Sun, Aug 2, 2015
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. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  3. Other Voices: Same day reporting and the evolving role of fund administrators[more]

    By: Scott Price, Head of Business Development and Client Management for North America, Maitland Ernst & Young’s latest glob

  4. Cowen Group, Inc. to acquire Conifer Securities[more]

    Cowen Group, Inc. and Conifer Securities, LLC had announced the signing of a definitive agreement under which Cowen will acquire Conifer Securities, the prime services division of Conifer Financial Services LLC. The transaction, the terms of which have not yet been disclosed, was approved by the boa

  5. Cargill’s Black River Asset to shut down four hedge funds[more]

    Komfie Manalo, Opalesque Asia: Cargill Inc.’s $7.4 billion Black River Asset Management said it was closing four hedge funds with a combined $ 1 billion in assets and start returning investors money over the next several months, various media said. The hedge funds represent 15% of Black River’

 

banner