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Dan Morehead, founder and CEO of Pantera Capital, reportedly said the hedge fund was planning to raise $1.25 billion for a second blockchain fund.

According to a Sept. 28 Bloomberg report, Morehead said Pantera aimed to close the blockchain fund by May. The fund will reportedly invest in digital tokens and equity in an effort to appeal to institutional investors.

“We want to provide liquidity for people that are kind of giving up because we’re still very bullish for the next 10 or 20 years,” said the Pantera CEO, according to the report.

Launched in 2013, Pantera was one of the first crypto funds in the United States at a time when the price of Bitcoin (BTC) was largely under $100. Morehead said in a 2019 interview that BTC had the potential to reach $356,000 by 2022. Pantera has since grown to have $4.5 billion in assets under management, according to its website.

Related: Pantera CEO bullish on DeFi, Web3 and NFTs as Token2049 gets underway

Should the reported second blockchain fund close as planned, it would follow Pantera’s launch of its first blockchain fund in May 2021, targeted at $600 million. Cointelegraph reported in April that the hedge fund was set to close the fund backed by roughly $1.3 billion — double its target. Pantera also offered a liquid token fund, an early-stage token fund, a BTC fund and venture funds with “exposure to companies building products and services in the nascent blockchain ecosystem.”