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Tapiero’s 10T Holdings Tops Off War Chest With $389M for Crypto Investments

The private equity firm has raised a total of $750 million since launching last year.

Sep 8, 2021 at 1:30 p.m. UTC
Updated Sep 8, 2021 at 3:22 p.m. UTC

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Ian Allison is a senior reporter at CoinDesk.

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