The Pantera Bitcoin Fund has bought $137 million worth of bitcoin according to Matthew Gorham, its Chief Operating Officer.
141 accredited investors participated with a minimum investment of $50,000 each, down from $100,000.
The fund is a passive tracker of Bitcoin with an annual management fee of 0.75%, lower than many other bitcoin funds.
It aims to provide “quick and secure access to bitcoin while removing the burden of buying and safekeeping coins,” the fund says.
In addition it is formally structured as a Cayman hedge fund and is available to both U.S. and non-U.S. investors.
This is the first big purchase by the fund in a fairly long time amid a year long bear that has sent bitcoin’s price back to 2017 levels.
Some institutional investors were tipping their toes back in last month, but the FTX debacle cooled sentiment once again.
Making this the first big purchase by an institutional investor since that debacle in a potential sign that markets are perhaps once again starting to look forward.