Pantera Capital Goes Beyond Expectations, Yields $1.3B Blockchain Fund

Crypto hedge fund giant Pantera Capital is about to close a blockchain fund next month that is backed by around $1.3 billion worth of capital.

The Pantera Blockchain Fund was announced in May last year and was expected to raise around $600 million. These funds were going to be used to invest in early-stage tokens, venture equity, Web3 businesses, and tokens with strong liquidity.

The firm, however, has since surpassed all expectations and targets for the fund as it topped $1 billion last month.

The latest $1.3 billion figure was announced during an investor conference that took place on April 12. The call was mostly centred around the firm’s $200 million Pantera Select Fund. This fund plans to support “growth-stage” crypto firms that are ready to generate revenue.

The closing date for the fund has not been officially announced yet.

Dan Morehead, Pantera Capital’s CEO, said that “We’re wrapping up the Blockchain Fund, I think it’s gonna be about $1.3 billion and over the next three or four weeks, and as some of the big institutions that have very detailed due diligence processes wrap up, we will be done with that fund.”

Morehead also elaborated by saying that the company will shift its focus to closing the Blockchain Fund II 2023. This fund will be very similar to the prior version of the fund. It is expected to focus on the “early-stage private token space, and new deals in the early venture space”.

The CEO then concluded by saying that “The Fund is expected to invest in about 10 companies over the next 18 months or so.”