Pantera to raise $1.25 billion for second blockchain fund

Pantera to raise $1.25 billion for second blockchain fund

Dan Morehead, the founder and chief executive officer of Pantera Capital, has disclosed that his hedge fund plans to raise another $1.25 billion for a second blockchain fund.

As Bloomberg reports today, September 28, Pantera wants to set up the new blockchain investment fund by next May. The fund is to invest in both cryptocurrencies and stocks in order to be particularly interesting for institutional investors.

“We want to provide liquidity for those people in the crypto industry who are slowly giving up because we remain confident about the next 10 to 20 years,” the Pantera boss explained the move.

In 2013, Pantera was one of the first crypto hedge funds ever to be founded in the US, when Bitcoin (BTC) was still at a sluggish price of less than $100. In a 2019 interview, Morehead predicted that the market-leading cryptocurrency could reach a whopping $356,000 by 2022. Despite this failed prognosis, Pantera now manages assets of 4.5 billion US dollars.

If the new investment fund goes ahead as planned, the new vehicle would follow the first blockchain fund the company launched in May 2021 with a target of $600 million. As Cointelegraph reported in April, the mutual fund managed to raise $1.3 billion, more than doubling its target.

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