According to Matthew Gorham, its Chief Operating Officer, the Pantera Bitcoin Fund has purchased $137 million in bitcoin (BTC).
141 certified investors joined with a minimum investment requirement of $50,000 instead of $100,000,
The fund tracks Bitcoin passively and charges a lower yearly management cost than other bitcoin funds—0.75%.
It intends to give users rapid and secure access to bitcoin while reducing the hassle of purchasing and maintaining coins.
It is also open to U.S. and non-U.S. investors and is technically set up as a Cayman hedge fund.
Despite a bear market that has kept bitcoin’s price at 2017 levels for the past year, it is the fund’s first sizable purchase.
Last month, some institutional investors started dipping their toes back in, but the FTX fiasco again dampened confidence.
This indicates that markets may be starting to look forward once more since it is the first significant buy by an institutional investor since that fiasco.