Dan Tapiero’s 10T is raising $500 million for a third digital assets fund

Quick Take

  • Tapiero’s 10T has filed with the SEC to create a third digital assets investment fund.
  • The vehicle, which like its predecessors will target mature crypto businesses, is raising $500 million. 

10T, the crypto investment firm run by hedge fund veteran Dan Tapiero, is launching a third digital assets fund just two months on from closing its second.

The company is raising $500 million for the latest vehicle, which is named 10T DAE Fund 3.0, according to a Form D regulatory filing with the Securities and Exchange Commission published on December 6.

Like the first two vehicles, 10T’s third fund will target mid-to-late-stage digital assets firms. “They have to be making significant revenue already. We don’t invest in startups,” Tapiero said of the first two funds. 

The third fund will invest in a fresh batch of those more mature cryptocurrency businesses.

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Founded in 2020 as a vehicle offering traditional investors exposure to larger cryptocurrency firms, 10T currently has $770 million in assets under management, according to its website. Tapiero said that more than 90% of its first two funds have already been deployed.

The company’s past bets include the likes of Kraken, eToro, Ledger, Figure, Gemini, Bitfury and Huobi. In total, there are 14 companies in the 10T portfolio, of which 12 are valued at more than $1 billion — meaning they have achieved so-called ‘unicorn’ status.

10T closed its second $750 million fund in September, having secured the backing of British billionaire Alan Howard and the Municipal Employees' Retirement System of Michigan (MERS), the state pension fund.

Howard, who, like Tapiero, earned acclaim as a macro investor across nearly two decades as CEO of Brevan Howard, has also invested considerable amounts of capital in crypto firms. Indeed, both Howard and Tapiero’s 10T have invested in Ledn, the Canadian crypto lender.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.
Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].