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Chamath Palihapitiya’s Social Capital Holds Bitcoin From 2013 Amid Talk of Public Listing

A Silicon Valley fund manager holds bitcoin purchased seven years ago as it mulls being publicly traded.

Palo Alto, Calif., investment firm Social Capital invested in bitcoin (BTC) in 2013, CEO Chamath Palihapitiya revealed Wednesday in an investment conference call. Bitcoin was trading between $13 and $1,200 in 2013 and today trades around $10,000, according to Coin Metrics data.

Palihapitiya made the disclosure on a Sept. 16 call about Social Capital’s plans to list Opendoor on the New York Stock Exchange through Social Capital Hedosophia II, one of six special purpose acquisition companies (SPACs) registered with former DST Global partner Ian Osborne’s Hedosophia investment group to take companies they acquire public.

The first Social Capital Hedosophia SPAC merged with Richard Branson’s Virgin Galactic, now valued at more than $4 billion on the public market, in an offering that raised $720 million. The Opendoor SPAC, to be conducted through Social Capital Hedosophia II, is raising about $1.1 billion in a deal valuing the company at $4.8 billion as the other four registered Social Capital Hedosophia SPACs are headlining valuations between $350 million and $1 billion.

With potentially dozens more of these blank-check companies in the works, Social Capital itself may go public to rival Warren Buffett’s Berkshire Hathaway, Palihapitiya mused in a June Fortune interview. If that happens, Social Capital would be the first publicly traded venture capital and private equity fund manager with a significant market value to invest in cryptocurrency.

In 2018, an annual investor letter said at the time that Social Capital’s largest investments were bitcoin, Amazon and the San Francisco Golden State Warriors basketball team, in which Palihapitiya owns a minority stake. The three investments would be consolidated with the rest of Social Capital’s funds, the letter said. By then bitcoin had traded around its highest historical price, just ...

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