The large crypto hedge fund is making a fresh start in 2019 after a weak year.
The Bitcoin hedge fund Pantera Capital has disclosed in a new application to the US Securities and Exchange Commission that it intends to put up for sale additional company shares worth USD 134 million.
In 2013, Pantera became the first Bitcoin investment fund to be established in the US, and was able to raise $13 million and $25 million in investment capital at the start, as reported by Cointelegraph at the time.
In 2018, the company then sought to raise significantly more capital to build a third investment fund called Venture Fund III. This was able to raise a total of $164 million between 2018 and 2020, with the bulk of the money destroyed by a weak 2019.
As the cryptomarket is currently in a strong upward trend again, Pantera wants to make a new attempt with a lot of capital from investors, as the new SEC application shows.
Although it is not yet clear whether this will result in the creation of a new investment fund or whether Venture Fund III will merely be expanded, the company’s recent words and actions could give an indication of the strategy it is pursuing.
For example, Pantera CEO Dan Morehead recently said in an interview with Cointelegraph that he believes the decentralised financial services (DeFi) sector has even greater growth potential than Bitcoin. Accordingly, his investment company wants to focus more on this sector in the future. In addition, Pantera invested in the crypto trading platform Globe a few days ago, which indicates that crypto-derivatives have also come to the company’s attention.
However, this should not discourage Bitcoin investors, as Morehead had already demonstrated his exuberant optimism about Bitcoin in the past with an astronomical price forecast of $350,000.