Pantera Working to Raise $175 Million for New Blockchain Venture Fund

Crypto-focused investment firm, Pantera Capital, has stated that it is hoping to raise $175 million for its next venture, and are reportedly more than half-way there already.

Being at the forefront of cryptocurrency advancement is expensive work, just ask Paul Veradittakit, firm partner at Pantera Capital. According to Tech Crunch, one of the industry’s biggest investment firms is looking to raise a total of $175 million in its latest round of fundraising.

This is seven times more than its previous venture fund, which was set at $25 million, which itself was nearly double the amount of its first fund of $13 million. Veradittakit says that this upward trajectory is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”

Pantera Seems to Be on Track

While this number may seem astronomical, a report by the US Securities and Exchange Commission (SEC) dated the 15th of August shows that the firm has already raised over $70 million from 90 investors. However, according to CNBC, that total is actually closer to $100 million. The date of the first sale is listed as the 31st of July.

Pantera has a range of investment options for those interested in the cryptocurrency market. One is a fund dedicated to ICOs. Another is the firm’s Bitcoin Fund, which made headlines at the end of last month when Pantera announced lifetime returns of over 10,000%.

Another fund deals with investing in existing exchange-listed cryptocurrencies through ML-based algorithms and actual input from some of the firm’s main members.

Veradittakit explained that this could be a good option if:

…you aren’t sure that Bitcoin will remain the dominant cryptocurrency, or you’re interested in other use cases that may arise, or you just want to build a diversified portfolio of assets that have asymmetrical returns as bitcoin, or maybe return even more because they feature lower valuations.

Pantera has invested in plenty of well-known platforms in the industry including Ripple and Circle. Veradittakit added that:

[Pantera has invested in] lots of wallets and exchanges focused around the world, in Coinbases of different geographies, in enterprise-related blockchain companies. More recently, we’ve funded everything from big data to decentralized application platforms.

Shifting Focus

The newest venture fund is more focused on blockchain technology or more specifically, receiving equity in blockchain companies. Veradittakit touched on this new direction a bit:

We’re seeing a shift in momentum. We’re seeing a lot more interesting VC deals, and more equity deals this year than ICO deals.

The firm’s CEO, Dan Morehead, recently reiterated his belief in Bitcoin stating that while the price is low now, this won’t always be the case. He added that Bitcoin could grow quite significantly “a year from now”.

Do you think Pantera Capital will reach its $175 million goal? Let us know in the comments below!

Images courtesy of ShutterStock

Tags: , , , ,

Cryptocurrency Firm Pantera Capital Seeks $175 Million For Third Venture Fund

cryptocurrency hedge fund pantera capital

Pantera Capital, which has pioneered investments in cryptocurrency assets, has set its goal for its third venture fund at $175 million, surpassing the $25 million raised for its second fund and the $13 million from its first one, according to TechCrunch.

A new filing for a Pantera venture fund offering with the Securities and Exchange Commission notes the company has raised $71.445 million in commitments from 90 investors. The new offering, which began on July 31, 2018, will last more than a year. Dan Morehead, the founder of Pantera Capital, is listed as an executive officer in the new filing, along with Matthew Gorham and Pantera Advisors LLC.

Paul Veradittakit, a Pantera partner, said the amount already raised represents the first close.

The filing, signed on Aug. 15, 2018 by Ryan Davis, chief financial officer, declined to disclose the revenue size of the company issuing the offering. No proceeds were proposed as payments to persons named as executive officers, directors or promoters of the new offering.

Also read: If bitcoin is rat poison, the banks are the rats: Pantera Capital CEO

Pantera Capital is focused exclusively on cryptocurrency and blockchain projects, as it sees blockchain as the next step in the evolution of equity, and as the “final piece” of the internet protocol. Morehead has said that investments in bitcoin can go up 25 times.

Pantera Capital’s funds typically have 30 different cryptos to offer exposure to a wide variety of assets.

The company’s investment strategy is to invest early in token sales of the most promising blockchain protocols as a way to maximize returns.

Veradittakit and other company officers stated in a recent conference call that institutional capital is on the way for cryptocurrency.

Morehead last year said an unnamed strategic investor and institutions and individuals interest in exposure to the crypto market had invested in the company’s bitcoin hedge fund, which has already invested in altcoin projects such as Civic, 0x, FunFair and OmiseGO.

Featured Image from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.

Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.


Pantera Capital CEO Thinks Bitcoin Price Will Be “Much Higher a Year From Now”

Dan Morehead, CEO at prominent hedge fund Pantera Capital shared his take on the current Bitcoin environment, holding that the price would rise within the next year. However, outlined some challenges in front of Bitcoin miners.

“Much Higher Than It Is Today”

Despite the fact that Bitcoin is in for its worst week in four months, CEO at Pantera Capital Dan Morehead holds that the cryptocurrency will grow in value a year from now.

Speaking to CNBC’s Fast Money, Dan Morehead noted:

The price could go down but I really do think a year from now it will be much higher than it is today.

His words come as a beam of hope as the world’s first and foremost cryptocurrency has lost roughly around 12 percent of its value in less than 10 days. Bitcoin currently trades at $6,503.94 marking a slight 2.81 percent increase in the last 24 hours according to CoinMarketCap.

Morehead recently commented on the recent decision of the SEC to delay the ruling on the much anticipated commodity-backed VanEck/SolidX bitcoin ETF. He emphasized that it’s important to put things into perspective:

The main thing to remember is that bitcoin is very early-stage venture, but has real-time price feed — and that’s a unique thing. People get excited about the price and overreact.

Dan Morehead: 'Bitcoin ETF Delay Needs to be Put Into Perspective'

Miners At Risk

The Chief Executive Officer of Pantera also reiterated on the fact that Bitcoin mining doesn’t really have any fixed support, hence making actual calculations of the costs of mining fairly difficult:

I think it is very difficult to ever do real world calculations of the cost of mining. All these are sunk costs and people have built these enormous data centers with computer chips that are doing the mining. I think it is unlikely to have any fixed support there.

What this suggests is that companies “might run a loss” for a prolonged period of time, banking on the hopes that the price would increase.

Do you think Bitcoin will soon bounce back up? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock; Flickr/TechCrunch

Tags: , , ,