Esports e-sports investment platform Bitkraft VC has created a $75 million token fund to invest in blockchain gaming and digital entertainment.
The fund uses a “phase neutral” strategy, which means that it will put money into companies and startups at any stage of business development. Apart from investing in stocks, the token fund will also invest in cryptocurrencies and non-perishable tokens (NFTs).
In order to provide regulated investment opportunities, Bitkraft received investment advisor registration from the US Securities and Exchange Commission in June 2021.
The new token fund is led by Piers Kicks, a founding partner in the investment arm of crypto research firm Delphi Digital. Kicks joined Bitkraft earlier this year to lead the company’s investment efforts in crypto and NFTs.
Bitkraft reports that the fund has already closed six investments, including projects such as Yield Guild Games (YGG), Immutable, Alethea AI and Horizon Games. Kix told Cointelegraph that both YGG and Alethea are direct token investments. “We were only able to announce the funding after the final closing, but we’ve been actively publishing from it,” he added.
While the fund has primarily invested in startups built on the Ethereum blockchain, Kicks stated, “We take a chain-neutral approach and evaluate each project on a case-by-case basis. We are starting to see some exciting activity on Solana, and will be keeping a close eye on projects early games in this ecosystem.”
Related: Axie Infinity developer has secured $152 million in Series B funding from investors
According to Bitkraft Ventures founding general partner Jens Hilgers, the fund is looking to invest in about 25 more companies by the end of 2022. The venture capital firm has more than $540 million in assets under management as of October 1, 2021, with its portfolio extending to more than $540 million. of 60 companies across North America, Europe and Asia.
The gaming industry has proven ripe for crypto adoption, with many new use cases for Decentralized Finance (DeFi) and NFTs. Blockchain game Axie Infinity has emerged as one of the most popular Ethereum-based NFT games of the year, with its native token AXS hitting a new all-time high above $155 on Monday. In September, blockchain manipulation platform DeFi Land raised $4.1 million to launch a new DeFi game on Solana.