19 Nov 2022
Bitcoin Purchase by Pantera Worth $140 Million
This is the first significant investment by an institutional investor since the crisis, suggesting that markets may be turning a corner.
Chief Operating Officer Matthew Gorham states that the Pantera Bitcoin Fund has spent $137 million on bitcoin purchases. The previous threshold of $100,000 was reduced to $50,000, allowing 141 accredited investors to participate.
The fund's annual management fee of 0.75% is significantly lower than most other bitcoin funds. The fund aims to ease “the burden of buying and safekeeping coins” by making Bitcoin more readily available.
Dan Morehead, Pantera's CEO
In addition, they formally structured the fund as a Cayman hedge fund and is open to investors from the United States and those from other countries. During a year-long bear that has sent bitcoin's price back to 2017 levels, this is the fund's first major purchase.
Last month, some institutional investors began dipping their toes back in, but that all changed after the FTX debacle. This is the first significant investment by an institutional investor since the crisis, suggesting that markets may be turning a corner.
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