China’s crypto billionaire is stocking up on precious metals, gems and art
(Kitco News) Chinese crypto billionaire Jihan Wu is diversifying into physical assets, including precious metals, gems and art, with his recent purchase of what is being called Asia’s Fort Knox.
Bitdeer Technologies Holding Co., which Wu heads, paid $28.4 million to buy Le Freeport, which is a state-of-the-art security vault in Singapore designed and constructed by a team of Swiss architects and engineers. 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 manufacturer of Bitcoin mining machines, with revenues of $5.6 billion in 2021. Wu left the company last year and now heads its Bitcoin mining spinoff Bitdeer and crypto-financing company Matrixport.
The vault’s depository includes gold and silver bars, gems and art from shareholders led by Swiss art dealer and founder Yves Bouvier, the media report said.
The transaction was private and took place in July. Prior to this, Bouvier had unsuccessfully tried to sell Freeport, which is located in Singapore near Changi Airport.
Freeport began operations more than a decade ago, intending to appeal to customers such as collectors, wealth managers and large bullion dealers.
“The facility offers integrated services to handle the shipping, storage, display and trade of these valuables … Maximum security and 24/7 security access. Strict security regulations include electronic monitoring of employees, clients and valuables, as well as armed guards,” Freeport’s described website.
According to 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 $250 million fund to buy up distressed assets from mining companies.
“We can buy the cheaper machines and run them in our existing facilities with stable and cost-effective power purchase agreements,” Bitdeer CEO Matt Kong told Bloomberg.
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