Komfie Manalo, Opalesque Asia:
Fortress Investment Group (FIG) announced plans to transform its $13m stash of bitcoin into a $150m hedge fund that aims to target investors that support the digital currency. FIG was the first Wall Street firm to invest in bitcoin.
According to Financial Times, FIG entered into a deal with Pantera Capital Management, manager of the Pantera Bitcoin Partners fund, for an equity stake in Pantera. On Tuesday, it was announced that California-based venture capital firm Benchmark and Ribbit Capital will also take equity stakes in Pantera.
Under the deal, FIG, Benchmark and Ribbit will have minority stakes in Pantera as well as interest in the management and performance fees of the bitcoin fund, which is envisioned as the future digital currency.
Last week, California-based bitcoin security company Xapo said it raised $20m as part of an initial round of fundraising led by Benchmark, Fortress Investment Group and Ribbit Capital.The funding round is the second largest public round in the bitcoin space, trailing Coinbase’s $25m Series B completed in December, but coming in ahead of Circle’s $9m Series A round in October. Founded by Wences Casares, former CEO and founder of digital wallet startup Lemon, the company maintains bitc......................
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