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Hedge Funds Grab a Stake In Bitstamp

bitcoinsNew York (HedgeCo.Net) – New York private equity firm Fortress Investment Group and two other investors, Benchmark Capital and Ribbit Capital, are buying a stake in Pantera Bitcoin Partners, a San Francisco-based hedge fund operator that buys and sells virtual currencies, Reuters reports.

Pantera invested about $10 million in Bitstamp Ltd. months before it emerged as the world’s dominant dollar-bitcoin exchange, Bloomberg reported.

The NYT reports: Pantera Capital, the parent of Pantera Bitcoin, was founded in 2003 by Dan Morehead, a veteran of the hedge fund giant Tiger Management. For most of its existence, Pantera was a macro hedge fund. But since 2011, Mr. Morehead has grown increasingly fascinated with Bitcoin, he said in an interview on Tuesday. In recent months, he said, the firm’s staff of 16 has shifted its attention to work full time on investments in the virtual currency world.

Fortress’ investment comes despite the company making a small paper loss on Bitcoin last year and the recent collapse of a major exchange following a massive theft.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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