Share this article
This Hedge Fund Now Has a 1,000x Profit on Bitcoin
Dan Morehead's Pantera Capital Management was one of the first funds to get into bitcoin (BTC) back in July 2013.
Nov 26, 2024, 8:12 p.m.
Make us preferred on Google
What to know:
- Pantera Capital Management, which launched its Bitcoin Fund in July 2013, has seen a 1,000-fold increase with returns of over 132,118%.
- The hedge fund started buying bitcoin back when one token cost $74.
- Pantera CEO Dan Morehead believes that the cryptocurrency could be worth $740,000 by April 2028.
Pantera Capital Management’s Bitcoin Fund just hit a milestone: a 1,000-fold gain in the value of its crypto holdings since launch.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Started in 2013 as one of the first investment products exposing customers to crypto, the fund has returned 131,165% after expenses and fees. As noted by founder Dan Morehead on X, the fund saw a huge surge following Donald Trump's election as U.S. president this month.
Pantera Bitcoin Fund recently achieved an insane milestone – 1,000x.
— Dan Morehead (@dan_pantera) November 26, 2024
The post-election surge has taken the fund a further 30% higher. The Fund’s lifetime return is now 131,165% – net of fees and expenses.
My current outlook on #Bitcoin: https://t.co/0dS8GERNDB pic.twitter.com/plld0BMbef
To get started in bitcoin investing, the Bitcoin Fund bought 2% of the world’s bitcoin (BTC) supply when the cryptocurrency's price was around $74. BTC has skyrocketed over 120% in this past year alone, pushing it to a new all-time high just below $100,000.
“I think we should buy aggressively now,” Morehead wrote in a letter dated July 5, 2013, that he shared publicly Tuesday. “The price is going WAY UP. It's going to squeeze up like a watermelon seed.”
Years later, bitcoin is “still squeezing up like a watermelon seed,” Morehead wrote in a memo on Tuesday.
He predicts that the cryptocurrency could reach $740,000 by April 2028, which would translate into a $15 trillion market capitalization, due to the fact that 95% of financial wealth has not yet addressed blockchain, he said.
Morehead gave credit to institutional managers like BlackRock and Fidelty, both which launched spot bitcoin and ether exchange-traded funds earlier this year, for easing access to the industry and allowing exposure to their tens of millions of clients.
He also said that blockchain’s 15-year regulatory headwinds will now finally turn into tailwinds with the first pro-blockchain U.S. president taking office in January.
More For You
Accelerating Convergence Between Traditional and On-Chain Finance in 2026?
Commissioned bySociete Generale-FORGE
More For You
Recapping Consensus Hong Kong
Crypto's role in payments for AI, regulatory changes and the digital asset market dominated conversations on the ground.
What to know:
- Speakers at CoinDesk's Consensus Hong Kong conference said crypto and stablecoins are likely to become the default payment tools for autonomous AI agents in an emerging "machine economy."
- Market participants warned that bitcoin, which has already dropped nearly $30,000 in a month, may fall further, with $50,000 seen as the level to watch.
- Hong Kong regulators are pressing ahead with crypto rules even as others wait to see how U.S. legislation develops.
Top Stories
