|
Fortress to invest Bitcoins into $150m hedge fund
20.03.2014 10:17 "Agro Perspectiva" (Kyiv) —
Fortress Investment Group, the Wall Street pioneer to declare investments in Bitcoin, moves its assets into a $150m hedge fund which targets investments from digital currency enthusiasts, Voice of Russia reports referring to Financial Times.
Fortress is swapping its $13m worth of Bitcoins for an equity stake in Pantera Capital Management, the manager of the three-month old Pantera Bitcoin Partners fund.
According to Pantera announcement on Tuesday, California-based venture capital firm Benchmark, with investments from Twitter, Snapchat, and Ribbit Capital are also taking equity stakes.
Pantera, founded in 2003 by Dan Morehead, a former chief financial officer at Tiger Management, is reopening as Bitcoin pioneer after having closed doors to outside investors in the years of financial crisis. Before, it used to manage $1bn in macro investing strategies.
Pantera Bitcoin Partners was launched in December. Investors included top fund managers at Fortress, Michael Novogratz among them, the co-chief investment officer of macro funds and one of the first senior Wall Street figures to disclose having bought Bitcoins.
A December filing with the Securities and Exchange Commission revealed an initial $147m in assets under management. Though the value of the Bitcoin holdings has fallen since then, it is believed to have attracted additional investment.
Also available:
|
| |
|
|