Latest news with #ThreeArrowsCapital
Business Times
27-05-2025
- Business
- Business Times
Wife of 3AC's Kyle Davies sells Singapore mansion for S$37 million -The Business Times
[SINGAPORE] A bungalow in Peirce Hill owned by the wife of failed Three Arrows Capital (3AC) co-founder Kyle Davies is in the early stage of being sold, at S$37 million. The price works out to S$2,144 per square foot (psf) on the freehold land area of 17,260 square feet (sq ft). The property, which is in the Ridout Park Good Class Bungalow (GCB) Area, was developed about 30 years ago. The intending buyer, in her early thirties, is understood to be the daughter of SC Capital Partners Group chairman and founder, Suchad Chiaranussati. His wife is the niece of Kwek Leng Beng, the executive chairman of City Developments Ltd (CDL). In November last year, CapitaLand Investment entered into a deal to buy a 40 per cent initial stake in SC Capital Partners for S$280 million, with the option to acquire the remaining 60 per cent in phases over the next five years. Davies' wife, Kelly Chen, who owns the Peirce Hill bungalow, is restricted from selling the property under a court order prohibiting the couple from disposing of their assets in Singapore. Chen bought the bungalow in 2021 for S$28.8 million. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Last week, Chen granted the option to purchase the property to Chiaranussati's daughter. Market watchers said the lawyers representing the intending buyer would have ensured that the relevant approvals have been granted or sought for the transaction to be completed. Davies founded 3AC, a cryptocurrency hedge fund, with fellow ex-Credit Suisse trader Zhu Su. The duo had built a fortune worth billions from their early investments in cryptocurrencies, but this was upended in 2022 when the crypto market crashed and Terra Luna collapsed. Zhu was arrested at Changi Airport while attempting to travel out of Singapore in September 2023, and sentenced to four months' prison under a committal order granted by the Singapore Courts, obtained by 3AC liquidator Teneo. Under a Singapore court order obtained by the liquidators in December 2023, Zhu is prohibited from disposing of his assets in Singapore, including two properties: a strata landed home in Goodwood Grand in Balmoral Road, and a GCB in Yarwood Avenue. However, there was no prohibition of sale on a Dalvey Road bungalow owned by Zhu's wife, Evelyn Tao, who sold the property last year for S$51 million. The Balmoral Road property is under Zhu's name. Zhu and Tao entered into a deal to buy the Yarwood Avenue bungalow for S$48.8 million in late 2021 as trustees for their infant child. The Peirce Hill bungalow is part of the Peirce Villas project developed by CDL. Bungalows in the 39 GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character. One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area. There are only about 2,700 bungalows in GCB Areas.
Business Times
27-05-2025
- Business
- Business Times
Peirce Hill bungalow owned by wife of 3AC's Kyle Davies sells for S$37 million
[SINGAPORE] A bungalow in Peirce Hill owned by the wife of failed Three Arrows Capital (3AC) co-founder Kyle Davies, is in the early stage of being sold, at S$37 million. The price works out to S$2,144 per square foot on the freehold land area of 17,260 sq ft. The property, which is in the Ridout Park Good Class Bungalow (GCB) Area, was developed about 30 years ago. The intending buyer, in her early thirties, is understood to be the daughter of SC Capital Partners Group chairman and founder, Suchad Chiaranussati, and Patricia Yeo. In November last year, CapitaLand Investment entered into a deal to buy a 40 per cent initial stake in SC Capital Partners for S$280 million, with the option to acquire the remaining 60 per cent in phases over the next five years. Patricia Yeo is the niece of City Developments Ltd (CDL) executive chairman Kwek Leng Beng. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Davies' wife, Kelly Chen, who owns the Peirce Hill bungalow, is restricted from selling the property under a court order prohibiting the couple from disposing of their assets in Singapore. Chen bought the bungalow in 2021 for S$28.8 million. Last week, Chen granted the option to purchase the property to Chiaranussati and Yeo's daughter. Market watchers said the lawyers representing the intending buyer would have ensured that the relevant approvals have been granted or sought for the transaction to be completed. Davies founded 3AC, a cryptocurrency hedge fund, with fellow ex-Credit Suisse trader Zhu Su. The duo had built a fortune worth billions from their early investments in cryptocurrencies, but this was upended in 2022 when the crypto market crashed and Terra Luna collapsed. Zhu was arrested at Changi Airport while attempting to travel out of Singapore in September 2023, and sentenced to four months' prison under a committal order granted by the Singapore Courts, obtained by 3AC liquidator Teneo. Under a Singapore court order obtained by the liquidators in December 2023, Zhu is prohibited from disposing of his assets in Singapore, including two properties: a strata landed home in Goodwood Grand in Balmoral Road, and a GCB in Yarwood Avenue. However, there was no prohibition of sale on a Dalvey Road bungalow owned by Zhu's wife, Evelyn Tao, who sold the property last year for S$51 million. The Peirce Hill bungalow is part of the Peirce Villas project developed by CDL. Bungalows in the 39 GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character. One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area. There are only about 2,700 bungalows in GCB Areas.
Yahoo
14-02-2025
- Business
- Yahoo
Bitcoin's Acquisition Cost Hits Record $40.9K in 2024 as Analysts Predict $40K Floor Price
Bitcoin's average acquisition cost reached an all-time high of $40,980 per BTC at the end of 2024, according to ARK Invest's Big Ideas 2025 report. This marks an 86% increase over the previous year, bringing the total market value of Bitcoin holdings to $811.7 billion. Investors are watching this metric closely, as some see it as an indicator of Bitcoin's fair value in the long term. Industry figures, including Blockstream's Adam Back, suggest that Bitcoin's 'floor price' is now above $40,000, making it a key support level for the asset. Bitcoin's 200-week moving average also provides insight into the cryptocurrency's price behavior. On Feb. 11, this metric reached $43,983, signaling that Bitcoin's floor price may be nearing $44,000. Analysts often use this moving average to determine long-term trends and smooth out short-term volatility. Back pointed out that this level has historically acted as a support base for Bitcoin, suggesting that the $40,000 mark is not just a psychological barrier but a significant price level. While Bitcoin's long-term outlook appears stronger, short-term price movements remain vulnerable to economic data. On Feb. 9, Bitcoin's price remained above $95,000 despite a massive sell-off triggered by concerns about escalating trade tensions between the U.S., China, and other global economies. This marked one of the largest intraday sell-offs since the collapse of Three Arrows Capital in 2022. Bitcoin's sensitivity to broader economic developments underscores the cryptocurrency's ongoing volatility. Looking ahead, Bitcoin's price could be impacted by new economic data, including the U.S. Consumer Price Index (CPI) for January, released on Feb. 12. Analysts, including Iliya Kalchev from Nexo, believe that higher-than-expected CPI numbers could reignite fears of interest rate hikes, which could hurt Bitcoin's short-term trajectory. Additional inflation data from Japan, Germany, and the U.K. will further shape the global market's outlook for Bitcoin. Despite the immediate volatility, Bitcoin's growing cost basis and the strong support seen in the 200-week moving average indicate that it may be finding a more stable price level. These developments could help Bitcoin recover from market fluctuations, offering a stronger foundation for investors in the long run. However, as Bitcoin remains sensitive to economic pressures, its future trajectory will depend heavily on global economic trends and investor sentiment.
Yahoo
12-02-2025
- Business
- Yahoo
Bitcoin Exchange Reserves Drop to 2.5 Million as ETFs Accumulate 20 Times Faster Than Mining Output
Bitcoin reserves on cryptocurrency exchanges have dropped to their lowest level since 2022, with only 2.5 million BTC remaining. This decline is seen as a sign of a potential supply crunch, as institutional demand continues to grow, particularly from exchange-traded funds (ETFs). Data from CryptoQuant confirms that exchange reserves have not been this low since tracking began. Despite market volatility, Bitcoin is holding above $95,000, showing resilience amid economic uncertainties. Investor sentiment has been mixed, with Bitcoin ETFs recording their first weekly outflows of 2025. On Feb. 10, U.S. spot Bitcoin ETFs saw net negative outflows of $186 million, reversing the $171 million inflows from the previous day. Analysts believe this shift reflects changing market dynamics rather than a lasting trend. Even with ETF outflows, the overall trajectory remains positive due to institutional accumulation and reduced selling from long-term holders. Analysts point to 'seller exhaustion' as a sign that selling pressure is easing and buying demand is picking up. Ryan Lee, chief analyst at Bitget Research, highlights the role of psychological support levels and macroeconomic conditions in Bitcoin's stability. While ETF inflows have slowed, projections for Bitcoin's price in 2025 remain optimistic, with targets ranging from $160,000 to over $180,000. A key driver of this trend is the rate at which ETFs are buying Bitcoin—currently 20 times faster than miners can produce it. ETF holdings have now surpassed the amount held by Bitcoin's creator, Satoshi Nakamoto. At the same time, 69% of Bitcoin's supply is held by individual investors, reducing the number of coins available for trading. With such a limited supply, even a slight increase in demand could push prices significantly higher. If Bitcoin falls below $95,000, over $1.52 billion in leveraged long positions could be liquidated. However, the fact that Bitcoin remains above this level despite heavy selling suggests strong institutional interest. The last time Bitcoin saw this level of daily selling pressure was during the collapse of Three Arrows Capital in 2022. This signals that long-term holders continue to accumulate while selling activity is declining. Michael Saylor recently pointed out that billionaires buying large amounts of Bitcoin could further strain supply, potentially driving prices higher. Meanwhile, discussions about government-backed Bitcoin reserves are gaining momentum in the U.S., with 20 states proposing bills to establish such reserves. If governments start acquiring Bitcoin, the amount available on exchanges will shrink even further. With 94.3% of Bitcoin already mined and an unknown amount lost, supply is becoming increasingly scarce. While macroeconomic factors like interest rates and global trade policies will continue to influence Bitcoin's price, the ongoing decline in exchange reserves suggests another major rally could be on the horizon. Sign in to access your portfolio
