Hong Kong’s C Capital to raise $500m to invest in cryptocurrencies: report

C Capital – a company founded by Hong Kong billionaire Adrian Cheng – reportedly aims to raise $500 million to invest in digital currencies, credit and private equity over the next year and a half.

The company believes the cryptocurrency market has already bottomed out, which means diving into it now is the perfect time.

“When people are in defense, we are in attack”

According to September 21 coverage by Bloomberg, C Capital plans to introduce a $200 million blockchain fund and distribute approximately $300 million in private equity and credit strategies in 2023.

Ben Cheng – CEO and Chairman of the company – believes that the crypto winter has started to loosen, which means that the current environment is perfect for new investments to “produce the best results”. Unlike many entities who prefer to stay away from the digital asset market at this time, Cheng said:

“When people are in defence, we are in attack.”

Established five years ago, C Capital is no newbie to the cryptocurrency industry. Over the past few months, he has invested around $1 billion in digital assets and credits, while his hedge fund’s primary focus is crypto trading. Cheng revealed that the company rejected the participation of other companies and angel funds at a seed stage because these had limited benefits.

Throughout its existence, C Capital has invested in more than 60 companies, including the famous blockchain game company Animoca Brands.

Is it time for a Bull Run?

The prolonged bear market in 2022 has vaporized much of the investor interest in cryptocurrencies, while most top-tier institutions prefer to stay away from the asset class when prices are down .

Still, some expect this cycle to end soon, which could propel price expansion and possible profits for those who entered the market at its low levels.

Earlier this month, Dan Morehead – CEO of Pantera Capital – said that “bitcoin is on the next leg of a rally”. However, he could not give a specific timeline as to when the prices of most digital assets will head north again:

“We have been through three major bear market cycles. I actually think we hit the lows in June and are in the next bull market. It might be tough and might take a while, but I think we’re on the next leg of a rally.

On the other hand, Mark Yusko – CEO of Morgan Creek Capital Management – believes the next bull run will be in 2024, fueled primarily by the BTC halving.

It should be noted that the crypto market, more specifically Ether’s valuation, was expected to pick up a bit after “The Merge”, which happened last week. Nonetheless, this turned into a “sell the news” event as ETH is down around 20% since the transition to PoS.

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