Pantera Capital Management is further expanding its cryptocurrencies offering by launching a new hedge fund focusing on initial coin offerings (ICOs) of blockchain-based companies. The new fund, Pantera ICO Fund LP, is investment firm’s latest foray into the crypto space, having already raised $35 million to date.

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The introduction of Pantera ICO Fund is the latest example of an insatiable interest in the industry for ICOs. The rapid success and staggering amount of money being raised has led some to question whether expectations are being unrealistically raised. Such crowdfunding efforts have continued to grow with ICOs potentially opening up the possibility of problems down the road for startups and investors alike.

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$100m Target

For now however, Pantera seems to be fully on course to secure upwards of $100 million in assets under management via its ICO Fund. To date, the fund has already raised $35 million, which is dwarfed by the nearly $600 million market for ICOs presently. However, should Pantera reach its $100 million goal, it would become one of the largest in the industry.

The latest fund also follows Pantera’s earlier efforts to partner with Fortress Investment Group, Benchmark Capital, and Ribbit Capital. Pantera presently manages a fund that invests in bitcoin, while Fortress maintains a stake in the group. Earlier this month, Pantera started strengthening its venture capital funds with cryptocurrency exposure.

The timing proved wildly successful for Pantera, given the all-time highs achieved by Bitcoin and Ethereum earlier this month. Pantera’s recently introduced ICO Fund however will be slightly more exclusive, being made available to only US institutions and investors – the fund will be managed by Pantera’s CEO Dan Morehead and Augur co-founder Joey Krug.