Pantera Capital is seeking to raise $1.25 billion for a second blockchain fund, founder Dan Morehead told Bloomberg in an interview.
The investment firm is one of the oldest in the crypto space, having launched in 2013. It started its first cryptocurrency fund when bitcoin was around $65 and now currently has $4.5 billion in assets under management, according to its website.
Pantera currently runs three different fund strategies. The blockchain fund is a venture fund that invests in equity, early-stage tokens and liquid tokens.
The first blockchain fund launched in 2021 and targeted a $600 million raise. Earlier this year, Pantera announced it had secured more than $1 billion in commitments for the fund.
The firm plans to close the second blockchain fund in May, Morehead told Bloomberg. He is also looking to buy additional shares in some companies that Pantera’s already invested in since valuations have dropped.
Pantera’s portfolio includes companies like Anchorage Digital, Amber Group, Coinbase, Flashbots and FTX.
“We want to provide liquidity for people that are kind of giving up because we’re still very bullish for the next 10 or 20 years,” said Morehead in the interview.
Morehead is known for his strong views on the macroeconomic environment, which he explores in monthly investment letters.
“Unfortunately, crypto pricing has become correlated with risk assets, which I honestly don’t think has to be true,” said Morehead in the interview. “My hope is that soon crypto will decouple from the macro markets.”
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