Bitcoin News Today: Dan Morehead's $65 Bitcoin Bet Grows to $5 Billion Crypto Empire

Dan Morehead, a former Wall Street trader with a background at Goldman Sachs and Tiger Management, made a bold career shift in 2013 by assembling a team of Princeton alumni to invest in Bitcoin at a price of $65 [1]. Alongside Pete Briger and Mike Novogratz—both from the private equity firm Fortress—Morehead rebranded his hedge fund, Pantera Capital, as one of the world’s first Bitcoin-focused funds [1]. The decision came just as Bitcoin’s price soared to over $1,000 later that year, only to collapse by 85% following the Mt. Gox hack [1].

Despite the setback, Morehead remained committed to the vision, even taking on a grueling 2016 world tour to raise awareness and capital for his struggling fund [1]. During that period, he held 170 meetings and earned as little as $100 per session, raising just $1 million and paying $17,000 in fees [1]. Yet, his persistence paid off. Today, Pantera manages over $5 billion in assets across various crypto funds, with significant holdings in Bitcoin and Ethereum, as well as venture investments in firms like Circle and Bitstamp [1].

What distinguishes Pantera from other crypto VCs is its early-mover status and Morehead’s unique blend of traditional finance experience and deep belief in the blockchain’s potential [1]. Morehead’s conviction was solidified during a 2013 meeting with Briger and Novogratz, after which he described himself as “possessed by Bitcoin” [1]. The trio, often referred to as the “Princeton mafia,” brought a level of legitimacy to crypto at a time when it was still considered a fringe asset class [1].

At the core of Pantera’s strategy is a long-term belief in Bitcoin’s transformative power [1]. Morehead has consistently maintained that Bitcoin will double in price within a year, and he predicts it will eventually reach $1 million [1]. He acknowledges that the days of rapid, 10x returns may be over, but he believes the broader adoption of digital assets in institutional finance is just beginning [1].

Pantera’s journey has not been without challenges, including regulatory inquiries into Morehead’s tax practices after he moved to Puerto Rico, a hub for blockchain entrepreneurs [1]. Despite this, Morehead remains undeterred. He recently announced the fundraising of a fifth venture fund with a $1 billion target and has expanded into digital asset treasuries [1].

The story of Dan Morehead and Pantera reflects the broader narrative of crypto’s rise—from a niche, speculative asset to a mainstream financial category [1]. It also highlights the importance of early adopters and the role of traditional finance in legitimizing the space. As Bitcoin continues to evolve, Morehead’s early bet—made at $65—has become one of the most compelling case studies in crypto investing.

Source: [1] Dan Morehead assembled his Princeton mafia to pile into Bitcoin at $65 in 2013, leaving his Wall Street career behind to build a $5 billion crypto fund (https://fortune.com/crypto/2025/08/04/dan-morehead-pantera-bitcoin-crypto-novogratz-briger-princeton/?itm_source=parsely-api)