10T Holdings Plans to Launch Third Crypto Fund

Private equity firm’s proposed offering expected to be $500 million.


Dan Tapiero, Founder and CEO, 10T Holdings


key takeaways

  • The firm currently manages about $800 million in assets between the 10T Fund and the 10T DAE Expansion Fund
  • 10T’s initial pair of funds focuses on investments in mid- to late-stage private crypto businesses

Private equity firm 10T Holdings is getting set to launch a third fund focused on digital assets companies, which would bring the company’s assets under management to more than $1 billion.

The firm currently manages about $800 million in assets between the 10T Fund and the 10T DAE Expansion Fund. The new fund, called the 10T DAE Fund 3.0 in a Tuesday regulatory filing, is expected to be $500 million.

The newest fund plans come as the digital assets space has seen an increasing number of use cases and sectors in recent months. 

10T’s existing two private equity funds invest in three segments within the crypto ecosystem: digital asset ecosystem gateways, blockchain infrastructure and what the firm considers to be next-generation financial services. 

Tapiero noted that the firm’s focus on investments in mid- to late-stage private businesses in the digital assets ecosystem makes 10T’s existing funds unique to many other offerings. The 10T Fund and the 10T DAE Expansion Fund do not invest in cryptocurrencies, venture projects or early-stage protocols, he explained.

When 10T was founded last year, there were a dozen or so crypto companies with a market capitalization of $1 billion or more, Tapiero said. Today, there are about 70, he noted. 

“The demand for investing in this part of the capital stack — B and C rounds, and later of some of these larger companies — has been so large,” the CEO said previously.

The 14 companies the first two 10T funds have invested in to date are: Kraken, eToro, Huobi, Mercado Bitcoin, Gemini, Bitfury, Ledger, Helium, Figment, Prime Trust, Deribit, Figure, Animoca Brands and Ledn.

“We think the companies in the first two funds are companies that three, four, five or six years from now will be in the S&P 500,” Tapiero said. “These are the established companies that are in the pole position in the space.” 

Tapiero estimated during Blockworks’ Digital Asset Summit in September that the crypto market value, which is currently at about $2.5 trillion, could hit $20 trillion within five years. He said bitcoin reaching a price of $500,000 within that span is “very reasonable.” 

Bitcoin’s price was roughly $51,200, as of Noon ET, according to CoinGecko.

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit