Pantera Capital Management LP ("Pantera"), an investment firm founded in
2003, announced today that the firm is focusing its investment advisory
services exclusively on Bitcoin, other digital currencies and companies
in the space.
The firm also announced today that Benchmark, Fortress Investment Group
and Ribbit Capital are acquiring an interest in Pantera Bitcoin Partners
LLC. These shareholders and their principals will generally make their
purchases of Bitcoin and other digital currencies via investments in
"Bitcoin is an entirely new thing - a 'post-currency' ledger - which has
the potential to transform the way we use money. We believe Bitcoin is
at an inflection point, making it the right time for a transition to
more institutional management," said Dan Morehead, Pantera's founder and
chief executive officer. "We are joining forces with three leading-edge
investment firms to drive this transition and bring seasoned financial
experience to this market."
"We are in the business of helping nascent but potentially world
changing ideas take hold," said Matt Cohler, general partner at
Benchmark. "By teaming up with Pantera, Fortress and Ribbit, we believe
we can help meaningfully support the growing Bitcoin ecosystem."
"In our business, we closely follow developments in trading, exchanges
and global commerce, and we see potential for the broader adoption of
Bitcoin and related technologies to reshape the global payment space,"
said Mike Novogratz, Fortress principal and head of the company's Liquid
Markets business. "This partnership brings together leading companies
with a range of relevant expertise, well-positioned to lead and
capitalize on a potentially transformative evolution."
"Bitcoin stands to do for money what TCP/IP did for information,
drastically changing how people all over the world transact," said Micky
Malka, founder and general partner at ibbit Capital. "Ribbit is proud
to be partnering with Pantera, Benchmark and Fortress in investing
behind the growth of this powerful new network and technology."
Until recently, Pantera Capital focused on global macro hedge fund
investments. The firm was founded by Dan Morehead, who was chief
financial officer and head of Macro Trading at Tiger Management.
Morehead also co-founded and was CEO of Atriax, an electronic foreign
exchange platform. He was also global head of FX Options at Deutsche
Bank in London and managed a global macro fund and derivatives trading
units in North America and Japan at Bankers Trust. He graduated magna
cum laude from Princeton University with a B.S. in Civil Engineering
and received the Carmichael Prize for an outstanding thesis.
About Pantera Capital
Pantera Capital is an investment firm focused exclusively on Bitcoin,
other digital currencies, and the companies in the space. The firm was
founded by Daniel W. Morehead in 2003 with a focus on global macro hedge
fund investments. Benchmark, Fortress Investment Group and Ribbit
Capital are shareholders of Pantera Bitcoin Partners LLC, a subsidiary
of Pantera Capital. For more information, visit www.panteracapital.com.
Benchmark's mission is to back great entrepreneurs who are changing the
world. The firm is privileged to work alongside men and women who are
taking big ideas and transforming them into successful companies.
Benchmark investments include companies such as Grubhub, Instagram, New
Relic, Nextdoor, Snapchat, Twitter, Uber, Yelp, Zendesk, and Zillow.
Benchmark has offices in Woodside and San Francisco. For more
information, please visit www.benchmark.com.
Fortress Investment Group LLC is a leading, highly diversified global
investment firm with approximately $61.8 billion in assets under
management as of December 31, 2013. Founded in 1998, Fortress manages
assets on behalf of over 1,500 institutional clients and private
investors worldwide across a range of private equity, credit, liquid
hedge funds, and traditional asset management strategies. Fortress is
publicly traded on the New York Stock Exchange (NYSE:FIG). For
additional information, please visit www.fortress.com.
About Ribbit Capital
Ribbit Capital is a venture capital firm that invests globally in unique
individuals and brands who are aiming to disrupt financial services.
Headquartered in Palo Alto, Ribbit believes the category is profoundly
under-innovated and is looking to support entrepreneurs who have already
launched the businesses of the future. For more information, please
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