Israeli entrepreneur Moshe Hogeg is set to acquire Tel Aviv Stock Exchange shelf company KMN Capital with the plan of incorporating into it his activities in the cryptocurrency sector. Hogeg, the owner of private VC fund Singulariteam and Israeli soccer club Beitar Jerusalem, intends to invest NIS 20 million (approximately $6 million) in the shelf company in return for 72% of its shares.
Hogeg is considered to be one of Israel’s leading investors in the blockchain and cryptocurrency sector and owes much of his fortune to his success in that field. As part of the agreement with KMN Capital, Hogeg committed to consolidate all his cryptocurrency activities through the company and to not trade privately.
Despite dropping by more than 20% over the past week, Bitcoin is currently being traded at around $45,000, more than double its value less than three months ago.
Hogeg believes that the cryptocurrency market, led by Bitcoin, will continue to climb over the next few years, and is aiming to make it more accessible to Israeli investors, both private and institutional, via KMN Capital.