In a submitting with the SEC yesterday, Bitcoin hedge fund large Pantera Capital introduced an fairness providing of as much as $134 million — among the many largest capital fundraising efforts within the seven 12 months historical past of the agency.
Shaped in 2013 because the first-ever Bitcoin fund in the USA, Pantera initially raised a relatively measly $13 million, and later $25 million, in keeping with reporting from Cointelegraph.
However in 2018, the fund directed its efforts in direction of a bigger increase that will consequence within the formation of a 3rd funding fund, dubbed Enterprise Fund III. This new fund attracted $164 million from 2018-2020, with the majority of the capital inflows bookending crypto’s dreadful 2019 12 months.
Now, as crypto appears poised to enter one more raging bull market, the SEC submitting signifies that Pantera has huge plans forward.
Whereas there was no phrase as to if this new increase will lead to a brand new fund or just broaden the scope of Enterprise Fund III, Pantera’s newest investments and government feedback may supply hints at its forthcoming technique.
In an interview with Contelegraph, Pantera CEO Dan Morehead mentioned he believes the expansion of decentralized finance has the potential to outstrip Bitcoin’s rise, and that the agency is focusing their new bets on the rising monetary vertical. Moreover, Pantera appears to have their eye on the increasing cryptoasset derivatives market, as proven by a current funding in derivatives platform Globe.
Bitcoin bulls shouldn’t really feel scorn by the curiosity in DeFi and derivatives, nonetheless. Morehead has additionally beforehand made a moonshot worth goal for the most important cryptocurrency, as he as soon as known as for a Bitcoin worth of $350,000.