Original author: Zen, PANews

Under the bear market, venture capitals interest in cryptocurrencies has slowed significantly. 10T Holdings (10T), a well-known crypto investment institution that owns three funds, is currently out of ammunition. This company manages US$1.2 billion in assets. Institutions can only wait for the next bull market or further openness to IPOs of crypto institutions. The two founders behind them are raising funds for their newly launched funds, and both will continue to focus on the encryption industry.

The name of 10T comes from founder Dan Tapieros expectations for the encryption industry. In 2019, he predicted that the total market value of cryptocurrencies would increase 30 times and eventually reach 10 trillion US dollars. Therefore, he named his cryptocurrency investment fund as 10T Holdings. Unlike other digital asset funds such as Paradigm, 10T Holdings focuses on investing in companies in the mid- to late-stage digital asset ecosystem. In his view, there are many venture funds that provide financing for seed-stage and early-stage companies, but few funds that are dedicated to providing later-stage capital and liquidity. 10 T directly provides liquidity to early-stage funds and investors who want to obtain some bargaining chips from early investment, so 10 T, as the taker of early investors, undoubtedly chose the Hard mode for itself.

Since launching its first fund in early 2021, 10 T Holdings has three funds with $1.2 billion in assets under management. Through the primary and secondary markets, 10 T invests in mature companies that operate at scale. Most of its investment portfolios are well-known companies and projects in the encryption industry, such as Ledger, Kraken, eToro, Yuga Labs, Helium developer Nova Labs, Deribit and Animoca. Brands.

10 T Holdings’ core team

As a long-time advocate of gold and Bitcoin, well-known investor Dan Tapiero has 30 years of experience in macro and commodities investing and trading, research and economics, and entrepreneurship. He is the core of 10 T Holdings, serving as Managing Partner, Chief Executive Officer and Chief Information Officer. Tapiero has extensive relationships in the field of institutional investment management. Prior to founding 10 T, he founded the global macro investment fund DTAP Capital Advisors in 2003 and then founded the physical precious metals platform Gold Bullion International (GBI) in 2014. The core similarities between Bitcoin theory and physical gold helped him realize the potential for growth in the digital asset ecosystem.

In 2013, Dan Tapiero began to pay attention to Bitcoin, but initially sold it due to its small market capitalization and the idea that it was a plaything of venture capital. As the cryptocurrency field developed, he found himself ignoring the value of Bitcoin, and his views shifted to believing that it could become a financial system, and he became a staunch supporter and evangelist.

In February 2021, Tapiero launched a US$200 million fund, and 10 T officially began investing in the encryption industry; in September of the same year, the two funds under 10 T, 10 T Fund and 10 T DAE Expansion Fund, had a total of nearly 3.89 100 million dollars in capital commitments, combined with co-investments and sub-advisors, 10 T has raised a total of nearly 750 million US dollars for its strategy; and at the end of the same year, 10 T launched a third digital asset investment fund, intending to raise 500 million US dollars , but the actual completed amount was not disclosed in the end. 10 Ts investors include a diverse range of asset allocators, in addition to high-net-worth individuals, public pension plans, endowments, foundations and family offices, including the Michigan Municipal Employees Retirement System and Alan Howard.

Stan Miroshnik is a Partner and Co-Founder of 10 T. He has nearly 20 years of experience in investment banking, corporate finance and venture capital, where he has worked with entrepreneurs, companies, regulators, financial technology and others in the digital asset ecosystem space. Established deep global relationships with blockchain investors. Focusing on the financial technology and digital asset sectors, Stan is a prolific early-stage investor who has served as an advisor and board member for several early-stage companies. He previously served as managing director of Element/Actual Group and Tangent Capital Partners, investment banks focused on digital assets, and CEO of The Argon Group, a digital finance investment bank focused exclusively on crypto capital markets.

In addition to Dan and Stan, several partners of 10 T also have rich experience and connections in the investment field. Eric Vincent is a partner and president of 10 T. He has more than 25 years of experience founding, growing and managing alternative asset management companies. Prior to joining 10 T, Eric was Head of Business Development at Mubadala Capital, the alternative investment arm of the UAE sovereign fund Mubadala Investment Company; Joe Majocha was Partner and Chief Financial Officer at 10 T, where he Served as managing director of Two Sigma Investments and COO and CFO of Two Sigmas private investment division; in addition, Michael J. Dubilier, partner and vice chairman of 10 T, entered the investment field in 1983. More than 30 years of experience in equity and direct investments in industrial, consumer products and technology companies, as well as in entrepreneurship.

10 T has deployed all funds, and the two founders have established their own businesses this year.

At the beginning of this year, there were quiet changes within 10 T. Tapiero said in an interview with The Block in February that 10 T will no longer conduct any subsequent financing and will not launch a new 10 T fund. The two founders chose to part ways and each set up a new fund. According to LinkedIn information, Tapiero and Miroshnik respectively established investment institutions in January this year, but both still retain the positions of 10 T. According to a Bloomberg report in May, anonymous sources said 10 T Holdings had deployed all the funds it had previously raised. Therefore, 10 T is faced with the dilemma of having no rice to put into the pot and can only do the post-investment work of its previous investments and wait for its exit.

According to news from The Block in February, Tapiero said that it is establishing its own private equity company 1 RoundTable Partners (referred to as 1 RT), which aims to raise US$1 billion in funds by the end of the third quarter and has currently obtained the Macro God Supported by well-known investors such as Alan Howard.

As an evolution and continuation of the investment strategy of 10 T Holdings, the core team of 1 RT is basically from 10 T. Tapiero invited 10 T partners Michael Dubilier and Eric Vincent to join, and Joe Majocha also still serves as the chief financial officer of 1 Rountable. In addition, Tapiero It has also recruited former Sothebys CEO Tad Smith as an advisory partner. In terms of investment strategy, 1 RTs focus is still to support mid-to-late stage digital asset companies that have the potential for substantial price appreciation in the next 5 to 10 years. According to relevant materials, 1 RTs flagship fund will have a 5-year investment period and a 10-year fund period, and its investment focus will be roughly divided into three categories: new era digital asset ecosystem, digital asset ecosystem infrastructure, and metaverse categories, of which Including companies focused on NFTs.

Stan Miroshnik, another founder of 10 T, also set up his own business. In May of this year, TenSquared Capital (10 SQ), a new cryptocurrency-focused venture capital firm, was reported by Bloomberg to be seeking to raise $200 million in funding. Stan Miroshnik serves as CEO and managing partner at 10 SQ, and several former 10 T executives have joined him, according to internal documents reviewed by Bloomberg. Unlike 1 T, which focuses on mid- and late-stage projects, 10 SQ, led by Stan Miroshnik, who is good at early-stage investments, intends to support crypto projects at all stages through equity investment. Based on the funds raised, 10 SQ has made two investments, including a crypto wallet infrastructure startup.

Invest in star projects and be optimistic about crypto company IPOs

10 T focuses on investing in mid- to late-stage projects in the digital asset ecosystem, and the size of its investment rounds is relatively large. For example, 10T has publicly led three projects this year, the smallest of which was $12 million announced by Blockworks in May this year, while QuickNode and AI Metaverse received $60 million and $54 million in funding respectively.

10 Most of the projects T invests in are well-developed and well-known in the industry. Companies such as Circle, eToro, and Kraken in its portfolio have been preparing for listing in recent years, and 10 T also wants to exit through an initial public offering (IPO). But none of these companies have yet managed to go public as they face a bear market in cryptocurrencies and are hampered by intense regulatory scrutiny. But Tapiero is still optimistic about the prospect of cryptocurrency companies going public. He believes that the second half of 2024 and 2025 may be a good time, and predicts that some cryptocurrency companies will go public by then.

Metaverse NFT

• Animoca Brands: Metaverse gaming and venture capital giant.

• Candy Digital: A digital collection development company and the official digital collection partner of Major League Baseball, Netflix, WWE, Getty Images, and Race Team Alliance.

• Doodles: A community-driven NFT brand

• Futureverse: an AI Metaverse startup that integrates 11 Metaverse infrastructure and content companies into a collaborative ecosystem and provides the essential components for building Metaverse applications.

• Yuga Labs: Developer of Bored Ape Yacht Club (BAYC), which also owns CryptoPunks and Meebits IP.

Infrastructure Tools

• Bitfury: A blockchain infrastructure provider that develops and provides software and hardware solutions needed for enterprises, governments, organizations and individuals to securely transfer assets on the blockchain.

• CertiK: Blockchain security and code audit agency, using artificial intelligence technology to protect and monitor blockchain protocols and smart contracts.

• Figment: Blockchain infrastructure and service provider offering enterprise-grade node and staking infrastructure, Hubble Web 3 browser, and developer tools.

• Qredo: Crypto custody and settlement technology company that provides decentralized crypto custody secured by multi-party computation (MPC).

• QuickNode: A blockchain infrastructure company that provides developers with node infrastructure and application programming interfaces (APIs).

• Ledger: Crypto hardware wallet provider

• Nova Labs: The development company behind the Helium blockchain. Helium is a decentralized wireless network Helium,

• InfStones: Blockchain infrastructure provider supporting thousands of nodes on 50+ public blockchains through its common platform.

monetary assets:

• Huobi: Cryptocurrency exchange, founded in 2013

• Gemini: Cryptocurrency exchange, founded in 2014

• Kraken: Cryptocurrency exchange, founded in 2011

• 2 TM Group: Brazilian encryption company, its cryptocurrency exchange Mercado Bitcoin was established in 2013

• Deribit: Cryptocurrency derivatives trading platform and the worlds largest institutional-level cryptocurrency options exchange

• eToro: A social trading investment network that enables users to watch other users financial trading activity, copy it and place their own trades.

• Circle: Developer and publisher of the stablecoin USDC

• Figure: A blockchain lending company that uses the Provenance blockchain for loan origination, equity management, private equity fund services, banking and payments.

• Ledn: Canadian Crypto Lending Platform

other:

• Blockworks: News outlet and information platform featuring editorial website, newsletter, podcast, conferences, research and data platform.

• TRM Labs: A blockchain intelligence company that helps financial institutions, cryptocurrency businesses, and government agencies detect and investigate cryptocurrency-related financial crime and fraud.