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The transaction occurred on the secondary market; Deribit declined to state its current valuation.

Dan Tapiero’s 10T Holdings and Akuna Capital have invested $100 million in bitcoin (BTC, -1.68%) futures exchange Deribit, according to a source with knowledge of the deal.

Deribit, one of the world’s biggest crypto options exchanges by volume, confirmed the transaction occurred but declined to state its current valuation. It said 10T and Akuna purchased equity on the secondary market, meaning that no new shares were issued.

The last time a Deribit share transfer made waves, the Panamanian company was said to command a valuation in the hundreds of millions of dollars. That was in January 2020; options contracts trading on Deribit has since doubled.

The purchase represents a sizable play by Tapiero’s crypto equity fund, which launched in February with $200 million to bet on late-stage companies in the industry. Akuna is also an investor in crypto startups, having participated in multiple funding rounds for crypto lender BlockFi.
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