Terra backer Pantera Capital says it cashed out 80% of investment before UST crash

Quick Take

  • Pantera Capital did not experience significant losses due to TerraUSD’s crash last week.
  • The crypto VC firm says it cashed out nearly 80% of its investment well before the collapse, in fact making a massive profit along the way.

Pantera Capital, one of the high-profile backers of Terraform Labs, cashed out nearly 80% of its Terra (LUNA) investment well before TerraUSD (UST) collapsed last week.

"The market has been fairly frothy over the last year and thus we'd exited the majority of our position before any of this happened," Joey Krug, co-chief investment officer at Pantera Capital, told The Block. "Roughly 80% over the last year, fairly gradually over time."

Pantera Capital first invested in Terraform Labs in January 2021, backing a $25 million round, according to a CoinDesk report, and then committed to participating in its $150 million ecosystem fund round