In a filing with the SEC yesterday, the Bitcoin hedge fund giant Pantera Capital announced a share offering of up to $ 134 million, one of the largest fundraising efforts in the company’s seven-year history.
Founded in 2013 as the first Bitcoin fund in the US, Pantera raised only $ 13 million initially and then raised $ 25 million. according to Cointelegraph reports.
However, in 2018 the fund focused its efforts on a larger raise that would lead to the formation of a third mutual fund called Venture Fund III. This new fund raised $ 164 million between 2018 and 2020. and most of the capital inflows ended the dire 2019 of cryptocurrencies.
Now that cryptocurrencies seem poised to enter another major bull cycle, The SEC filing shows that Pantera has big plans for the future.
While there was no word on whether this further increase will result in a new fund or simply expand the reach of Venture Fund III, Pantera’s recent investments and comments may provide clues as to its next strategy.
In an interview with Contelegraph, the CEO of Pantera, Dan Morehead believes that the growth of decentralized funding has the potential to outperform Bitcoin’s rise and that the company is focusing its new bets on the emerging ecosystem. Additionally, Pantera appears to have its eye on the crypto derivatives market, as evidenced by this a recent investment in the Globe derivatives platform.
Bitcoin bulls shouldn’t look down on interest in DeFi and its derivatives, however. Morehead also previously set an incredible price target for the largest cryptocurrency. as he once predicted a price of $ 350,000 for Bitcoin.