Crypto Biz: Bidding war for SVB Capital, new crypto funds and Citi’s private blockchain
The venture capital industry appears to be gearing up for portfolio rebalancing in 2024, with investors positioning themselves to increase exposure to digital assets in the next bull market. Blockchain Capital, for instance, closed two new funds this week, with $580 million in capital to be deployed in crypto gaming and decentralized finance projects.
Likewise, SkyBridge Capital, Atlas Merchant Capital and Vector Capital are among the final bidders to acquire SVB Capital, the venture arm of the collapsed Silicon Valley Bank. SVB Capital is reportedly a backer of other major venture capital firms in the crypto space, including Sequoia and Andreessen Horowitz.
Meanwhile, Bitcoin-based investment products from mainstream financial giants are becoming more popular. Japan’s largest investment bank, Nomura, launched through its subsidiary, Laser Digital, a new Bitcoin (BTC) fund for institutional investors looking to cater to the demand for Bitcoin exposure.
A growing number of newcomers are also attracting funds. Web3 startup Bastion disclosed $25 million in a seed round to bridge Web3 infrastructure into enterprise technology. The round was led by Andreessen Horowitz, Laser Digital Ventures (Nomura’s crypto venture arm), Robot Ventures, Aptos Ventures and Alchemy Ventures.
This week’s Crypto Biz explores SVB Capital bids, new funds from Blockchain Capital, the Hut 8-US Bitcoin merger and Citigroup’s private blockchain.
SVB Financial Group, the former parent company of Silicon Valley Bank, is getting closer to a deal that will see the institution sell its venture capital arm, SVB Capital. According to a report from The Wall Street Journal, Anthony Scaramucci’s SkyBridge Capital and Atlas Merchant Capital are jostling with the
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