Pantera Capital Management, which was founded in 2003 to focus on global macro hedge fund investments, is to now focus its investment advisory services on Bitcoin, other digital currencies and companies in the space.
Benchmark, Fortress Investment Group and Ribbit Capital are all acquiring an interest in Pantera Bitcoin Partners LLC.
These shareholders and their principals will generally make their purchases of Bitcoin and other digital currencies via investments in Pantera.
“Bitcoin is an entirely new thing – a ‘post-currency’ ledger – which has the potential to transform the way we use money. We believe Bitcoin is at an inflection point, making it the right time for a transition to more institutional management,” says Dan Morehead, Pantera’s founder and chief executive officer. “We are joining forces with three leading-edge investment firms to drive this transition and bring seasoned financial experience to this market.”
“We are in the business of helping nascent but potentially world changing ideas take hold,” says Matt Cohler, general partner at Benchmark. “By teaming up with Pantera, Fortress and Ribbit, we believe we can help meaningfully support the growing Bitcoin ecosystem.”
“In our business, we closely follow developments in trading, exchanges and global commerce, and we see potential for the broader adoption of Bitcoin and related technologies to reshape the global payment space,” says Mike Novogratz, Fortress principal and head of the company’s liquid markets business. “This partnership brings together leading companies with a range of relevant expertise, well-positioned to lead and capitalise on a potentially transformative evolution.”