Grant Cardone, CEO of Cardone Capital, says bitcoin treasury companies are fueling a modern-day gold rush, but his own approach is notably more conservative: combining bitcoin exposure with commercial real estate. According to the report, Cardone is on track to raise more than $1.2 billion through a series of funds investing in both asset classes.
A hybrid model built on property cash flow
Cardone said his discussions with Strategy chairman Michael Saylor began after an introduction arranged by his twin brother, Gary Cardone, in January 2025. At the time, companies were rapidly raising capital to buy bitcoin, a trend Cardone described as a twenty-first century gold rush. Even so, he stressed that he remains a conservative investor and did not want to fully embrace an all-bitcoin treasury model.
The allocation he presented to Saylor started with 85% real estate and 15% bitcoin. By year four, the mix would shift to 70% real estate and 30% bitcoin, and around year five it would move toward 50% real estate and 50% bitcoin. Cardone said the strategy could eventually involve going public. Saylor reportedly pushed for a much more aggressive structure, suggesting 80% bitcoin and 20% real estate, but Cardone chose to keep his original framework.
Four funds launched, twelve planned
Following those conversations, Cardone said he launched four bitcoin real estate funds. The latest is the 10X Miami River Bitcoin Fund. He now plans to roll out a total of 12 funds this year.
His strategy centers on buying discounted properties that already generate positive cash flow. The spread between purchase price and market value is used to acquire bitcoin. Cardone said rental income, purchase discounts, and depreciation-related tax benefits together create a flywheel that can expand bitcoin holdings with each new fund launch.
Higher return ambitions, with caution intact
Cardone also took aim at traditional real estate investment trusts. He noted that roughly $4 trillion in the U.S. is invested in REITs, while annual returns there may be around 12%. By adding bitcoin to a real estate portfolio, he argued, returns could potentially rise to 30% to 40%.
Still, the structure of his funds suggests he is not treating bitcoin as a standalone bet. Instead, Cardone is trying to use the stability and cash-flow profile of commercial property to balance bitcoin’s volatility. That approach highlights a broader shift in the market, where some investors are exploring blended treasury strategies rather than pure bitcoin accumulation models.