Pantera Capital have submitted a filing to the SEC that shows a total fundraising amount of $71 million for its new venture fund. But partner Paul Veradittakit has referred to the amount as a first close, with Pantera aiming for closer to the $175 million mark. The current amount already dwarfs the previous two funds, which raised $13 million and $25 million. This most recent filing shows that the offering is intended to last for over a year, giving plenty of time for Pantera to realize their massive goal; and so far, nearly 100 investors have got involved. Veradittakit recently asserted his outlook for the future:
We believe that institutional capital is on its way. We see custody solutions emerging in all different geographies… [This fund is] a function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments, too, we want to be flexible and able to move with the market.
Dan Morehead on Bitcoin
Meanwhile, Pantera CEO Dan Morehead is maintaining his positive long-term stance on Bitcoin. On CNBC’s fast money this week, he was questioned about a range of Bitcoin-related situations. Morehead was quick to back Bitcoin and look to a future in which the new wave of blockchain technology dominates, but was more cautious in his view of the SEC’s recent delaying of their ETF decision:
On ETFs: I still think it will be quite a long time until an ETF is approved. The last asset class to be approved for ETF certification was copper, and copper has been on earth for 10,000 years.
On Bitcoin’s current price: It’s highly likely to be the low point for the industry. My normal view is that it’s going to return to its trend.
On Warren Buffet’s now-infamous “rat poison squared” quote: It is rat poison; it’s just the banks and credit card companies are the rats.
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Do you think that Pantera officials are correct in their assumptions that Bitcoin will recover? Let us know your thoughts in the comments section.