Pantera is moving to launch a new fund aimed at institutional bitcoin investors

Pantera Capital—the cryptocurrency fund manager with more than $1 billion in assets — is working on launching a new fund aimed at heavyweight institutional investors. 

Pantera already operates a number of funds, including a bitcoin fund and an initial coin offering fund. As The Block reported earlier this month, the aforementioned funds clocked in returns of approximately 299% and 500%, respectively. The new fund, according to CEO Dan Morehead, could launch in "the next few months."

The launch, detailed by Dan Morehead during a recent episode of The Scoop, would come as a number of new Wall Street players enter the market, including Anthony Scaramucci's Skybridge, which has been pitching investors on its new bitcoin fund since the end of last year.

Union Square Ventures expects to invest 'around 30%' of its new $250m fund in the crypto industry. Elsewhere, insurance giant Mass Mutual has entered the market and a range of endowments are rumored to have made an investment in crypto. 

Pantera's new fund would be more tailored toward multi-asset-class institutional investors, according to Morehead. 

"We’re really seeing an inflection point with more coming into the market over the last couple of months," Morehead said. "We’ve had a ton of inbound calls from endowments and others that are trying to get exposure to the space."

Disclosure: Pantera invested in a past funding round for The Block.