Core Insights - Dan Morehead founded Pantera Capital in 2003, initially as a macro hedge fund, before pivoting to focus on Bitcoin and crypto assets in 2013 [3][8] - Pantera Capital has grown to manage crypto and venture capital investments worth $4.7 billion, making it one of the largest players in managed crypto investments [2][8] - Morehead's early investment in Bitcoin, including a planned purchase of 30,000 bitcoins at $65 each, marked a significant turning point for the firm [5][6] Company Evolution - Pantera Capital transitioned from traditional macro hedge fund strategies to a focus on cryptocurrency investments following Morehead's research and enthusiasm for Bitcoin [5][6] - The firm faced skepticism during market downturns, particularly after the Mt. Gox hack in 2014, but maintained its commitment to the crypto space [7] Investment Strategy - The establishment of the Pantera Bitcoin Fund in 2013 was a key milestone, driven by Morehead's belief in the potential of Bitcoin as a massively asymmetrical trade [5][6] - The firm has continued to invest in the evolving crypto market despite significant price fluctuations and challenges [7]