Pantera Capital
{{short description|U.S. hedge fund}}
{{Infobox company
| name = Pantera Capital
| trading_name = Pantera Advisors, LLC
| logo =
| logo_size =
| type = Private
| founder = Dan Morehead
| area_served = {{hlist|United States|Puerto Rico}}
| products = {{hlist|alternative investment|digital assets}}
| parent =
| foundation = {{start date and age|2003}}
| location_city = Menlo Park, California
| location_country = U.S.
| aum = US$5 billion (2025)
| homepage = {{official|https://www.panteracapital.com/}}
}}
Pantera Capital is an American venture capital and hedge fund firm focused on digital assets headquartered in San Francisco, California.{{Cite web |title=Pantera Capital Management LP |url=https://www.bloomberg.com/profile/company/0222273D:US?embedded-checkout=true |access-date=2025-04-02 |website=Bloomberg}} The fund specializes in cryptocurrencies and blockchain technology.{{Cite web |last=Fletcher |first=Laurence |date=2020-05-21 |title=Crypto hedge funds struggle to recover from 'bloodbath' |url=https://www.ft.com/content/5897d40b-ea7f-46fa-b9f6-cf3ace82df60 |access-date=2021-06-03 |website=Financial Times |language=en-GB}} It is one of the largest digital asset funds in the world by managed assets.{{Cite web |last=Kharif |first=Olga |date=December 27, 2023 |title=Crypto Hedge Funds Gear Up for 'Token Mania' After 2023 Rebound |url=https://www.bloomberg.com/news/articles/2023-12-27/crypto-hedge-funds-pantera-see-2024-boost-on-bitcoin-btc-rally-token-mania |access-date=January 14, 2024 |website=Bloomberg}}
History
The firm was founded in San Francisco, California in 2003 by Dan Morehead, before opening offices on Silicon Valley's Sand Hill Road.{{Cite web|last=Ballentine|first=Claire|date=13 May 2021|title=Crypto Fund Pantera Says Bitcoin Energy Concern to Impact Market|url=https://www.bloomberg.com/news/articles/2021-05-13/crypto-fund-pantera-says-bitcoin-energy-concern-to-impact-market|access-date=2021-06-03|website=Bloomberg}} Morehead was previously the Head of Global Macro Trading and CFO at Tiger Management and is seen as one of the fund's "tiger cubs."{{Cite web |date=2022-01-24 |title=How a former Goldman trader built a $US5.6b crypto behemoth |url=https://www.afr.com/technology/how-a-former-goldman-trader-built-a-us5-6b-crypto-behemoth-20220124-p59qpv |access-date=2024-01-15 |website=Australian Financial Review |language=en}} The fund was initially focused on global macro before focusing solely on blockchain with Paul Veradittakit.{{Cite news |date=2025-03-12 |title=Paul Veradittakit Journey with Pantera Capital in Crypto |url=https://www.bitget.com/news/detail/12560604635695 |access-date=2025-03-30 |work=bitget.com |language=en}}
Funding
In 2013, Pantera launched the first institutional investment fund focused on Bitcoin in the United States.{{Cite news|last=Popper|first=Nathaniel|date=2017-12-19|title=A Bitcoin Hedge Fund's Return: 25,004% (That Wasn't a Typo)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2017/12/19/technology/bitcoin-hedge-fund.html|access-date=2021-06-03|issn=0362-4331}}{{Cite web|last=Leising|first=Matthew|date=27 February 2021|title=Coinbase Mafia Shows How Tight a Circle Holds Sway Over Bitcoin|url=https://www.bloomberg.com/news/articles/2021-02-27/coinbase-mafia-shows-how-tight-a-circle-holds-sway-over-bitcoin|access-date=2021-06-03|website=Bloomberg}} The fund opened an office in New York during the early 2000s and established operations in Puerto Rico in 2021.{{Cite news |last=Francesca |first=Maglione |date=December 11, 2021 |title=Zero Taxes, Golf and Beach Houses Create a Crypto Island Paradise |url=https://www.bloomberg.com/news/features/2021-12-11/crypto-rich-are-moving-to-puerto-rico-world-s-new-luxury-tax-haven |access-date=January 14, 2024 |work=Bloomberg |language=en}}{{Cite web |last=Sigalos |first=MacKenzie |date=2022-01-16 |title=Bitcoin millionaires are moving to Puerto Rico for lower taxes and island living |url=https://www.cnbc.com/2022/01/16/puerto-rico-low-taxes-island-life-make-it-hot-for-bitcoin-fans.html |access-date=2024-01-15 |website=CNBC |language=en}}
Pantera launched its second and third venture funds in 2014 and 2018, respectively. Venture Fund II raised $23 million while Venture Fund III raised $175 million.