Bitcoin News Today: Dan Morehead's Pantera Bitcoin Fund Surges 130,000% Since Launch

Dan Morehead, once a Wall Street trader at Goldman Sachs and Tiger Management, left behind his traditional finance career in 2013 to fully embrace Bitcoin, launching Pantera Capital as one of the world's first crypto-focused funds [1]. At the time, he bought Bitcoin at around $65, alongside fellow Princeton alums Mike Novogratz and Pete Briger [1]. By the end of that year, the price had surged to over $1,000, only to plummet 85% following the collapse of Mt. Gox, a major crypto exchange [1]. The early years of Pantera were tough, with Morehead embarking on a global evangelism mission in 2016, holding 170 meetings to raise just $1 million for the struggling fund [1].

Despite the setbacks, Morehead remained steadfast, driven by his belief in Bitcoin’s potential to reshape global finance. His persistence paid off: today, Pantera manages over $4 billion in assets across multiple crypto funds and has made significant venture investments in blockchain projects like Circle and Bitstamp [1]. The firm is distinguished by its early-mover advantage, bridging traditional finance and the crypto sector. Unlike many of his peers, Morehead never adopted the “Bitcoin maxi” stance, recognizing the broader ecosystem of digital assets and investing in projects like Ripple’s XRP [1].

The story of Pantera is also one of the Princeton “mafia” in crypto. Morehead, Novogratz, Briger, and others from the university went on to shape key developments in the industry. Novogratz founded Galaxy Digital, and Joe Lubin co-founded Ethereum [1]. Morehead’s approach was unconventional for the time—his background in traditional trading gave him a unique edge in a space dominated by internet-savvy outsiders [1]. Even during the crypto winter years of 2013–2016, when prices languished and interest waned, Morehead continued advocating for the technology, hosting annual Bitcoin conferences in his Lake Tahoe home and rallying the community [1].

Today, Pantera continues to expand, having raised a fourth fund and preparing to launch a $1 billion fifth fund [1]. The firm has also entered the growing space of digital asset treasuries, where public companies now hold cryptocurrencies on their balance sheets. Meanwhile, Bitcoin remains at the heart of Pantera’s strategy. The firm’s Bitcoin fund has delivered a staggering 130,000% return since inception, reaching 1,000x growth [1]. Morehead continues to predict that Bitcoin will double in price every year, though he acknowledges that rapid growth may be slowing. He still believes the asset could eventually reach $1,000,000.

Despite the criticism that crypto has become a gambling vehicle, Morehead argues that blockchain’s potential to revolutionize finance should not be overshadowed by speculative activity. Pantera has stayed away from memecoins and other hype-driven assets, focusing instead on projects with real-world utility [1]. The firm’s success speaks for itself: 86% of its venture-backed investments have been profitable, a rare feat in the high-risk startup world [1].

Morehead, now splitting his time between Puerto Rico and other global hubs, remains bullish on the future of Bitcoin and blockchain technology. He sees decades of growth ahead, with institutional adoption still in its infancy. As he told Fortune: “I have the same conviction—the vast majority of institutions have zero. It feels like we have another couple of decades to go.”

Source:

[1] Dan Morehead - Pantera, Bitcoin, and the Princeton Mafia

https://fortune.com/crypto/2025/08/04/dan-morehead-pantera-bitcoin-crypto-novogratz-briger-princeton/