Pantera Capital Raises $600M for New Crypto Fund: Report

Crypto investment firm Pantera Capital has raised $600 million for its fourth fund with about 75% of the capital coming from institutional investors, such as endowments, according to tech news site The Information.

• The institutional backing is a change from the firm’s $175 million fund in 2018, which was largely funded by wealthy crypto investors, the report said.
• Pantera declined to comment when contacted by CoinDesk.
• Pantera expects the fund to reach $1 billion when it closes in March, the story said, citing an unnamed source. The fund will invest in venture equity, crypto tokens that have launched and tokens in development.
• Pantera was founded by Tiger Management alum Dan Morehead in 2003 as a global hedge fund before switching its focus a decade later to digital currencies. The firm has backed more than 80 blockchain companies and 65 early-stage token deals across a portfolio that includes payments company Circle, crypto exchange Coinbase and Ripple, the company that issued the XRP cryptocurrency.
• In September, Pantera raised $369 million for its then-new blockchain fund. The firm had $4.7 billion in assets under management as of August.

Read more: Pantera CEO Says Bitcoin ETF May Fail to Spark Rally