The Pantera Capital fund, which was an investor in Terraform Labs, cashed out nearly 80% of its investment in Terra (LUNA) before the UST steblecoin collapsed.
“The market has been pretty rough over the last year, so we closed most of our position before any of this happened. About 80% over the last year, came out gradually,” said Joey Krug, co-director of investments at Pantera Capital.
Pantera Capital has invested in Terraform Labs at least twice, once supporting a $25 million funding round in January 2021 and then joining a $150 million ecosystem fund round in July 2021.
“We were able to reduce that position over time as it became increasingly profitable/large in order to maintain a diversified portfolio. We initially invested in LUNA because of the progress we saw in developer adoption, payment usage and the broader ecosystem built on Terra,” he said.
According to Pantera Capital partner Paul Veraditakit, the company turned $1.7 million into about $170 million.
Holpop News
Holpop News
Pantera Capital withdrew 80% of its assets from Terra before the UST collapse
posted on May 19, 2022 by holpop in Blockchain
