Ex-Goldman Bond Trader Builds a $5.6 Billion Crypto Behemoth (1)

Plenty of people wish they had bought crypto early, when it was still little more than a curiosity.

Former Goldman Sachs Group Inc. bond trader Dan Morehead was among the few who did, launching his first crypto fund when a Bitcoin cost less than a bag of groceries.

“I was captivated,” Morehead, 56, said in an interview, calling it “the first macro trade that is truly global across all borders.”

As a result, the Pantera Bitcoin Fund has returned more than 65,000% since 2013, and his Pantera Capital Management, once a traditional hedge fund that wagered on macroeconomic trends, ...