Pantera Capital’s Crypto Fund Has Raised $369M Since July

Pantera Capital has raised $369M from 107 investors for its new blockchain fund, which was disclosed on Friday 10 September in regulatory filings, and is leaving the fund open indefinitely.

$369M in latest blockchain fund

Pantera Capital has raised $369M for its latest blockchain fund, disclosed in regulatory filings on Friday, 10 September 2021.  A blockchain fund is used to invest in companies involved with the transformation of business applications through blockchain innovation, or to invest in futures and options tied to the performance of other cryptocurrencies.  Pantera’s announcement comes amidst other venture capital firms’ announcements of substantial funds, intended for crypto-investments, including a $2.2B from a16z, announced in June 2021.  A16z, by American venture capital firm Andreessen Horowitz, has previously successfully invested in crypto exchange, Coinbase, using a crypto-investment fund. Pantera’s fund will remain open indefinitely, since it has not yet reached its goal of $600M, set in May 2021.

Pantera Capital’s investment model

Pantera Capital is self-described as the first United States Institutional Asset Manager, holding $4.7B in assets under management, on August 31, according to an investor deck.  It invests funds in startup equity, early stage protocol tokens, and other more well-known assets, such as bitcoin.  Startup equity refers to an ownership of the percentage of the startup. Investing in early stage protocol tokens involves meeting with protocol developers when they have a new idea, investing in the project, and then helping them to grow until they become public.  Pantera has invested in companies such as Balancer, and Pintu, an Indonesian exchange. 

A bumper 2021 for crypto investments

It has been a bumper year for crypto investment so far, tallying to $2.6B in Q1 2021, and $4B in Q2.  In the first quarter of 2021, Dapper Labs received $305M in funding from investment firm Coatue.  Blockchain.com raised $300M in the Series C round of funding. In Q2, hardware wallet Ledger received $380M in June, Paxos, a custody firm, received $300M in April, and Bitso, a Mexico City-based exchange, received $250M in May.

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