Pantera was recently part of a massive announcement
from Bakkt that the company has raised $182.5m in its first round of financing.
Bakkt is a cryptocurrency company started by the executives of ICE (Intercontinental Exchange), the parent company of the NYSE (New York Stock Exchange). ICE has had a track record of launching and running successful exchanges, including the largest stock exchange in the US. Bakkt will be initially launching a futures contract with physical settlement of Bitcoin. Eventually, the company will target custody and retail solutions for cryptocurrencies.
One of the most common questions I’ve received recently was about the investment thesis for this investment. One of our theses is investing into infrastructure that will allow for institutional investors to come into the space in a big way. Bakkt checks a few of the boxes that institutions will appreciate: experienced team, licensing (CFTC approval in process), and brand. The company is also focused on derivatives, custody/security, and other products that will expand the investor base for the ecosystem.