Real estate mogul Grant Cardone has announced the first Bitcoin purchase by his firm, becoming the latest company to adopt a digital asset treasury strategy.
Cardone Capital added 1,000 bitcoins to its balance sheet, becoming the 'first integrated real estate/Bitcoin company with a complete BTC strategy,' said CEO Grant Cardone on X on Saturday.
The billionaire entrepreneur added that the strategy was 'combining the two world-class assets', the real estate sector and Bitcoin, and mentioned that the firm expects to add another 3,000 BTC to its treasury this year.
The purchase is valued at just over $101 million at current market prices and will place Cardone Capital above the mining firms Core Scientific and Cipher Mining in terms of Bitcoin holdings, according to BiTBO.
Cardone Capital is a real estate private equity firm launched in 2017. It raises capital from investors to acquire multifamily residential properties and currently manages over 14,000 units with an estimated $5.1 billion in assets under management.
A fund that combines real estate and $BTC
In May, the real estate investment firm launched the 10X Miami River Bitcoin Fund, a dual-asset fund consisting of a 346-unit multifamily commercial property located on the Miami River in Miami, and $15 million in Bitcoin.
Speaking with Cointelegraph at the time, Cardone said that his brother inspired him to 'create a fund where we buy real estate, add Bitcoin, and then use the cash flow from the real estate purchase to buy more Bitcoin.'
Metaplanet reaches 11,111 BTC
Cardone Capital is not the only company that has bought Bitcoin in the past week. The Japanese Bitcoin investment strategy firm Metaplanet has also been increasing its treasury with the announcement of acquiring an additional 1,111 BTC on Monday.
The latest purchase, at a price of $105,700 per BTC, brings total holdings to 11,111 BTC, valued at around $1.12 billion at current market prices.
