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In a document submitted to the U.S. Securities and Exchange Commission (SEC) yesterday, Bitcoin hedge fund giant Pantera Capital announced that it will issue up to $134 million in stocks, which is the company’s largest financing since its establishment 7 years ago.
According to a report by Cointelegraph, Pantera was founded in 2013 and is the first Bitcoin fund in the United States. Pantera’s first round of financing raised less than 13 million U.S. dollars, and later raised 25 million U.S. dollars.
But in 2018, the fund worked hard to raise funds on a larger scale, which resulted in the formation of a third investment fund called Venture Capital Fund III. This new fund has inflows of $164 million between 2018 and 2020. This large inflow of funds has brought an end to the bad situation of cryptocurrencies in 2019.
Now, Bitcoin seems to be preparing for the next bull market, and the documents submitted to the SEC indicate that Pantera has ambitious plans.
Although there is no news to indicate whether this new financing will give birth to a new fund or just expand the scale of venture capital fund III, Pantera’s latest investment and executive comments may hint at its upcoming strategy.
In an interview with Contelegraph, Pantera CEO Dan Morehead said that he believes that the growth of decentralized finance has the potential to exceed the growth of Bitcoin, and Pantera is focusing their attention on emerging financial verticals. In addition, Pantera seems to be planning to expand the crypto asset derivatives market. For example, Pantera recently invested in the derivatives platform Globe.
However, Bitcoin bulls should not feel despised for the attractiveness of DeFi and derivatives. Morehead has previously set a skyrocketing target for the price of Bitcoin. He once claimed that the price of the largest cryptocurrency will rise to $350,000.