Altucher-Backed Crypto Exchange Raising $10 Million

Investment guru James Altucher, heralded by some members of the mainstream press as the “face of the bitcoin bubble” for his outsize presence in internet ads, is raising money for a new cryptocurrency venture.

As detailed in an SEC filing dated Thursday, Altucher is now co-founder of a Delaware company called Bitzumi, Inc., which intends to offer a newsletter product and exchange service. The firm plans to raise up to $10 million, with a minimum raise of $1 million.

While not formally listed as a signatory of the filing, Altucher is nonetheless described as a co-founder both in the text and on the company’s website. But affiliation aside, the filing indicates Bitzumi plans to use the new funds to grow its business into other verticals.

“Bitzumi Publishing’s goal is to dominate search engine traffic in the cryptocurrency industry and drive traffic to both our Bitzumi exchange and other product offerings, such as subscription-based newsletters,” the filing states.

Notably listed in the filing are a number of competing companies, among them some of the world’s largest cryptocurrency exchanges including Coinbase’s GDAX offering and Bitstamp.

Looking further, the venture foresees that it will even offer customer cryptocurrencies to clients. In the short-term, however, it intends to focus on a publishing business. Bitzumi claims to have partnered with investment newsletter service Agora Financial, LLC to “market and sell” a newsletter created by Altucher.

Agora Financial’s website refers to Altucher, who recently joined the firm, as a contributor as well as its “resident crypto millionaire.”

According to the filing, Scot Cohen, an oil and gas industry entrepreneur, will serve as CEO, while David Briones and Glenn Pollack will take the roles of CFO and director, respectively. The firm has registered as a money services business in 50 states, FinCEN indicates.

For more on Altucher’s outlook on bitcoin, view our most recent interview here.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase.

Portrait photo via James Altucher

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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