Fortress buys stake in Bitcoin hedge fund

|By:, SA News Editor

Fortress Investment Group (NYSE:FIG) has extended its involvement in the world of Bitcoin by acquiring a stake in Pantera Bitcoin Partners, a hedge fund of around $150M that buys and sells virtual currencies.

Fortress' investment comes despite the company making a small paper loss on Bitcoin last year and the recent collapse of a major exchange following a massive theft.

Fortress already has a relationship with Pantera Bitcoin's parent, Pantera Capital, which has shifted its entire focus onto the virtual currency. Fortress was joined in the investment by venture-capital firms Benchmark Capital and Ribbit Capital.