Key Takeaways
- • 10T Holdings raised approximately $750 million across its first two growth equity funds (10T Fund and 10T DAE Expansion Fund), with nearly $400 million in direct fund commitments and the remainder from co-investment and sub-advised vehicles.
- • The 10T Fund closed in January 2026 with approximately $120 million in initial capital, but demand was strong enough that the firm kept it open to additional investors; most capital has already been deployed into portfolio companies.
- • The firm's portfolio includes blue-chip digital asset companies valued above $500 million, with current holdings spanning Kraken, Ledger, Figure, Deribit, Bitfury, Huobi, eToro, Figment, Animoca Brands, and Helium across three investment buckets: digital asset ecosystem gateways, next-generation financial services, and blockchain infrastructure.
- • Lead investors include billionaire hedge fund manager Alan Howard and the Municipal Employees' Retirement System of Michigan, signaling institutional capital allocation toward the digital asset sector.
- • CEO Dan Tapiero stated that Bitcoin could reach $500,000 within several years, though he acknowledged that complex crypto concepts remain a barrier to entry, particularly among older investor demographics.
Summary
10T Holdings, a private equity firm focused on digital asset companies, has completed its first fundraising cycle, closing approximately $750 million across two growth equity funds launched in early 2026. The capital raise comprises the 10T Fund, which closed in January with $120 million in commitments, and the 10T DAE Expansion Fund, with combined direct fund commitments totaling nearly $400 million. The firm expanded the 10T Fund beyond its initial target due to strong investor demand. Together with co-investment and sub-advised vehicles, the total capital deployed reached $750 million, with most funds already committed to portfolio companies as of the announcement date in March 2026.
The fund strategy targets growth-stage digital asset companies with valuations exceeding $500 million, investing through both primary funding rounds and secondary market purchases. The initial 10T Fund's first two investments—in cryptocurrency exchange Kraken and trading platform eToro—appreciated significantly, prompting the creation of the expansion fund to capture similar opportunities in the same ecosystem while avoiding direct overlap with the original fund's early winners.
The current portfolio spans ten major companies across three strategic categories: digital asset ecosystem gateways (including Kraken and eToro), next-generation financial services (including Figure and Deribit), and blockchain infrastructure businesses (including Bitfury, Helium, and others). This diversified approach positions the fund to capture value across multiple segments of the digital asset economy. Notable investors backing the strategy include Alan Howard, the billionaire hedge fund manager, and the Municipal Employees' Retirement System of Michigan, reflecting growing institutional adoption of crypto-focused investment vehicles.
CEO Dan Tapiero expressed confidence in the sector's long-term potential, projecting that Bitcoin could reach $500,000 within several years. However, he acknowledged a persistent barrier to broader adoption: the complexity of cryptocurrency concepts and blockchain technology, which creates friction particularly among older investor demographics unfamiliar with digital assets.
The fund strategy targets growth-stage digital asset companies with valuations exceeding $500 million, investing through both primary funding rounds and secondary market purchases. The initial 10T Fund's first two investments—in cryptocurrency exchange Kraken and trading platform eToro—appreciated significantly, prompting the creation of the expansion fund to capture similar opportunities in the same ecosystem while avoiding direct overlap with the original fund's early winners.
The current portfolio spans ten major companies across three strategic categories: digital asset ecosystem gateways (including Kraken and eToro), next-generation financial services (including Figure and Deribit), and blockchain infrastructure businesses (including Bitfury, Helium, and others). This diversified approach positions the fund to capture value across multiple segments of the digital asset economy. Notable investors backing the strategy include Alan Howard, the billionaire hedge fund manager, and the Municipal Employees' Retirement System of Michigan, reflecting growing institutional adoption of crypto-focused investment vehicles.
CEO Dan Tapiero expressed confidence in the sector's long-term potential, projecting that Bitcoin could reach $500,000 within several years. However, he acknowledged a persistent barrier to broader adoption: the complexity of cryptocurrency concepts and blockchain technology, which creates friction particularly among older investor demographics unfamiliar with digital assets.
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