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- Pantera Capital, a cryptocurrency hedge fund mammoth is all set to close blockchain fund in the upcoming month.
- While the fund’s closing date was not unveiled, Dan Morehead, CEO of Pantera Capital recommended it could be sometime in May.
- Morehead also pointed out that organization will also shift its concentration towards closing Blockchain Fund II.
Blockchain ‘Fund’-gates Are Closing Soon
Pantera Capital, the hedge fund leviathan is all prepared to close blockchain fund in upcoming month which is supported by about $1.3B worth of capital.
Pantera Blockchain Fund was declared in May previous year, with strategies to pile up $600 Million to make investment in early stage tokens, Web3 organizations and venture equity with robust liquidity. It has since crossed that target subsequently, with organization unveiling previous month that fund had topped a Billion dollars.
This figure of $1.3 Billion was noted during investor conference call regarding organization’s latest $200 Million Pantera Select Fund which will support “growth stage” cryptocurrency organizations which are all set to yield revenue, unlike the organization in early funding phases that being sought out through Blockchain Fund.
But When?
A precise date was not unveiled regarding when will blockchain fund will get closed. Dan Morehead, CEO of Pantera Capital recommended that it could be during May.
He said that, the organization is wrapping up Blockchain Fund, and it is going to be around $1.3 Billion and over upcoming 3-4 weeks, and as a few large institutions that have advanced due diligence processes wrap up, will be accomplished with that fund.
Moving ahead, Morehead also indicated that the organization will then move its focus to closing Blockchain Fund II 2023, which will essentially be the same as the previous fund variation and look to gather more information in early-stage private token space, and latest deals in early venture sector.
Merehead further said that, they will be back with a bigger step and more diversified and maybe longer investment period growth phase fund probably by 2024.
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Pantera Select Fund is also anticipated to close in May with about $200 Million worth of capital. The organization said that fund will be utilized for supporting and scaling organizations that are already open for business.
Morehead said, The fund is anticipated to make investment in around 10 organizations in upcoming 18 months or so. The firm will majorly concentrate on more mature, revenue-generating organizations than the typical Series A and Seed venture investments.
In the organization’s newsletter, Pantera CEO said that funds will be minor, more targeted, and eventually more focused than a typical growth fund.
As he emphasized his bullishness on having multiple agreements already in place, he said, initially in 9 years, organization has 3 very compelling growth stage agreements locked in together at the same time. That catalyzed the firm to provide a special fund to assist Limited Partners gain exposure to these growth exposure agreements plus 7-9 more they are going to invest over upcoming year.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
