Bitstamp Got $10 Million From Fortress-Linked Hedge Fund
Bitcoin exchange Bitstamp received $10m in hedge fund investment last year, according to a new Bloomberg report. The money came from Pantera Capital Management LP, "the hedge fund that manages money for Fortress Investment Group LLC (FIG) executives", Bloomberg said. If true, it would be one of the largest single investments in a bitcoin-related business to date. Bitstamp has been a huge beneficiary of the collapse of Mt. Gox, multiplying its share of dollar trades by up to 50% since February. It now has at least 35% of the total bitcoin trade market share, according to bitcoincharts.....
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A top hedge fund manager is reported to have given Bitcoin an endorsement of sorts, reports the Financial Times. Michael Novogratz, macro fund co-chief at Fortress Investment Group said Bitcoin could be an effective way to transmit money to countries with less-than-impressive banking systems. Not only that, but Novogratz, along with colleagues at Fortress have taken "personal positions" in the cryptocurrency. The Financial Times report indicates that Fortress themselves have taken a look at Bitcoin, but subsequently decided it's "too speculative" for their funds. It's big news for the....
Investment firms Fortress Investment Group (FIG), Benchmark Capital and Ribbit Capital have teamed up with Pantera Capital to launch a bitcoin investment fund. The new fund will be known as Pantera Bitcoin Partners LLC and, as the name implies, it will be controlled by Pantera. Fortress, Ribbit Capital and Benchmark Capital will be minority equity partners. Fortress became the first Wall Street investment firm to enter the bitcoin space. Last year it was rumoured to be acquiring bitcoins and a regulatory filing published in February revealed it had set aside $20m for bitcoin investments in....
New York City-based Fortress Investment Group, a publicly traded company, is reportedly planning to launch a bitcoin investment fund. It's being reported that the investment vehicle may be an unlisted Exchange Traded Fund (ETF). It appears that there might be some association between Fortress's effort and that of San Francisco-based Pantera Capital. Pantera, which has as clients some Fortress executives, has filed with the Securities and Exchange Commission (SEC) an investment advisor entity called Pantera Bitcoin Advisors, LLC. The filing shows Pantera Capital as the owner of the LLC,....
Fortress Investment Group purchased $20m worth of bitcoins last year, according to a recent filing with the SEC. Back in December it was rumoured that Fortress had plans to launch a bitcoin investment fund. The news was first reported by CNN, but it could not be confirmed until now. Fortress is said to be developing a new investment vehicle based on bitcoin which is expected to be an unlisted Exchange Traded Fund (ETF). The move appears to have been connected to San Francisco-based Pantera Capital. Pantera then registered an investment advisor entity called Pantera Bitcoin Advisors LLC and....
A new Bloomberg report indicates that bitcoin exchange Bitstamp has received an investment of approximately $10 million from Pantera Capital Management LP, a hedge fund that handles money for executives at Fortress Investment Group some time in late 2013. That pegs the funding as one of the largest in the bitcoin realm. The investment, led by Pantera's own Dan Morehead, came soon after an invite-only retreat in Lake Tahoe in which Morehead invited 30 entrepreneurs in the bitcoinosphere to discuss his plans. Bitstamp CEO Nejc Kodric being one of them. It's a highlight of just how closely....