Chinese crypto-billionaire is stocking up on precious metals, gems and artwork
(Kitco News) Chinese crypto billionaire Jihan Wu is diversifying into physical assets, including precious metals, gemstones and fine arts, with his recent purchase of what is dubbed Asia’s Fort Knox.
Bitdeer Technologies Holding Co., which Wu leads, paid $28.4 million to buy The Freeport, which is a state-of-the-art Singapore safe deposit box designed and designed by a team of architects and engineers Swiss. The news was reported by Bloomberg, citing people familiar with the matter.
Jihan Wu is an influential figure in the crypto space. He founded Bitmain Technologies Ltd, which is the largest maker of Bitcoin mining machines, with revenue of $5.6 billion in 2021. Wu left the company last year and now heads its bitcoin mining spin-off Bitdeer and crypto-finance company Matrixport.
The safe deposit includes gold and silver bars, gemstones and works of art from shareholders led by Swiss art dealer and founder Yves Bouvier, according to the outlet.
The transaction was private and took place in July. Previously, Bouvier had failed to sell Freeport, located in Singapore near Changi Airport.
Freeport began operations over a decade ago, with the intention of appealing to clients such as collectors, wealth managers and major bullion dealers.
“The facility offers integrated services to manage the shipping, storage, display and trading of these valuables…Maximum security and 24/7 secure access. Strict security provisions include electronic surveillance of staff, customers and valuables as well as armed guards,” described Freeport website.
Under the agreement, Bitdeer is the sole shareholder of Straitdeer Pte., which is now the new owner of Asia Freeport Holdings Pte.
In another development, Wu is also forming a fund worth $250 million to buy out troubled assets from mining companies.
“We can buy the cheapest machines and run them in our existing facilities with stable, cost-effective power purchase agreements,” Bitdeer CEO Matt Kong told Bloomberg.
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