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

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