Pantera Capital Attracts $160 Mln And Calculates BTC Price Bottom
A venture company Pantera Capital posted a letter on the blog, where it told about the main news for March.
In particular, Pantera Capital wound down the fundraising campaign for its third venture blockchain fund, without reaching its goal. Initially, it was expected to attract $175 million from institutional investors, pension and charity funds, and other organizations. However, the company managed to raise only $160 million and decided to stop.
Venture Fund III has already managed to invest $38 million in 11 portfolio projects. More than a third (35%) are startups in the field of infrastructure, a large part of investments (29%) was allocated to exchanges, and the remaining funds were distributed between payment projects, private blockchain solutions, etc. In total, the fund is planning to invest in 35 companies, receiving an average of 11% share in each venture.
The second news is that the analysts of Pantera Capital have discovered a pattern between the bottom of the bitcoin price and the upcoming halving. Miners get their reward halved every four years. The next event is scheduled for May 24, 2020. In 2012, bitcoin reached the bottom 376 days before the halving, and in 2016 — 320 days before. Based on the average figure, the experts at Pantera Capital suggested that BTC will reach its bottom on June 10 this year.
Pantera Capital was one of the leading investors in the regulated platform Bakkt, which attracted $180 million in the last round in December 2018.
As previously reported, the Bakkt capitalization reached $740 million.