The monstrous increase may be an indication that the Pantera’s ambitions are inflating in synchrony with the increase in the price of Bitcoin.
In a request to the SEC on Friday, hedge fund giant Bitcoin Pantera Capital announced a stock offering of up to $134 million – among the largest capital fundraising efforts in the company’s seven-year history.
Formed in 2013 as the first Bitcoin fund in the United States, Pantera initially raised about US$13 million, and later US$25 million.
But in 2018, the fund directed its efforts toward raising more money that would result in the formation of a third investment fund, called Venture Fund III. This new fund attracted $164 million from 2018-2020, with most of the capital flows coming to an end in the terrible crypt year of 2019.
Now, as cryptomoda appears about to enter another booming market, the SEC process indicates that Pantera has big plans ahead.
While there has been no word as to whether this new increase will result in a new fund or simply expand the scope of Venture Fund III, Pantera’s latest investments and executive comments can offer tips on its future strategy.
In an interview with Contelegraph, Pantera CEO Dan Morehead said he believes that the growth of decentralised finance has the potential to overcome the rise of Bitcoin, and that the company is focusing its new bets on the emerging financial vertical. In addition, Pantera appears to be keeping an eye on the expansion of the crypto derivatives market, as shown by a recent investment in the Globe derivatives platform.
But Bitcoin’s henchmen should not feel scorned by Pantera’s interest in DeFi and derivatives. Morehead had also previously set a lunar price target for the largest cryptomeda, having once spoken of a Bitcoin price of $350,000.