Grant Cardone, CEO of property investment firm Cardone Capital was eager to present his plan to Michael Saylor, chairman of bitcoin treasury company Strategy. Cardone knew that firms were stampeding to raise capital for bitcoin ( BTC) purchases, in a scenario he described as a twenty-first century “gold rush,” so his plan was ambitious but also carefully hedged with real estate, Cardone’s area of expertise.
“It’s just like the gold rush right now,” Cardone told Bitcoin.com in an interview. “Any time I feel all this rush moving in, the hair on the back of my neck goes up.”
Gary Cardone, Grant’s identical twin and a known bitcoin advocate, had arranged the initial meeting with Saylor in January 2025. Afterwards, the Cardones wasted no time and hashed out a plan to immediately jump onto the bitcoin treasury bandwagon, but Grant didn’t want to throw all caution to the wind. “I’m a very conservative investor,” Cardone explained.
Indeed, the plan Cardone presented to Saylor in their follow-up discussion reflected Cardone’s risk aversion: a series of funds that would invest in both real estate and BTC. Saylor was curious about the ratio of property to bitcoin in Cardone’s funds.
“I said, ‘It’s 85% real estate, 15%, bitcoin,’” Cardone explained. “By year four though Mike, I’m at 70:30.” Cardone went on to describe how he would end up with an asset mix of 50% real estate and 50% bitcoin around the fifth year of his strategy, which would likely include going public, but Saylor scoffed at him for being too cautious.
“You have a pussyfoot,” Saylor told Cardone. “You should start at 80% bitcoin and 20% real estate.”
Cardone mulled over Saylor’s comments but decided to stick to his own conservative approach.
“Mike, I’m a real estate guy,” Cardone explained. “If I go 80% bitcoin and 20% real estate, I’m no longer a real estate guy.”
(Michael Saylor, chairman of Strategy, told Grant Cardone to stop “pussyfooting” and go all in on bitcoin / strategy.com)
Cardone says he went on to launch four bitcoin real estate funds after his conversations with Saylor. The most recent one being the “10X Miami River Bitcoin Fund,” a reference to Cardone’s bestselling book, “The 10X Rule.” He plans on launching a total of twelve funds this year.
His general investment strategy involves purchasing cash flow positive properties at a discount. The difference between the market value and purchase price is used to buy bitcoin. The cash flow, price discount, and tax deductions from depreciation all create a flywheel effect that allows Cardone to increase his firm’s bitcoin holdings with each subsequent fund launch.
“There’s $4 trillion in America invested in real estate investment trusts,” Cardone said. “We’re going to crush those because they can do maybe 12% a year. When we add bitcoin to it, we’ll go to 30% and 40% returns on a real estate portfolio.”
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