Grant Cardon Raises $100 Million in Bitcoin for Real Estate Deal, Targeting 32% Returns

Grant Cardon, who heads Cardon Capital, revealed on Wednesday that the company has set up a $235 million real estate deal with a $100 million Bitcoin allocation. The announcement came during a fireside discussion at Consensus Miami 2026.

The entrepreneur said the Bitcoin-backed real estate model could be shorter than traditional REITs, which typically own or finance income-producing properties and distribute most of their taxable income to shareholders in dividends.

Cardon says traditional REITs are structurally limited because they cannot hold Bitcoin directly on their balance sheets. By combining asset cash flow with BTC appreciation potential, the model believes it will generate returns between 22% and 32%.

Traditional REITs have historically delivered long-term annualized total returns, typically 8% to 11% depending on the time window and index, and are often competitive with the S&P 500, outperforming private real estate and bonds.

The latest bitcoin purchase builds on Cardon Capital's 2025 purchase of 1,000 BTC, bringing the company's total exposure to roughly $200 million. Cardon has set a goal of holding 10,000 BTC by the end of 2026.

Cardone said the structure is bringing new participants into the crypto markets, with roughly 80% of investors in the fund reportedly having no prior exposure to Bitcoin.

Kardon Capital was launched in 2016. The goal is to make institutional grade multifamily deals available to everyday investors. The firm reportedly has plans for an IPO for 2026, which would bring additional disclosure requirements and public market scrutiny to a strategy that works with the relative privacy of private funds.