Pantera Capital Seeks to Raise $1 Billion for a New Crypto Fund

Olga Kharif and Hannah Miller, Bloomberg News

Cables connected to a mining rig at the Minto cryptocurrency mining center in Nadvoitsy, Russia, on Friday, Dec. 17, 2021. Bitcoin extended its five-week slide from an all-time high with risk sentiment across global financial markets dwindling. Photographer: Andrey Rudakov/Bloomberg , Bloomberg

(Bloomberg) -- Pantera Capital, one of the largest managers of digital assets, is seeking to raise more than $1 billion for a new fund that would offer investors exposure across the spectrum of blockchain assets.

The Pantera Fund V would be the company’s second “all-in-one” fund to invest in startup equity, early-stage tokens, liquid tokens and other assets, according to information seen by Bloomberg News. A spokesperson for Pantera didn’t immediately return a request for comment.

If successful, the fund would be the largest raised since before the sector collapsed amid a series of scandals and bankruptcies in 2022. As recently as last year, fund managers had trouble raising new capital. Venture-capital firm Paradigm is looking to raise up to $850 million, Bloomberg reported earlier.

Pantera’s fund is expected to reach a similar size as its last fund, which raised about $1.25 billion two years ago, according to a person familiar with the matter who wasn’t authorized to speak publicly. Pantera is headed by Dan Morehead, a veteran Bitcoin investor, who was an executive at Julian Robertson’s Tiger Management earlier in his career.

The fund has a $1 million minimum investment for qualified investors and the first close is slated for April 1, 2025. Limited partners will need to contribute at least $25 million, according to the document.

Earlier this year, Pantera raised funding to buy heavily discounted SOL tokens from bankrupt crypto exchange FTX.