Fri, May 6, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Fortress to transform $13m bitcoin into a hedge fund

Wednesday, March 19, 2014

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......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Comment - Unmasking the men behind Zero Hedge, Wall Street's renegade blog[more]

    From Bloomberg.com: Colin Lokey, also known as "Tyler Durden," is breaking the first rule of Fight Club: You do not talk about Fight Club. He’s also breaking the second rule of Fight Club. (See the first rule.) After more than a year writing for the financial website Zero Hedge under the n

  2. Opalesque Exclusive: Hedge fund talent, fees take a hit at the Milken Global Conference[more]

    Bailey McCann, Opalesque New York: It's been a rough year for hedge funds and now, even other managers are panning them. "Frankly, I’m blown away by the lack of talent," was Point 72 CEO Steven Cohen's assessment of trying to find candidates to hire in the investment business at a panel o

  3. Hedge funds fell in April as alternative UCITS surge in Europe[more]

    Komfie Manalo, Opalesque Asia: Hedge funds shed more in April with the Lyxor Hedge Fund Index down 0.9% during the month (-2.8% YTD), but there was some good news with alternative UCITS showing strong inflows in Europe. In its Weekly Briefing, Lyxo

  4. Global hedge funds recover in April on resurging energy commodities[more]

    Komfie Manalo, Opalesque Asia: Global hedge funds recovered in April with the HFRX Global Hedge Fund Index gaining +0.41% last month (-1.47% YTD), while the HFRX Market Directional Index gained +5.31% during the same

  5. AIG lost $349m in hedge fund portfolio in Q1[more]

    Komfie Manalo, Opalesque Asia: Large US insurance group AIG lost a net $183m for the first quarter 2016, year-on-year. The group blames the loss on the impact of market volatility on investments, as well as net realised capital losses and restructuring costs. Its hedge fund portfolio made a n