According to Odaily, hedge fund Coatue Management is planning to raise $1 billion to enhance its investments in artificial intelligence and technological innovation. This marks the first time in several years that the New York-based firm is seeking to raise funds for its flagship fund.
Coatue Management, known for its focus on technology companies, has previously led a $300 million Series C funding round for OpenSea. The hedge fund's investment portfolio in the cryptocurrency sector includes notable companies such as blockchain security firm CertiK, Bitcoin mining company Hut 8, crypto payment platform MoonPay, and crypto analytics platform Dune Analytics. This strategic move to raise substantial capital underscores Coatue's commitment to expanding its influence and investment in the rapidly evolving tech and AI sectors.