Bitcoin fund Pantera bought $137 million worth of Bitcoin, according to a statement from its chief operating officer Matthew Gorham. The large purchase involved 141 accredited investors with a minimum investment of $50,000 each. Previously, the minimum investment threshold was $100,000. Lowering the bar makes the purchase acceptable to a wider range of investors.
Pantera is a passive Bitcoin tracker with an annual management fee of 0.75%. This is lower than many other Bitcoin funds, which also makes it more attractive. The fund aims to provide “quick and secure access to bitcoin while removing the burden of buying and safekeeping coins,” according to its description. In addition, Pantera is officially structured as a Cayman Islands hedge fund and is available to both US and foreign investors.
This is the fund's first major purchase in quite some time as the bearish decline in the crypto market continues. It is also the first major purchase by an institutional investor since the collapse of the crypto lender FTX, a potential sign that the markets may be starting to look forward again.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.