Wealthy investor network ‘TIGER 21’ holds up to $6B worth of crypto

TIGER 21, a network of high net worth investors, entrepreneurs and executives, has allocated as much as $6 billion worth of crypto into its $200 billion portfolio, according to its founder and chairman.

“We have about 1% to 3% of $200 billion in assets, so about $6 billion in assets in digital currencies,” TIGER 21’s Michael Sonnenfeldt said in a Feb. 5 interview with CNBC.

“The areas of digital currencies remain really exciting,” Sonnenfeldt said when asked what some of TIGER21’s members are bullish on. “We have some members that are all in.”

Sonnenfeldt said that Bitcoin has entered gold’s arena as a store of value and “instability hedge” for people in countries like Argentina and Lebanon where economic uncertainty continues to prevail.

“Gold is for traditionalists, Bitcoin is a bit new age, but they often play the same role. They are perceived as storehouses of value that are not subject to government fiat,” Sonnenfeldt said.

“When you have a truly global market like that, people feel like there’s some real refuge there to be found.”

Sonnenfeldt’s company runs on an invitation-only model where investors must have at least $20 million worth of investible assets in order to be eligible.

TIGER 21 has opened offices in 53 cities around the world since its founding in 1999, according to the company’s website, while Sonnenfeldt noted in the CNBC interview that its member base had increased to over 1,600.

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TIGER 21’s $6 billion crypto position reflects a growing trend of institutions allocating more funds into the crypto market as the digital asset regulatory environment in the United States becomes clearer.

Sonnenfeldt said nearly 80% of TIGER 21’s $200 billion portfolio is in “long-only risk-on assets” like public and private real estate and private equity and that its cash position is below 10% for the first time in 17 years.

Sonnenfeldt didn’t disclose which cryptocurrencies TIGER 21 has allocated in its portfolio. Cointelegraph reached out to TIGER 21 but didn’t receive an immediate response.

The crypto market cap currently sits at $3.3 trillion and has partially recovered from the Feb. 2 and 3 bloodbath, which saw around $400 billion wiped across 24 hours.

Bitcoin dominance has dropped to 61.42% since it reached a four-year high of nearly 63% on Feb. 3, TradingView data shows.

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