San Francisco-based crypto and blockchain investment company Pantera Capital confirmed in a recent filing with the United States Securities and Exchange Commission (SEC) that it has raised almost $165 million in its cryptocurrency hedge fund.
The crypto Fund dubbed Venture Fund III was launched on July 31, 2018, and reports suggested that Pantera was targeting to raise a total of $175 million. By mid-August that same year, the company raised $71 million from investors, according to the Form D filing with the SEC.
The next filing with the US regulator was in August 2019, confirming that the firm raised nearly $96 million, about a 35% increase in one year.
This month’s Form D reveals that the fund’s revenue grew by over 130%, reaching a total of $164.7 million in two years, not far off from the company’s original target.
Discussing the firm’s market position earlier this year in an Interview with Thinking Crypto, Dan Morehead, the CEO of Pantera Capital, revealed that Bitcoin and Ethereum are the company’s largest positions.
Morehead, who is bullish on Bitcoin and predicted in March that the coin would hit a new all-time in 12 months, noted that the firm also had significant positions in digital assets like Augur, Polkadot, and 0x.
Earlier this month, Pantera reportedly led a $2.6 million funding seed round for a decentralized derivatives exchange protocol on Binance Labs to expand the booming DeFi sector beyond the Ethereum network.
Meanwhile, in its monthly report published in July, Pantera noted that the inflation caused by the unending money printing spree of the US government during the coronavirus pandemic is the exact reason why people “should get out of paper money and into bitcoin,” if they want to protect their wealth.
Bitcoin offers a better store of wealth since “it isn’t being inflated away. One bitcoin is a constant fraction of the total 21 million that will ever exist,” the company said.