(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.
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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.
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