In an SEC filing yesterday, hedge fund giant Bitcoin Pantera Capital announced a stock offering of up to $ 134 million – among the largest capital fundraising efforts in the seven years of history of the company.
Formed in 2013 as the first Bitcoin fund in the United States, Pantera initially raised a comparatively meager $ 13 million and then $ 25 million, according to TBEN reports.
But in 2018, the fund shifted its efforts towards a larger increase that would result in the formation of a third investment fund, called Venture Fund III. This new fund attracted $ 164 million from 2018 to 2020, with the bulk of capital inflows reserving crypto’s terrible year 2019.
Now, as the crypto looks set to enter another raging bull market, the SEC filing says Pantera has big plans ahead.
While no one is sure whether this further increase will result in the creation of a new fund or simply expand the reach of Venture Fund III, the latest investments and comments from Pantera’s executives may offer clues to its strategy ahead.
In an interview with Contelegraph, Pantera CEO Dan Morehead said he believes the growth of decentralized finance has the potential to overtake the rise of Bitcoin and that the company is focusing its new bets on the emerging financial vertical. Additionally, Pantera appears to have an eye on the expanding crypto-asset derivatives market, as shown by a recent investment in the Globe derivatives platform.
However, Bitcoin bulls should not feel looked down upon by the interest in DeFi and its derivatives. Morehead also previously set a moonshot price target for the largest cryptocurrency, as he had previously called for a Bitcoin price of $ 350,000.