Crypto-focused private equity firm 10T has raised $750 million from a mix of public pension plans, endowments, foundations and family offices investing in mid-to-late-stage companies in the digital asset ecosystem.
10T, led by CEO and managing partner Dan Tapiero, has closed its inaugural growth equity funds – 10T Fund and 10T DAE Expansion Fund – with nearly $389 million in capital commitments, the firm announced Wednesday.
Adding in co-investment and sub-advised vehicles, 10T has raised approximately $750 million since the PE firm launched in 2020, much of which has already been deployed, the company said.
Crypto is booming and venture capital and private equity firms like 10T are raising large pots of money, such as Silicon Valley-based Andreesen Horowitz (a16z), which earlier this year announced it had raised $2.2 billion to invest in digital asset platforms and protocols.
Back in February 2021, Tapiero launched a $200 million fund called 10T Holdings to invest in cryptocurrency startups, along with partners Michael Dubilier and Stan Miroshnik, former CEO of crypto-focused advisory firm Argon Group. The $750 million figure is inclusive of the earlier $200 million fund, a company representative told CoinDesk.
10T’s existing portfolio companies include Kraken, Ledger, Figure, Deribit, Bitfury, Huobi, eToro, Figment, Animoca Brands and Helium. Last month, 10T made a major bet on Deribit, the leading crypto derivatives exchange.
“We are now at the dawn of a new era – Bitcoin and blockchain technology are historic inventions akin to the invention of the combustion engine and will have a similar transformative impact on our world,” Tapiero said in a statement.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.