A Silicon Valley fund supervisor holds bitcoin bought eight years in the past because it mulls being publicly traded. Palo Alto, Calif., funding ag
A Silicon Valley fund supervisor holds bitcoin bought eight years in the past because it mulls being publicly traded.
Palo Alto, Calif., funding agency Social Capital invested in bitcoin (BTC) in 2013, CEO Chamath Palihapitiya revealed Wednesday in an funding convention name. Bitcoin was buying and selling between $13 and $1,200 in 2013 and as we speak trades round $10,000, in response to Coin Metrics information.
Palihapitiya made the disclosure on a Sept. 16 name about Social Capital’s plans to listing Opendoor on the New York Inventory Change via Social Capital Hedosophia II, considered one of six particular goal acquisition corporations (SPACs) registered with former DST International companion Ian Osborne’s Hedosophia funding group to take corporations they purchase public.
With probably dozens extra of those blank-check corporations within the works, Social Capital itself could go public to rival Warren Buffett’s Berkshire Hathaway, Palihapitiya mused in a June Fortune interview. If that occurs, Social Capital could be the primary publicly traded enterprise capital and personal fairness fund supervisor with a big market worth to put money into cryptocurrency.
In 2018, an annual investor letter mentioned on the time that Social Capital’s largest investments had been bitcoin, Amazon and the San Francisco Golden State Warriors basketball group, through which Palihapitiya owns a minority stake. The three investments could be consolidated with the remainder of Social Capital’s funds, the letter mentioned. By then bitcoin had traded round its highest historic value, slightly below $20,000, in December 2017.
The precise quantity of bitcoin Social Capital has purchased and offered has not been publicly disclosed. Palihapitiya has talked about holding bitcoin earlier than, however has not specified whether or not they had been angel or fund investments.’s personal BTC holdings predate Social Capital’s crypto involvement. He instructed a bitcoin convention in 2011 that he held 100,000 bitcoin purchased at lower than $100 a pop, and he instructed TechCrunch in 2013 that he would buy $10 million to $15 million in bitcoin along with the $5 million he already owned.
A senior vice chairman of Fb from 2007 to 2011 when he based Social Capital, Palihapitiya has fawned over bitcoin in interviews and media appearances, calling it “schmuck insurance coverage” to “hedge in opposition to the normal monetary infrastructure.” Social Capital, with over $1.2 billion underneath administration, has additionally invested in cryptocurrency buying and selling platform SFOX, together with Field, Slack and SecondMarket, now the NASDAQ Non-public Market.
The primary Social Capital Hedosophia SPAC merged with Richard Branson’s Virgin Galactic, now valued at greater than $Four billion on the general public market, in an providing that raised $720 million. The Opendoor SPAC, to be carried out via Social Capital Hedosophia II, is elevating about $1.1 billion in a deal valuing the corporate at $4.eight billion as the opposite 4 registered Social Capital Hedosophia SPACs are headlining valuations between $350 million and $1 billion.