Real estate mogul Grant Cardone has announced the firm’s first Bitcoin purchase as it becomes the latest firm to embrace a digital asset treasury strategy.
Cardone Capital added 1,000 Bitcoin (BTC) to its balance sheet, becoming the “first ever real estate/Bitcoin company integrated with full BTC strategy,” CEO Grant Cardone said on X on Saturday.
The billionaire entrepreneur added that the strategy was “combining the two best-in-class assets,” real estate and Bitcoin, and added that the firm expects to add another 3,000 BTC to its treasury this year.
The purchase is worth just over $101 million at current market prices and will place Cardone Capital above mining firms Core Scientific and Cipher Mining in terms of Bitcoin holdings, according to BiTBO.
Cardone Capital is a private equity real estate firm that was launched in 2017. It pools investor capital to acquire multifamily residential properties and currently manages more than 14,000 units with an estimated $5.1 billion in assets under management
Real estate and BTC fund launched
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.
Related: Bitcoin ‘weakness shall pass’ after dip below $100K: Arthur Hayes
Speaking to Cointelegraph at the time, Cardone said 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 Hits 11,111 BTC
Cardone Capital isn’t the only company buying Bitcoin over the past week. Japanese Bitcoin investment strategy firm Metaplanet has also been increasing its treasury with the announcement of the acquisition of an additional 1,111 BTC on Monday.
The latest purchase, at a price of $105,700 per Bitcoin, brings the total holdings to 11,111 BTC, worth around $1.12 billion at current market prices.
Strategy’s Saylor hints at more
Meanwhile, Strategy founder Michael Saylor has hinted at another Bitcoin purchase with his regular weekend post of the portfolio tracker, which has preceded a Monday acquisition in previous weeks.
“Nothing Stops This Orange,” Saylor said, captioning the chart, which showed a treasury value of just under $61 billion.
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