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Pantera Fund Purchased Bitcoin for Nearly $50 Million

According to a filing, the Pantera Bitcoin Feeder Fund, a Cayman Islands-based private placement entity that feeds into the Pantera Bitcoin Fund, which tracks bitcoin, raised $46 million.

Source: Capedge

With Pantera presently managing $3.8 billion in total assets, they now have $68.49 million in the investment fund, an increase from $18 million a year ago.

According to Matthew Gorham, the Chief Operating Officer, 162 investors contributed to the funds, up from 56 the previous year. With a 0.75% management fee, the Pantera Bitcoin Fund purchased its own $140 million bitcoin in November.

They entered this market as one of the first bitcoin funds in 2013 and have been functioning since then. They are also one of the few funds that appear to be expanding amid a bear market that has lasted a year but which some believe may be nearing its end.

Saba Capital Fund Holds Bitcoin

Bitcoin has been added to the Saba Capital Income & Opportunities Fund, managed by investment advisor and hedge fund Saba Capital with $10 billion in assets.

By investing globally in debt and equity securities of public and private corporations, including registered closed-end funds and special purpose acquisition companies (“SPAC”), the aforementioned fund seeks to deliver “a high level of current income.” Their asset breakdown includes stocks, bonds, warrants, loans, SPACs, and bitcoin; they invest in everything.

In their letter to shareholders for the new year, they stated that they owned 108,000 shares of the Grayscale Bitcoin Trust (GBTC), which are currently worth $1.3 million.

This is the third general fund to add bitcoin, and the fund itself has around $500 million in assets under administration.

Blackrock will add the crypto asset to their Global Allocation Fund, which attempts to expose investors to the world economy’s expansion. The Morgan Stanley Europe Opportunity Fund disclosed in a filing that it purchased GBTC for $3.6 million, now worth $1 million, to give investors exposure to the European economy.

This brand-new move that gives passive exposure to the asset—the inclusion of bitcoin in broad-based funds—provides the asset.

According to them, “Saba’s investors are primarily institutions and include corporate pension funds, public pension funds, foundations, fund of funds, endowments, and family offices” in the case of Saba Capital.

That is essentially the largest market outside of central banks, and it is just now beginning to incorporate some bitcoin usage.

The fact that it’s in small numbers could be because they’re just getting started. After all, no such fund has bitcoin before 2020–21.

As a result, the market for bitcoin, which currently appears to be the only one, may expand. Bitcoin’s passive character may enable a steady flow of new capital, which, if it grows to a respectable size, may stabilize the price compared to before.

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