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This Hedge Fund Now Has a 1,000x Profit on Bitcoin
Dan Morehead's Pantera Capital Management was one of the first funds to get into bitcoin (BTC) back in July 2013.
What to know:
- Pantera Capital Management, which launched its Bitcoin Fund in July 2013, has seen a 1,000-fold increase with returns of over 132,118%.
- The hedge fund started buying bitcoin back when one token cost $74.
- Pantera CEO Dan Morehead believes that the cryptocurrency could be worth $740,000 by April 2028.
Pantera Capital Management’s Bitcoin Fund just hit a milestone: a 1,000-fold gain in the value of its crypto holdings since launch.
STORY CONTINUES BELOW
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Started in 2013 as one of the first investment products exposing customers to crypto, the fund has returned 131,165% after expenses and fees. As noted by founder Dan Morehead on X, the fund saw a huge surge following Donald Trump's election as U.S. president this month.
Pantera Bitcoin Fund recently achieved an insane milestone – 1,000x.
— Dan Morehead (@dan_pantera) November 26, 2024
The post-election surge has taken the fund a further 30% higher. The Fund’s lifetime return is now 131,165% – net of fees and expenses.
My current outlook on #Bitcoin: https://t.co/0dS8GERNDB pic.twitter.com/plld0BMbef
To get started in bitcoin investing, the Bitcoin Fund bought 2% of the world’s bitcoin (BTC) supply when the cryptocurrency's price was around $74. BTC has skyrocketed over 120% in this past year alone, pushing it to a new all-time high just below $100,000.
“I think we should buy aggressively now,” Morehead wrote in a letter dated July 5, 2013, that he shared publicly Tuesday. “The price is going WAY UP. It's going to squeeze up like a watermelon seed.”
Years later, bitcoin is “still squeezing up like a watermelon seed,” Morehead wrote in a memo on Tuesday.
He predicts that the cryptocurrency could reach $740,000 by April 2028, which would translate into a $15 trillion market capitalization, due to the fact that 95% of financial wealth has not yet addressed blockchain, he said.
Morehead gave credit to institutional managers like BlackRock and Fidelty, both which launched spot bitcoin and ether (ETH) exchange-traded funds earlier this year, for easing access to the industry and allowing exposure to their tens of millions of clients.
He also said that blockchain’s 15-year regulatory headwinds will now finally turn into tailwinds with the first pro-blockchain U.S. president taking office in January.
Helene Braun
Helene is a New York-based news reporter at CoinDesk, covering news about Wall Street, the rise of the spot bitcoin exchange-traded funds (ETFs) and updates on crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show on Spotify and Youtube. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
