Venture Capital · Profile from Venture Capital Research Companion
Pantera Capital
The first US institutional investment firm dedicated to digital assets — a former Tiger Management macro trader's hedge fund that pivoted to bitcoin in 2013 and grew into a multi-strategy crypto manager running a bitcoin fund, liquid token funds and venture funds side by side.
At a glance
- Founded
- 2003 as Pantera Capital Management (global macro); crypto strategy launched 2013
- Founders
- Dan Morehead (ex-Goldman Sachs, ex-Tiger Management)
- Headquarters
- Menlo Park, California (Sand Hill Road); earlier New York and San Francisco
- Ownership / structure
- Private, founder-controlled investment manager; runs hedge-fund style open-ended vehicles (Bitcoin Fund, Liquid Token Fund) and closed-end venture / blockchain funds
- Leadership (2026)
- Dan Morehead (founder, CEO, CIO); Joey Krug (co-CIO, joined 2017; verify current role); Paul Veradittakit (managing partner, venture); Franklin Bi and Cosmo Jiang (general partners); other partners across venture and liquid strategies
- AUM / capital raised
- ~$550m across seven funds (c. 2017, reported); ~$5.6bn (end-2021, reported); ~$5.2bn (2024, reported); flagship Blockchain Fund ~$1.25–1.3bn (2022); Fund V target ~$1bn+ (2024–25; final close not confirmed — verify)
- Stage focus
- Seed to Series B in equity and early tokens; liquid tokens; bitcoin; from 2025 digital asset treasury (DAT) companies
- Signature investments
- Bitcoin Fund (2013), Ripple, Bitstamp, Zcash, StarkWare, 1inch, Ondo Finance, Solana, Polkadot, TON; Terra (exited most before the 2022 collapse); notable losses: 2014 and 2018 drawdowns, many 2017-era ICO tokens
9 deals and moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2013
Ripple
Early-Stage Equity
2014
Bitstamp
Series A
2016
Zcash
Seed
2018
StarkWare
Seed
2020
1inch
Series A Token Round
2020
Terra
Token Purchase
2021
Ondo Finance
Seed
2024
TON
Token Investment
2025
Solana Company
PIPE