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.

Pantera
Capital
Management’s
Bitcoin
Fund
just
hit
a
milestone:
a
1,000-fold
gain
in
the
value
of
its
crypto
holdings
since
launch.

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.

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
(ETH)
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.