Anthony Pompliano's crypto venture ProCap Financial to go public via SPAC deal
Anthony Pompliano's crypto venture ProCap Financial will go public in the U.S. through a merger with blank-check vehicle Columbus Circle Capital Corp, the American entrepreneur said on Monday.
The combined company will have bitcoin worth up to $1 billion on its balance sheet. The transaction is expected to close before the end of 2025.
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Straits Times
32 minutes ago
- Straits Times
A $5 billion Hong Kong family office makes first crypto foray
HONG KONG - A money manager to some of Hong Kong's richest individuals will start investing in crypto, as more favourable regulations attract a wider array of investors to the digital-asset sector. VMS Group, a multifamily office with just under US$4 billion (S$5 billion) in assets under management, plans to allocate up to US$10 million to strategies run by decentralised-finance hedge fund Re7 Capital, said VMS managing partner Elton Cheung in an interview. He added that the size of the allocation hasn't been finalised. The decision is part of recent moves by VMS to diversify into more liquid investments, Mr Cheung said. The firm has largely focused on private equity and other longer-duration strategies since it was founded two decades ago. While those investments have performed well, such types of assets have become less liquid as more companies opt to stay private for longer, making it more difficult to exit, he said. VMS, which helps manage money for some of the city's billionaire families from property to conglomerates, runs funds that invest in various sectors including internet technology and pharmaceuticals. In 2023, it teamed up with a former executive from Chinese artificial-intelligence company SenseTime Group to look for early-stage investments in AI. Mr Cheung declined to identify VMS's clients. Digital assets, meanwhile, have been gaining in popularity since Donald Trump was elected to the White House in November with a pro-crypto agenda that he's since begun enacting. Bitcoin has rallied about 50 per cent since the election, and a blockbuster initial public offering by stablecoin issuer Circle Internet Group in June has added to the momentum. 'We thought this was the right time because of growing demand and because we see clearer legislative and government support from various jurisdictions, as well as large institutional support and endorsement,' Mr Cheung said. Moving into crypto Wealth managers are taking steps to accommodate rising crypto adoption among their clients. JPMorgan Chase & Co. plans to let wealth-management customers use some cryptocurrency-linked assets as collateral for loans, Bloomberg News reported this month. VMS opted to to make its crypto foray through Re7 rather than investing directly in tokens like Bitcoin to limit volatility, Mr Cheung said. Re7 uses a market-neutral strategy through which it earns yield by providing liquidity on decentralised exchanges and by lending stablecoins – while using hedging to mitigate price swings. Re7 has consistently generated double-digit yields since its inception in 2021, its founder Evgeny Gokhberg said in an interview, without providing exact figures. VMS has been also exploring partnerships with digital-asset payments and infrastructure projects, said Li Zhi who joined VMS in London in December 2023 to lead investing in this area. That includes studying whether it can integrate crypto-based payments at a Vietnam real estate project it currently operates as majority shareholder. 'There is very strong institutional and family interest in getting regulated digital asset exposure,' Mr Li said. 'We have seen the younger generation of families wanting to do something different.' BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
an hour ago
- CNA
US safety agency contacts Tesla on robotaxi issues seen in online videos
WASHINGTON :The National Highway Traffic Safety Administration is seeking information from Tesla after reviewing online videos of a robotaxi allegedly using the wrong lane and of speeding by another driverless vehicle. The U.S. auto safety agency said it is "aware of the referenced incidents and is in contact with the manufacturer to gather additional information." NHTSA routinely asks automakers for additional information after reports of questionable driving behavior by advanced driver assistance systems or automated driving systems. Tesla started a limited, paid robotaxi test service and deployed a dozen or so self-driving cars in Austin, Texas on Sunday. The company plans to avoid bad weather, difficult intersections, and won't take anyone below the age of 18. NHTSA noted that under the law it "does not pre-approve new technologies or vehicle systems – rather, manufacturers certify that each vehicle meets NHTSA's rigorous safety standards, and the agency investigates incidents involving potential safety defects." Bloomberg News reported NHTSA's query to Tesla earlier on Monday. The EV maker did not immediately respond to a Reuters request for comment. On Monday, Tesla told NHTSA its answers to questions on the safety of its robotaxi deployment in Texas are confidential business information and should not be made public. NHTSA is reviewing answers given in response to the agency's questions about the safety of its self-driving robotaxi in poor weather among numerous issues. The agency has been investigating since October collisions of Tesla vehicles using Full Self-Driving software under conditions of reduced visibility. The probe covers 2.4 million Tesla vehicles equipped with FSD technology after four reported collisions, including a 2023 fatal crash.
Business Times
an hour ago
- Business Times
A US$4 billion Hong Kong family office makes first crypto foray
A MONEY manager to some of Hong Kong's richest individuals will start investing in crypto, as more favourable regulations attract a wider array of investors to the digital-asset sector. VMS Group, a multifamily office with just under US$4 billion in assets under management, plans to allocate up to US$10 million to strategies run by decentralised-finance hedge fund Re7 Capital, said VMS managing partner Elton Cheung in an interview. He added that the size of the allocation hasn't been finalised. The decision is part of recent moves by VMS to diversify into more liquid investments, Cheung said. The firm has largely focused on private equity and other longer-duration strategies since it was founded two decades ago. While those investments have performed well, such types of assets have become less liquid as more companies opt to stay private for longer, making it more difficult to exit, he said. VMS, which helps manage money for some of the city's billionaire families from property to conglomerates, runs funds that invest in various sectors including internet technology and pharmaceuticals. In 2023, it teamed up with a former executive from Chinese artificial-intelligence company SenseTime Group to look for early-stage investments in AI. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Cheung declined to identify VMS's clients. Digital assets, meanwhile, have been gaining in popularity since Donald Trump was elected to the White House in November with a pro-crypto agenda that he's since begun enacting. Bitcoin has rallied about 50 per cent since the election, and a blockbuster initial public offering by stablecoin issuer Circle Internet Group this month has added to the momentum. 'We thought this was the right time because of growing demand and because we see clearer legislative and government support from various jurisdictions, as well as large institutional support and endorsement,' Cheung said. Moving into crypto Wealth managers are taking steps to accommodate rising crypto adoption among their clients. JPMorgan Chase & Co. plans to let wealth-management customers use some cryptocurrency-linked assets as collateral for loans, Bloomberg News reported this month. VMS opted to to make its crypto foray through Re7 rather than investing directly in tokens like Bitcoin to limit volatility, Cheung said. Re7 uses a market-neutral strategy through which it earns yield by providing liquidity on decentralised exchanges and by lending stablecoins — while using hedging to mitigate price swings. 'The reason investors keep coming back to crypto is the asymmetry of risk and return,' Re7 Capital founder Evgeny Gokhberg said in an interview. 'Typically, people think about asymmetry in crypto as 'lose it all or make a 100x'.' That's 'rarely a fit for a serious allocator with a reputation to lose.' Re7 has consistently generated double-digit yields since its inception in 2021, Gokhberg said without providing exact figures. VMS has been also exploring partnerships with digital-asset payments and infrastructure projects, said Zhi Li, who joined VMS in London in December 2023 to lead investing in this area. That includes studying whether it can integrate crypto-based payments at a Vietnam real estate project it currently operates as majority shareholder. 'There is very strong institutional and family interest in getting regulated digital asset exposure,' Li said. 'We have seen the younger generation of families wanting to do something different.' BLOOMBERG
