Skip to Content

This Crypto Hedge Fund Is Paying Investors’ $10,000 Poker World Series Buy-In Fees

Crypto hedge fund Pantera Capital plans to reward seven existing investors with free tickets it received to the 49th Annual World Series of Poker in Las Vegas.

Winners will get $10,000 for the buy-in fee and $3,000 for lodging and travel expenses, the firm said in an emailed letter Tuesday. The company received the tickets from Virtue Poker, a decentralized poker platform, as an award for investing in the company’s initial coin offering, Pantera President Bill Healy said.

“As you can imagine, we were ambivalent to this award — it had no bearing on our investment decision in the project,” Healy wrote in an email Wednesday. “In the spirit of always thinking about our LPs, Pantera thought it would be fun to offer these tickets and pre-paid accommodation awards to our LPs.”

If more than seven existing limited partners express interest, the firm will choose three at random and reserve four tickets for the biggest investors. Pantera intends to announce the winners on June 21. The main event takes place July 2 through July 14.

Pantera Capital’s Digital Asset Fund, which includes a number of virtual currencies, dropped 26 percent in May, the company said in a monthly investor letter Tuesday.