Institutions and the well-heeled have poured millions of dollars into a Pantera Capital fund, helping it more than double in size since it launched in 2018.

The Pantera Venture Fund III has received $164.7 million in private placements from just under 200 investors, according to a Form D filing with the U.S. Securities and Exchange Commission (SEC) Friday.
That's nearly $60 million more than at the date of its last filing in 2019 and well over $93 million – double – what the fund had two years from when it first filed with the U.S. markets watchdog.
Pantera declined to disclose the fund's revenue.
A Form D exempts offerings directed at accredited investors from registering with the SEC
Asset manager New York Digital Investments Group (NYDIG) has used this exemption for the three crypto funds it has launched just this year.
But Pantera's filing, this year's as well as in previous years, has claimed a 3(c)7 exemption, meaning its offering is aimed at the higher-tiered qualified purchasers, or those with at least $5 million in investments.
Pantera had originally hoped to raise $175 million for Venture Fund III and said in March last year it had crossed the $160 million milestone.
Per a blog post, Pantera disclosed it had primarily invested in infrastructure, finance and exchanges in the digital asset space.
One of its first investments was the institutional derivatives exchange Bakkt.