C1 Fund Targets Crypto Firms Animoca Brands and Chainalysis for Investment

The fund, established by ex-Coinbase professionals, aims to acquire stakes at significant discounts amidst renewed investor interest in the crypto sector.

• C1 Fund, established by ex-Coinbase professionals, has raised a $500 million fund aimed at acquiring secondary shares in crypto firms at significant discounts, with Animoca Brands and Chainalysis being potential targets.
• The fund is reportedly seeking to purchase stakes in various crypto ventures at 50% to 80% below their last assessed values.
• Animoca, which transitioned from a $120 million company to a $7.8 billion private entity after delisting in 2020, is a potential target for C1. Chainalysis, valued at $8.4 billion in 2022, has also been approached by C1 Fund.
• The crypto sector is witnessing renewed interest from investors, evidenced by the surge in Bitcoin's value, crossing the $40,000 mark for the first time in two years.
• Despite a period of stagnation in crypto prices and high-profile fraud cases, the market is showing signs of recovery due to anticipation of a U.S.-regulated Bitcoin ETF and a technical upgrade to the Bitcoin network scheduled for May.

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