A $3 billion bitcoin fund is in the spotlight amid a flood of market headlines, according to QCP Capital, a Singapore-based crypto investment house. Cantor, SoftBank, Tether and Bitfinex are teaming up to launch the 21 Capital fund, led by Brandon Lutnick, which aims to buy a large amount of bitcoin. The fund aims to raise $350 million in convertible bonds and raise $200 million in private equity. Its structure is similar to that of Strategy, a high-profile firm that once held a large stake in bitcoin, but 21 Capital has new changes: it converts bitcoin holdings into equity and issues shares at $10 per share, effectively valuing bitcoin at $85,000 per coin. This is seen as a prototype for large-scale institutionalized cryptocurrency exposure.
The fund's launch coincides with a shift in US policy stance, with the Trump administration supporting the concept of "digital gold" to help crypto markets.
QCP Capital: Market risk appetite has picked up, and funds have clearly shifted to digital assets
2025-04-23 09:34:54
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