Crypto’s Rewriting the Rules: IPOs to Stablecoins
VeradiVerdict - Issue #329
Wow, what a week in crypto. We saw Coinbase join the S&P 500, Galaxy Digital uplist to Nasdaq, and eToro’s IPO. The stablecoin market cap stands at $230 billion, and Bitcoin is holding above $100,000. Additionally, JPMorgan settled its first transaction on a public blockchain using Ondo Finance, a Pantera portfolio company and Chainlink. I also want to bring you some of the highlights from attending Milken, Token2049, Medici, and Consensus 2025.
We are at an inflection point and we are so optimistic about what’s ahead—let’s dive in.
Source: Medici Conference 2025
Crypto IPOs: A new era unfolds
As I wrote in The VeradiVerdict, crypto IPOs are ushering in a new era of market maturity. This week, eToro’s Nasdaq debut on May 14, 2025 at a $52 share price pushed its market cap to approximately $5.6 billion. This follows Circle’s IPO filing, FOLD’s and Amber Premium’s IPO all within the past two months.
Another growing trend is publicly traded Digital Asset Treasury companies. Pantera has been at the forefront of that by making large investments in two of the leaders in this space. One is our investment in the first US-listed Solana treasury company, DeFi Development Corp (DFDV, fka JNVR), where we are closely involved with guiding their strategy. DFDV stock is up >22x since we announced our investment in April 2025. Another is our investment in Twenty One Capital (dba Cantor Equity Partners or CEP), the Bitcoin treasury company started by Tether, Softbank and Cantor. CEP is now the second largest digital asset treasury company behind MSTR. CEP was one of our largest investments as a firm and is up >3x since we announced our investment.
On the conference circuit, the chatter was all about how these IPOs signal crypto’s integration into mainstream finance. The IPO pipeline is heating up, offering liquidity, more consumer protection and drawing institutional capital.
Stablecoins: The Next Trillion Dollar Opportunity
Stablecoins are the tip of the spear in crypto right now. The market cap is approximately $230 billion and mostly backed 1:1 by U.S. Treasuries. They represent blockchain’s best shot at powering global financial rails, putting dollars into the hands of 5 billion smartphone users worldwide.
Late last year we published a comprehensive Stablecoin piece that highlights the use cases, opportunities and payments stack that we are investing in and tracking.
Bitcoin Above $100K
Bitcoin is above $100,000 again. Digital gold as the store of value is holding strong and on a trajectory to overtake gold. At Token2049, Dan Morehead provides a multi-decade view on Bitcoin as well as other opportunities in the market.
Pantera Fund V: Betting on visionaries
I recently spoke with Blockworks about my investment approach and how we stay ahead of the curve. Pantera’s raising Fund V and we are all-in on backing the best founders and industry defining companies, from infrastructure to AI and tokenization to consumer apps. As the first U.S. institutional investment firm focused solely on blockchain, we’ve delivered $4.4 billion in profits over 12 years, with 22 portfolio companies reaching unicorn status—I’ve led deals for 11 of those years. The momentum of this week's events—Coinbase's S&P 500 inclusion, Galaxy's uplisting, and JPMorgan's blockchain integration with Ondo and Chainlink—reveals the significant tailwind driving our industry in the U.S. market. We’re investing heavily in U.S. startups and helping global founders expand here, seizing opportunities as valuations lag public markets. Crypto’s at an inflection point and I’m grateful for our community’s vision and perseverance. Here’s to what’s ahead.
- Paul Veradittakit
DIGESTS
What to Expect at Consensus 2025
CoinDesk’s annual event kicks off this Wednesday in Toronto.
Bitcoin Investment Case Holds as US 10-Year Yields Revisit April Highs
Yields on the 10-year are rising amid renewed risk sentiment from U.S.-China tariff relief, testing crypto’s resilience as narratives shift.
BUSINESS
Bitcoin Investment Case Holds as US 10-Year Yields Revisit April Highs
Yields on the 10-year are rising amid renewed risk sentiment from U.S.-China tariff relief, testing crypto’s resilience as narratives shift.
Tether Buys $459 Million in Bitcoin to Fund New BTC Treasury Company
Publicly traded Bitcoin company Twenty One, which will launch via a planned merger, already has a BTC stash piling up—thanks to Tether.
REGULATION
Is the Senate Stablecoin Bill Dead? Here's What's Going On
Crypto policy leaders say the industry’s legislative agenda could evaporate if the GENIUS Act isn’t rescued from death’s door by Friday.
NEW PRODUCTS AND HOT DEALS
Morgan Stanley Digital Assets Head Quits to Start New DeFi Fund
Morgan Stanley’s digital asset markets head is leaving the bank to start his own crypto and digital asset investment fund and trading technology firm, focused on closing the gap between traditional and decentralized finance.
Robinhood to Acquire Kevin O’Leary-Backed WonderFi in $179 Million Deal
The deal is expected to close in the first half of 2025
THIS WEEK AT PANTERA
Dan Morehead on stage with Global Leaders to discuss Innovation in Asset Management. View full panel discussion here.
Pantera Chief Legal Officer Katrina Paglia joined CNBC to discuss the Genius Act, stablecoin legislation, and the broader outlook for crypto policy.
Investors can now seamlessly convert in & out of Ondo OUSG with PYUSD, enhancing redemption liquidity and expanding the utility of PYUSD as a liquidity source for RWAs
LETS MEET UP
Los Angeles, May 29-30
New York City, June 3
New York City, June 11-12
ABOUT ME
Hi, I’m Paul Veradittakit, a Managing Partner at Pantera Capital, one of the oldest and largest institutional investors focused on investing in blockchain companies and cryptocurrencies. I’ve been in the industry since 2014, and the firm invests in equity, early-stage token projects, and liquid cryptocurrencies on exchanges. I focus on early-stage investments and share my thoughts on what’s going on in the industry in this weekly newsletter.
If you have any projects that need funding, feel free to DM me on twitter.