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Real estate guru Grant Cardone has added nearly $70 million worth of Bitcoin in two tranches to his company’s balance sheet.
Cardone on Monday announced the purchase of $10 million worth of Bitcoin and 650 BTC, most recently worth $58 million, for Cardone Capital’s real estate and Bitcoin hybrid fund model.
The announcement of the purchases came a day after Cardone touted Bitcoin as the only scarce minable resource.
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"Been saying for years, there's no shortage of oil & gas, or gold, silver, copper – nothing!" he said Sunday on X, sharing a video about the U.S. Geological Survey’s recent discovery of 28.3 trillion cubic feet of natural gas and 1.6 billion barrels of crude oil.
"There is simply no shortage of the things we can mine for, except bitcoin," he continued.
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By mixing Bitcoin with real estate, Cardone has said his company is able to introduce liquidity to the typically illiquid property market.
"You get something that would normally do 12% or 14% that could potentially do 35% a year and be a very safe investment," he told Fox Business on Jan. 16, talking up the combination of Bitcoin’s volatility with the relative stability of the real estate market.
Cardone Capital has launched three of these so-called hybrid funds combining Bitcoin and real estate:
• The 10X Space Coast Bitcoin Fund, which combines 300 apartments in Melbourne, Florida, with $15 million worth of BTC.
• The 10X Miami River Fund, which combines 346 apartment units on the Miami River in South Florida with $300 million in BTC.
• The 10X Boca Raton Fund, which intends to combine 366 apartments with $100 million in BTC.
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