Pantera Token-25 Fund LP is a hedge fund based in San Francisco, California. According to its most recent Form D, filed May 7, 2026, the fund has sold $65,738,051 of interests to 5 investors since its first sale in May 2024. The filing does not set a minimum investment. It relies on the Section 3(c)(1) exclusion, which limits it to 100 beneficial owners, typically accredited investors. The offering uses Rule 506(c), which permits general advertising to investors verified as accredited. Related persons named in the filing include Daniel Morehead; Katrina Paglia; Matthew Gorham.
Performance
No verified returns have been reported for this fund. As a rough guide, Pantera Capital, which manages it, disclosed U.S. stock holdings that returned an estimated -27.1% 2026 YTD through Jun 30 (S&P 500: +9.5%), based only on its public 13F filings. Over a longer period, Q1 2025 to Q2 2026, the estimate is -62.5% (S&P 500: +27.4%).
This estimate covers the firm's whole disclosed long U.S. stock portfolio. It is not this fund's return and excludes dividends, fees, shorts, derivatives, bonds, cash and trading within each quarter.
Is this your fund? Report your monthly returns · How performance works
- Total raised
- $65,738,051Cumulative sales reported on Form D
- Investors
- 5
- First sale
- May 1, 2024
- Minimum investment
- None set
- Who can invest
- Accredited investorsSection 3(c)(1): up to 100 beneficial owners
- Offering exemption
- Rule 506(c)May advertise; investors must be verified as accredited
- Key people and entities
- Daniel Morehead; Katrina Paglia; Matthew Gorham
- Latest Form D
- May 7, 2026
From SEC filings, not verified. This page republishes the fund's Form D as filed. It is not an offer, solicitation or recommendation, and AltMountain has not reviewed the fund. “Raised” is cumulative sales, not current assets or performance. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures · Request a correction
Questions about Pantera Token-25 Fund LP
What is the minimum investment for Pantera Token-25 Fund LP?
Pantera Token-25 Fund LP's latest Form D, filed May 7, 2026, does not set a minimum investment. Managers can still require one in the offering documents.
Who can invest in Pantera Token-25 Fund LP?
Pantera Token-25 Fund LP is generally open only to accredited investors, and it may have no more than 100 beneficial owners because it relies on Section 3(c)(1). It uses Rule 506(c), so it may advertise, but every investor must be verified as accredited.
How much has Pantera Token-25 Fund LP raised?
Pantera Token-25 Fund LP reports $65,738,051 sold from 5 investors on its Form D filed May 7, 2026. This is cumulative sales since the offering began, not current assets or performance.
Where is Pantera Token-25 Fund LP based?
Pantera Token-25 Fund LP is based in San Francisco, California and is managed by Pantera Capital.
When did Pantera Token-25 Fund LP launch?
Pantera Token-25 Fund LP reports its first sale in May 2024.
Size compared with every hedge fund
Raised more than 60% of the 1,060 hedge funds based in California, and more than 51% of all 10,308 that report sales.
Other funds with the same team
- Pantera Liquid Token Fund LP$502M
- Pantera Early-Stage Token Fund LP$443M
- Pantera Fund V LP$144M
- Pantera Bitcoin Fund Ltd$137M
- Pantera Early-Stage Token Fund II LP$52.4M
- Pantera Solana Fund LP$31.4M
- Pantera Opportunities Fund LP TON$17.8M
- Pantera Opportunities Fund SPC - Pantera Opportunities Fund TON SP1$10.1M