Pantera Capital

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Basics

  • A market whale
  • An Francisco-based investment firm.
  • Pantera Capital was founded in 2003 and originally focused on global macro hedge-fund investments, but as of 2014, it shifted its focus exclusively to bitcoin and other digital currencies.
  • "They famously launched the first US-based cryptocurrency fund in 2013 when Bitcoin price was still around $65."
  • Pantera Capital’s Third Venture Fund, Known as Venture Fund III Raises $71M, Firm partner Paul Veradittakit explains that the company expects to bring in approximately $175 million in funding, which would be the highest monetary allocation in Pantera Capital’s history. Update: "Pantera Capital's third fund is getting closer to its $175M target, having secured $125M so far (an extra $25M since summer last year when it announced the $100M milestone). 2-2019" Update: "has raised $160M of its planned $175M for its third venture fund; $38M in funds have already been dispersed to some 35 projects at an average of $3.5M per deal; the third fund is more selectively focused on mature crypto projects in areas such as custody, commercial exchanges, and asset management " (4-4-2019)
  • Its forth fund raised $600m (24-11-2021).

Investments

  • Even though Pantera had exposure to multiple companies (1Inch, Anchor, Arbitrum, Balancer, Blockfolio, DODO, OffChain Labs and StartkWare) that had investment from FTX/Alameda, one of its partners claimed they were not affected (11-11-2022):

"On the Pantera side, we had insignificant exposure on the FTX platform and got exposure to FTX as a shareholder primarily through the acquisition of our portfolio company Blockfolio. The price of FTT has been volatile but trending way down while the value of FTX equity is largely dependent on both infusion of capital and also community trust but Sequoia has already recently marked it to zero. The most important topic for Pantera was making sure our portfolio companies would be fine, and after checking in, 95% had little to no issues. Of those that had issues, it was involving having treasury with FTX and we are helping them through options."

  • Do Kwon; gave a 'special shoutout for backing literally everything I've done in my career (without even a pitch)'. Later on when UST depegged it was quick to claim that it "cashed out nearly 80% of its investment well before the collapse, in fact making a massive profit along the way. Joey Krug, co-chief investment officer at Pantera Capital, told The Block. "Roughly 80% over the last year, fairly gradually over time." The firm turned $1.7 million into around $170 million, Paul Veradittakit, partner at Pantera Capital, told The Block. When Pantera noticed UST's de-pegging last week, it sold more of its LUNA holdings from the remaining 20% investment. "We got out of 2/3 of that at an average price of $25.6," said Krug. "The remainder of that was staked via LUNAX and so unable to be sold." LunaX is a liquid staking token by Stader Labs."
  • 0x. Invested in 0x and re-invested during a $15M Series A (6-2-2021). Again joined in the Series B for 0x Labs (26-4-2022).
  • 1inch; led a $12M round (3-12-2020).
  • Acala. From CoinDesk (27-8-2020):

"Acala closed a $7 million simple agreement for future tokens (SAFT) led by Pantera Capital. Other investors in the funding round include 1confirmation, Arrington XRP Capital, ParaFi Capital, Coinfund, Spartan Capital and others."

"Balancer Labs announced that Pantera Capital and Alameda Research have made an investment in Balancer, through the direct purchase of BAL tokens from the Balancer Labs treasury."

Team, etc.

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