the selloff continues to drive down the price of Bitcoin (BTC) and the rest of the market for digital assets, Hong Kong billionaire and real estate magnate Adrian Cheng’s investment company is apparently seeking money to invest in the cryptocurrency field.
Over the next 18 months, C Capital intends to pool $500 million to support investments in credit, private equity, and blockchain assets.
According to the source, the company is promoting a $200 million blockchain fund and hopes to raise an additional $300 million for investments in private equity and private credit schemes.
He mentions the fact that the company’s cryptocurrency investments climbed by 40% in the first half of the year despite the bear market as evidence that the current state of the economy provides a chance to achieve the greatest outcomes.
Approximately $1 billion has been invested by C Capital in private businesses, digital assets, and loans thus far. Trading in cryptocurrencies is the main component of its hedge fund strategy. Because of the firm’s high valuations and constrained upsides, Cheng claims that the company declined to accept offers from angel funds and companies during the seed stage.
Cheng finances Hong Kong’s Animoca Brands, a unicorn company.
Adrian Cheng, CEO of New World Development and heir to the Chow Tai Fook family fortune, is unrelated to his C Capital co-founder and is the grandson of business magnate Cheng Yu-tung.
Cheng declared last year that he will buy and develop virtual land on the Sandbox blockchain gaming platform, a division of the unicorn company Animoca Brands with headquarters in Hong Kong, in which C Capital has invested.
Ten businesses that have connections to or relationships with New World Development and Cheng’s venture capital firm will be featured in the “innovation hub” and provide non-fungible tokens (NFTs), immersive experiences, and entertainment.
According to Cheng, he wanted to highlight the entrepreneurial success of young companies in the Greater Bay Area, a brand-new economic region that links Hong Kong, Macau, and nine Guangdong cities. The 42-year-old Hong Kong tycoon, art collector, and real estate developer revealed intentions to launch a sizable cultural-retail complex in mainland China in 2024 earlier this summer as part of that initiative.
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