Standard Asset Company Launches $1.5 Billion Bitcoin/Real Estate Investment Duo
A new Bitcoin Treasury Company is born in the United Arab Emirates (UAE). The Standard Asset Company, backed by the Dubai royal family and supported by Coinbase, has just opened its offices in Abu Dhabi to manage a…
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As reported by local media Gulf News, Standard Asset Company (SAC) has just formalized the opening of its headquarters within the Abu Dhabi Global Market (ADGM). The company will pilot a $1.5 billion asset management strategy, structured around two pillars: a Bitcoin reserve managed to institutional standards, and a portfolio of real estate assets in the United Arab Emirates.
The company was founded by Sakhib Waseem, Adam Ali and Mason Borda. The founding team boasts a cumulative history of over $7 billion in advised transactions and over $1 billion in digital asset issuances.
Mason Borda is closest to the crypto ecosystem with his background as an engineer at BitGo. He also co-founded Tokensoft in 2017, the company behind ERC-1404, the Ethereum token standard dedicated to tokenized financial securities subject to regulatory constraints.
Sakhib Waseem and Adam Ali come from institutional finance. The two men co-founded Verdant Partners, a strategic consulting firm based in Dubai which supports companies, institutional investors and family offices on cross-border transactions in the Middle East.
The project relies on a particularly extensive advisory board. There we find Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, member of the royal family of Dubai, Mick Mulvaney, former chief of staff of the White House, Brett Tejpaul, co-CEO of Coinbase Institutional, and Lord Iain McNicol, member of the British House of Lords.
“The UAE is a critical hub for the adoption of digital assets globally,” emphasized Brett Tejpaul.
A political-financial alignment which, according to the founders, aims to strengthen commercial ties between the United States and the United Arab Emirates. “Building a business in the Emirates that connects the digital economy to the traditional economy is something I am proud of,” said Sheikh Mohammed Bin Maktoum, quoted in the press release relayed by Gulf News.
The central point of the system, the company Coinbase Asset Management, headed by former BlackRock executive Anthony Bassili, was appointed as the exclusive manager of SAC's Bitcoin assets. The idea is to entrust the BTC part to a recognized institutional player, then to reinvest part of the returns in hotels and real estate in the Emirates.
To measure SAC's ambition, it must be placed in the hierarchy of Bitcoin Companies. At the top, Strategy holds 848,517 BTC, the equivalent of around $69.2 billion at the crypto king's current price (which has topped $81,500). Behind, the Japanese Metaplanet rose to 2nd place with 44,000 BTC (around $3.6 billion).
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- Cryptoast29 Oct, 17:47Standard Asset Company Launches $1.5 Billion Bitcoin/Real Estate Investment Duo ↗Figures: 1.5 milliards
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