Grant Cardone Loads Up Nearly 900 BTC Amid Crypto Market Panic

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Real estate mogul Grant Cardone has taken advantage of another Bitcoin dip to add to his mixed funds combining real estate and BTC.

“CardoneCapital adds 888 BTC to its 101 Mizner Boca Bitcoin project,” Cardone said Sunday on X. “Filled all BTC purchases for largest Real Estate BTC hybrid in history. Now we will continue to add from free cash flow.”

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The purchase comes amid a market downturn that has seen Bitcoin crash to as low as $90,000. It resulted from the market filling a limit order at $94,000 disclosed by Cardone earlier this month. Cardone Capital employed a similar strategy last month to add nearly 500 BTC for about $50 million.

The Bitcoin purchases are geared toward Cardone Capital’s new line of hybrid funds that combine real estate and BTC. The recent purchase is for the company’s 10x Boca Raton fund, according to Cardone. The fund aims to combine 366 multifamily units with $100 million worth of Bitcoin.

Cardone intends to eventually take these funds public, enabling investors to capture the stability and cash flow of real estate, as well as the volatility and potential upside of Bitcoin.

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Meanwhile, Cardone is not the only one to go heavy on Bitcoin’s correction over the past week. Pioneer Bitcoin treasury company Strategy (NASDAQ:MSTR) on Monday said it acquired 8,178 BTC last week for approximately $835.6 million at roughly $102,171 per Bitcoin, taking its holdings to 649,870 BTC.

Cardone recently said he expected “a massive implosion” of digital asset treasury companies, particularly those without an underlying business. He said his funds differed from other Bitcoin treasuries because there was an actual business and cash flow.

“I have $125 million of EBITDA in year one,” he said. “Most of these companies won’t have $125 million of EBITDA. You could put them all together and they won’t have that because there’s no real company there.”

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Meanwhile, Cardone said he expected Strategy, the largest Bitcoin treasury, to be fine because of its size, likening it to “a bank.”

According to Bitcoin Treasuries, 194 public companies have Bitcoin on their balance sheet. Many pure-play Bitcoin treasury companies have seen their valuations tank below their net asset values in recent months, impacting their ability to issue equity to fund additional Bitcoin purchases, as popularized by Strategy.

Even Strategy has not been spared in the rout. The company’s so-called multiple to NAV fell as low as 0.898 last week before most recently recovering to 1.05. Its stock was most recently trading at $195, down 44% year-to-date.

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This article Grant Cardone Loads Up Nearly 900 BTC Amid Crypto Market Panic originally appeared on Benzinga.com