Cardone Capital, a prominent real estate investment firm run by entrepreneur Grant Cardone, has made a significant move by purchasing 1,000 Bitcoin (BTC) for over $101 million. This marks the firm's initial foray into cryptocurrency, with Cardone describing it as integrating two principal assets: real estate and Bitcoin. Looking forward, the firm plans to acquire an additional 3,000 BTC within the year, setting a precedent as the "first ever real estate/Bitcoin company integrated with full BTC strategy," according to Cardone on X.
Founded in 2017, Cardone Capital manages over 14,000 residential units, boasting assets worth $5.1 billion. Its strategy aims to meld traditional real estate investments with cryptocurrency. In May, the firm introduced the 10X Miami River Bitcoin Fund, which combines property and $15 million in Bitcoin. Cardone stated the vision arose from a conversation with his brother about creating a fund that leverages real estate cash flow to invest more heavily in Bitcoin.
The Bitcoin purchase places Cardone Capital ahead of mining companies like Core Scientific and Cipher Mining in terms of total BTC holdings. Other firms, such as Japan's Metaplanet, are also ramping up their Bitcoin reserves; Metaplanet recently acquired 1,111 BTC, raising its total to 11,111 BTC, valued at around $1.12 billion. Meanwhile, Michael Saylor, founder of Strategy, hinted at impending Bitcoin acquisitions, fueling expectations for more institutional buying in the crypto market.
Founded in 2017, Cardone Capital manages over 14,000 residential units, boasting assets worth $5.1 billion. Its strategy aims to meld traditional real estate investments with cryptocurrency. In May, the firm introduced the 10X Miami River Bitcoin Fund, which combines property and $15 million in Bitcoin. Cardone stated the vision arose from a conversation with his brother about creating a fund that leverages real estate cash flow to invest more heavily in Bitcoin.
The Bitcoin purchase places Cardone Capital ahead of mining companies like Core Scientific and Cipher Mining in terms of total BTC holdings. Other firms, such as Japan's Metaplanet, are also ramping up their Bitcoin reserves; Metaplanet recently acquired 1,111 BTC, raising its total to 11,111 BTC, valued at around $1.12 billion. Meanwhile, Michael Saylor, founder of Strategy, hinted at impending Bitcoin acquisitions, fueling expectations for more institutional buying in the crypto market.
