Crypto 1, a Silicon Valley and UAE-based fund, is looking for investment opportunities in the Australian crypto sector. The $500M C1 Fund of the corporation targets high-profile blockchain gaming and data analysis firms such as Animoca Brands and Chainalysis.
The fund intends to buy secondary shares at substantial discounts, according to a presentation deck reviewed by The Australian Financial Review. Crypto 1 proposes to buy private holdings for a 50% to 80% discount from the previous valuation. The venture focuses on firms valued at $300M or more in their most recent funding round. They are generally looking at the Series C or later stage, with investments ranging from $20M to $50M.
Key targets include Hong Kong-based Animoca Brands and blockchain analytics startup Chainalysis. Following several breaches, the Australian Securities Exchange delisted Animoca in 2020. Despite difficulties, its market cap increased to $5.9b last year. Crypto 1 intends to buy its shares at a 75% discount, or around $0.73 per share.
Chainalysis, valued at $8.6B in 2022, is also on Crypto 1's radar. At a 65% discount, the fund offers approximately $30M shares for $15 each. C1 Fund's investment plan, announced in March, spans multiple areas. They are looking for secondary candidates in the blockchain, crypto, web3, and fintech areas too.
