Quick take:
- Draper, one of the crypto industry’s Bitcoin OGs, also raised $124 million for the firm’s seventh fund in 2022.
- This latest filing comes on the heels of the signing into law of the stablecoin-focused bill, the GENIUS Act.
- Draper Associates focuses on the digital asset sector and boasts over $2 billion in assets under management, according to the firm’s website.
Draper Associates, the digital asset-focused investment firm based in San Mateo, California, has raised $200 million, according to a filing with the Securities and Exchange Commission (SEC). The company’s website appears to hint at a new fund launch, as reported by Fortune, which would make it Draper Associates’ eighth fund.
Tim Draper, who is regarded as one crypto industry’s Bitcoin OGs, also raised $124 million for the firm’s seventh fund in 2022. In 2014, Draper paid $19 million to buy 30,000 of the bitcoins seized in the U.S. government’s takedown of Silk Road. The coins are today valued at about $3.5 billion.
Draper has been one of the staunch Bitcoin bulls over the years, after predicting in 2018 that BTC would hit $250,000 by 2022 and issuing the same prediction again in 2023, with a significa ty shorter time frame of under a year.
Although Bitcoin is yet to hit those levels, the recent bull run, which pushed BTC to a new all-time high of about $123,000, has made Draper’s initial predictions more realistic, especially with the GENIUS Act approval.
The latest filing came hot on the heels of the signing into law of the stablecoin-focused bill, the GENIUS Act. According to its website, Draper Associates currently boasts over $2 billion in assets under management.
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The post Tim Draper’s Investment Firm Secures $200M for Its Eighth Fund appeared first on NFTgators .