Pantera Capital’s Bitcoin Investment Sees 1,000x Profit
Pantera Capital Management, a hedge fund that launched its Bitcoin Fund in July 2013, has seen an incredible 1,000-fold increase in the value of its crypto holdings, with returns of over 132,118%. Back when one Bitcoin token cost $74, the fund started buying Bitcoin, and now the CEO, Dan Morehead, believes that the cryptocurrency could reach $740,000 by April 2028.
When the fund first started in 2013, it was one of the pioneers in offering investment products that exposed customers to crypto. After expenses and fees, the fund has returned a staggering 131,165%. The election of Donald Trump as US president saw a huge surge in the fund’s value, leading to further gains after the election.
To kick off their Bitcoin investing journey, the Bitcoin Fund bought 2% of the world’s Bitcoin supply when the price was around $74. In the past year alone, Bitcoin has soared over 120%, reaching a new all-time high just shy of $100,000. Morehead’s optimism about Bitcoin’s future is clear, as he predicts a price of $740,000 by 2028, citing the fact that a large portion of financial wealth has yet to engage with blockchain technology.
Morehead also acknowledges the role of institutional managers like BlackRock and Fidelity, who have made it easier for tens of millions of clients to access the industry through spot Bitcoin and Ether exchange-traded funds. Looking ahead, he sees regulatory challenges for blockchain turning into favorable tailwinds with the incoming pro-blockchain US president taking office in January.
