2025 Wrapped: Pantera Capital
I’ve been investing in blockchain for over a decade now, and the best years are never the smoothest ones.
2025 had everything: regulatory clarity, market volatility, and finally public market access for investors to blockchain through ETFs, DATs and IPOs. At Pantera, we had four portfolio IPOs with a combined market cap of ~$33B billion as of January 2026, a strategic exit (Robinhood acquiring Bitstamp), and more capital deployed than any year in Pantera’s history - we led 85% of our new investments. It was a rollercoaster ride, energizing, and exactly what this industry needed to separate momentum from substance.
The companies that thrived weren’t chasing narratives—they were solving real problems. Stablecoins moved $46 trillion. Infrastructure teams shipped production-grade sequencing layers and parallel execution frameworks. Prediction markets went mainstream, IBIT(Blackrock’s Bitcoin ETF) surpassed $100B AUM and Coinbase joined the Fortune 500.
As we hit the ground running in 2026, let’s take a pause and review 2025 and you’ll see why we believe 2026 will be an even better year.
Thank you to the Pantera team for their help in preparing this report, including Ping Chen, Jonathan Gieg, Enzo Bachaumard, and Raymond Yu.
Here are some key highlights of 2025:
Our investments last year spanned eight countries in four regions.
North America (64.52%)
Asia (16.13%)
Europe (9.68%)
Middle East (9.68%)
Top sectors represented by deal count (31 total investments):
Infrastructure (38.71%)
Altius – VM-agnostic, parallel execution framework built for L1s, rollups, and appchains seeking high-performance execution and multichain atomic composability. | Follow on X
Arch Network – Bitcoin-native smart contract and settlement infrastructure used by developers building applications directly on BTC without bridges. | Follow on X
Radius – Decentralized sequencing and blockspace network adopted by rollups and L2 teams to monetize blockspace, improve UX, and enable shared ordering infrastructure. | Follow on X
Raiku – Solana-native blockspace marketplace and network extension framework used by Solana appchains and high-throughput applications to guarantee inclusion and capture MEV. | Follow on X
Rialo – Modular, omni-chain programmable network built for developers enabling low-latency cross-chain execution, agentic workflows, and autonomous interactions. | Follow on X
Symbiotic – Generalized shared security layer used by new and existing decentralized networks to bootstrap sovereign security without sacrificing governance or token design. | Follow on X
Zama – Open-source cryptography infrastructure powering enterprises, developers, and governments to run private computation, confidential smart contracts, and privacy-preserving AI using FHE. | Follow on X
Internet Capital Markets (16.3%)
Accountable – Privacy-preserving financial data and reporting infrastructure used by institutional investors, issuers, and exchanges to verify yield, risk, and disclosures for crypto-native financial products. | Follow on X
[Stealth] – Institution-backed crypto exchange built for broker-dealers, market makers, and large asset managers as market structure shifts toward multi-venue best execution.
Meanwhile – Crypto-native life insurance and annuities platform serving Bitcoin holders seeking regulated downside protection and long-term BTC-denominated financial products. | Follow on X
[Stealth] – Decentralized exchange and liquidity protocol used by traders, developers, and liquidity providers for permissionless token trading and on-chain price discovery.
[Stealth] – Token liquidity bootstrapping and capital formation infrastructure used by token issuers and on-chain projects to launch assets, seed deep liquidity, and capture long-term trading fees via Uniswap v4–native mechanisms.
Stablecoins (12.9%)
Coinflow – Unified fiat and crypto payments platform serving high-risk and high-volume merchants with compliant checkout, embedded fraud protection, and chargeback insurance. | Follow on X
Fin – Payments platform enabling individuals, creators, and businesses to instantly send and receive stablecoins, NFTs, and crypto globally with minimal friction, designed for payouts, peer-to-peer transfers, and embedded payment flows. | Follow on X
[Stealth] – Decentralized money middleware used by institutions, protocols, and asset issuers to connect off-chain liquidity with on-chain markets.
[Stealth] – Real-time cross-border FX settlement infrastructure serving fintechs, payment companies, and global enterprises moving high-value payments instantly and transparently.
RedotPay – Consumer-focused stablecoin payments and card platform serving underbanked users and crypto holders who want to spend stablecoins globally via Visa rails, with strong traction across Africa and Asia. | Follow on X
Consumer (12.9%)
[Stealth] – Crypto-native casino and sportsbook platform serving players with a compliance-first, brand-driven, and VIP-focused gaming experience.
[Stealth] – Two-sided sports prediction exchange enabling retail bettors, professional traders, and liquidity providers to trade moneylines, spreads, parlays, and props via a CLOB-style marketplace, delivering tighter pricing and a superior mobile-first experience.
AI + Robotics (12.9%)
OpenMind – An open-source AI and robotics infrastructure platform building the software and physical reasoning layer for general-purpose robots, enabling scalable, intelligent interaction with the real world through a global machine network. | Follow on X
Surf AI – Crypto-native AI research and execution platform used by traders, analysts, exchanges, and KOLs to generate real-time, on-chain-backed intelligence faster than general-purpose AI tools. | Follow on X
Vigil – AI-powered trading and research platform building a discretionary hedge fund augmented by a proprietary reasoning system, designed for active traders, hedge funds, and other market participants. | Follow on X
[Stealth] – Formal reasoning and verification infrastructure used by blockchain foundations, enterprises, and government-adjacent organizations to mathematically prove code correctness and eliminate hallucinations in mission-critical systems.
Enterprise (6.45%)
[Stealth] – Institutional-grade custody and transaction management platform used by funds, DAOs, and enterprises to securely manage assets, tokenization, and DeFi workflows.
TransCrypts – Self-sovereign identity and data verification protocol used by enterprises to verify income, employment, and financial data via zkTLS while preserving user ownership and privacy. | Follow on X
Fund deployment by stage by deal count (31 total investments):
Series A (48.4%)
Seed (25.8%)
Series B (25.8%)
Business
Inside Iran’s Growing $7.8 Billion Crypto Ecosystem
Chainalysis released a report that analyzes Iran’s increasingly more rapid crypto growth with on-chain activity now accounting for about half of its total crypto ecosystem in Q4 of 2025. Steadily increasing shares in Iran’s broader economy reflect its growing role.
Avalanche Facilitates Galaxy Digital’s $75M Tokenized CLO Debut
Nasdaq: GLXY closed its first tokenized collateralized loan obligation with a goal of bringing private credit on chain. Tokens are anticipated to be listed on INX’s ATS platform.
CoinGecko CEO Nods to $500m Sale Reports Amid Crypto M&A Bonanza
The company is reviewing “strategic opportunities,” using U.S. investment bank Moelis to advise the firm on the sale. Moelis has participated in $5 trillion-plus in this type of transaction across multiple industries.
Miami’s Crypto-Settled Real Estate Record Broken by $14 Million USDT Transaction
With the deal facilitated by tokenization specialist Propy and property companies being Ciprés and Rilea Group, crypto-secured real estate purchases are increasingly becoming a trend and an alternative to wire transfers.
Algorand Foundation Returns to U.S., Citing Crypto-Friendly Pivot
Returning after years in Singapore, the foundation will have a brand new slate of board members. Jito Foundation also returned to the United States, from the Cayman Islands, also citing the country’s crypto friendliness.
Regulation
Tim Scott Postpones Senate Banking Crypto Vote
The planned January 15th vote will be delayed as Coinbase expresses concerns over innovation stifling, making the CFTC subservient to the SEC, and the potential to eliminate rewards on stablecoins. A new vote date has not yet been set.
New DIFC Crypto Token Regulations Set to Take Effect
Dubai’s International Financial Centre has updated rules after a public consultation last year. Now, financial services firms engaging with crypto will take on direct responsibility to determine if tokens meet the country’s criteria
State Orders Kalshi, Polymarket, Crypto.com to Stop Offering Sports Betting in Tennessee
Letters issued by the state indicate that the sports betting companies are offering the service without proper licensing from the Sports Wagering Council.
Russia Moves to Make Crypto ‘Everyday Finance’ as Lawmakers Prepare Retail Access Bill
If this legislation passes, digital assets would no longer be in a special regulatory category. If removed from the category, broader retail participation can occur with non-qualified investors within cap limits of approximately $3,800.
New Products and Deals
CME Group to Launch Cardano, Chainlink and Stellar Futures, Expanding Regulated Crypto Derivatives
Pending regulatory approval, the CME Group is ready to expand its products, launching futures contracts in a way that further institutionalizes altcoin investments in the United States.
Ethereum Giant BitMine Backs MrBeast with $200 Million
BitMine Immersion Technologies announced an equity investment, a demonstration of how the company is continuing to deploy capital into projects outside the scope of traditional blockchain ventures.
LSEG Debuts Digital Settlement Platform in Blockchain Push
The London Stock Exchange launched a Digital Settlement House that facilitates interactions between separate payment systems when exchanging funds. It uses the technology underpinning crypto but can be used on blockchains or in traditional finance.
State Street Joins Crypto Rush With Digital-Asset Rollout
This custody bank will develop products like stablecoins and tokenized deposits, providing support and collaborating with both money managers and clients.
This Week at Pantera
New Stateful Episode Explores Bitcoin vs Gold: Why 2025 Was Different
Discussion points include how Bitcoin’s $2T wasn’t ready for nation-state flows; how gold’s $20T could absorb central bank diversification; and how nations adopt Bitcoin last, not first.
Pantera is Preparing for Ondo Summit 2026 in New York City
Pantera CEO and Founder Dan Morehead will speak on February 3, 2026. The Ondo Summit is attended by the most influential executives, founders, and leaders shaping the intersection of blockchain and finance.
Participating in Nexus Chat on 2026 Crypto Predictions
With this episode taking place on January 15, Pantera’s research & investments professional, Jay Lu, shares his insights with Nexus CEO and co-founder Daniel Martin.
Let’s Meet Up
New York City, January 28th-30th
Hong Kong, February 10th-11th
Singapore, February 12th
New York City, February 26th
Important Disclosures
This article has been prepared by Pantera Capital Partners LP and its affiliates (“Pantera”) in order to present high-level information regarding Pantera’s investment activities in 2025 and market commentary. The article is made available for informational purposes only.
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This article contains references to certain Pantera investments and classifies such investments by listed categories (e.g., sector, round, size). Category determinations are made based on information that is believed to be reliable; however, these classifications incorporate certain subjective judgments and could differ form classifications made by a third-party source.
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An investment in a Pantera fund is speculative and entails substantial risks, including the fact that such an investment would be illiquid and be subject to significant restrictions on transferability. No market is expected to develop for interests in Pantera’s funds. Past performance is not a guide to future performance (although performance is not shown herein). Financial instruments and investment opportunities discussed or referenced herein may not be suitable for all investors, and potential investors must make an independent assessment of the appropriateness of any transaction in light of their own objectives and circumstances, including the possible risk and benefits of entering into such a transaction. An investor in a Pantera fund could lose all or a substantial amount of his or her investment. Returns generated from an investment in Pantera’s funds may not adequately compensate investors for the business and financial risks assumed. While Pantera’s funds are subject to market risks common to other types of investments, including market volatility, the funds employ certain speculative investment practices that may increase the risk of investment loss. The products and strategies in which Pantera’s funds expect to invest may involve above-average risk. Nothing herein is intended to imply that Pantera’s funds’ investment methodologies may be considered “conservative”, “safe”, “risk free” or “risk averse”.
Any case studies presented herein were selected by Pantera to provide information and context with respect to Pantera’s investment processes, and nothing in the article is meant to convey or imply that all investments in Pantera’s portfolio will be selected on the basis of similar criteria. Case studies are not a reflection of all of Pantera’s investments, which may have materially different attributes. Pantera and its principals have made investments in some of the instruments discussed in this article and may in the future make additional investments or trading decisions in connection with such instruments without further notice.
The opinions in videos presented herein solely reflect the opinions of the speakers, and do not reflect Pantera’s opinions.
Geographic classifications based on headquarters domicile. Many portfolio companies operate globally; headquarters location does not reflect operational presence or customer base.
Specific investments named in this document were invested during 2025 and have publicly announced funding rounds disclosing Pantera Capital as an investor. Selection criteria were based on announcement status and timing, not performance. These examples do not represent all investments made in 2025, and Pantera has made additional investments that remain confidential or unannounced.
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Fund deployment by stage reflects combined investment activity across Pantera’s Blockchain Fund (BCF) and Early-Stage Token Fund (EST). Stage classifications (Seed, Series A, Series B) refer to the funding round designation at the time of Pantera’s investment. Data excludes other Pantera fund vehicles.
Portfolio construction criteria and targeted companies described in this article are for illustrative purposes only. Past strategies are not intended to limit Pantera’s future investment activities in any way. There is no guarantee that investment opportunities similar to those described herein will be available or that Pantera will make such investments. Relationships and resources are only one of many factors that relate to the success of an investment or strategy.
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Pantera is an investor in several of the DAT companies included in the DATBoard. Additionally, Pantera is a strategic advisor to at least one DAT company. The DATBoard does not include information on every DAT in existence and does not reflect the views, statements, or positions of any of the referenced DAT companies.