Pantera Capital, a cryptocurrency investment firm known for its blockbuster bitcoin returns, has been on the upside when investing in startups, though the returns have been falling below or closer to other types of equity investors.
The venture funds Pantera Capital raised in August 2013 and August 2014 have returned 46.5% and 15.9% from their inception to September 2019, respectively, according to firm data obtained by CoinDesk. The returns underperform index funds most retail investors can buy into and outperform venture funds limited to smaller pools of accredited investors.
Up to September 2019, the S&P 500 index, for example, has returned, adjusted for inflation, 62.6% over the first Pantera venture fund and 40.8% over the second Pantera venture fund. United States funds included in the 2019 Cambridge Associates Venture Capital Index have returned on average 12.08% on a five-year timescale and 14.55%