Pantera Capital

Pantera Capital is an investment management firm focused on digital assets and the blockchain industry, with activities spanning corporate equity, early-stage tokens, liquid tokens and bitcoin investments. Dan Morehead founded the firm in 2003, having previously served as head of global macro trading and chief financial officer at Tiger Management. Pantera initially engaged in global macro investing, receiving more than $1 billion in institutional capital allocations, before shifting to blockchain investing.⁠[1]

In 2013, Pantera launched Venture Fund I, dedicated to investing in blockchain companies. Its official website states the fund’s size as $12 million, with 8 investments. Its early positions covered trading, payments, custody and blockchain infrastructure.⁠[2][1]

In July 2013, Pantera launched the Pantera Bitcoin Fund, providing passive bitcoin exposure in fund form. The current fund page lists a minimum investment of $250,000, available only to qualified accredited investors; subscriptions and redemptions are processed daily, and redemptions require one business day’s prior notice. The product’s returns depend on its bitcoin investment and fund fees, making it different in nature from equity investments in companies.⁠[3]

Pantera launched Venture Fund II; its official website states the fund’s size as $23 million, with 36 investments.⁠[2]

Circle completed a $50 million strategic financing co-led by Goldman SachsGoldman SachsGoldman Sachs is an American financial services group headquartered in New York whose businesses include investment banking, securities trading, asset management, and wealth management. It traces its origins to the commercial paper business Marcus Goldman founded in 1869; it listed on the New York Stock Exchange in 1999 under the ticker GS and became a bank holding company in 2008. David Solomon serves as chairman and chief executive officer.Open the full entry and IDG Capital, with participation from existing investors including Pantera, Breyer Capital and General CatalystGeneral CatalystGeneral Catalyst (GC) is an investment firm founded in 2000 and headquartered in San Francisco, United States, created by Joel Cutler, David Fialkow and Bill Fitzgerald, that backs companies from the seed stage through growth.Open the full entry.⁠[4]

In 2017, Pantera launched an early-stage token investment strategy and the Liquid Token Fund, covering digital assets at different stages of liquidity. The Liquid Token Fund was established in November 2017 and follows an actively managed strategy driven by fundamental research; the current product page states that it typically holds 10 to 20 liquid tokens, with a minimum investment of $250,000, monthly subscriptions, and quarterly redemptions requiring 65 days’ prior notice.⁠[1][5]

Pantera launched Venture Fund III. Its official website lists the fund’s size as $175 million, with 32 investments; compared with products that directly hold liquid tokens, the venture funds mainly participate in the development of companies and blockchain projects through private investments.⁠[2]

Bakkt completed a $182.5 million first institutional equity financing round, with participation from investors including Pantera, ICEICEICE (Intercontinental Exchange) is a US financial-market infrastructure company founded in 2000. It operates exchanges and clearing services, fixed-income and data businesses, and mortgage technology. Its businesses include the New York Stock Exchange; founder Jeffrey Sprecher is chair and CEO.Open the full entry, M12, Horizons Ventures and Galaxy. The funds were used to build a digital asset trading and services platform, and the financing took the form of equity investment.⁠[6]

CoinbaseCoinbaseCoinbase is a U.S. operator of crypto asset trading platforms, founded in 2012 by Brian Armstrong and Fred Ehrsam, whose listed parent is Coinbase Global, Inc.; it went public through a direct listing on Nasdaq (ticker COIN) in April 2021 and joined the S&P 500 in May 2025. It provides crypto trading, custody, staking, and stablecoin-related services, launched USDC with Circle, develops the Ethereum layer-2 network Base, and acquired the crypto options exchange Deribit in 2025; its venture investing operates as Coinbase Ventures.Open the full entry announced the acquisition of Xapo’s institutional custody business. The transaction covered only this business unit of Xapo; the rest of Xapo’s business was not merged into Coinbase as a whole. Pantera’s official website lists Xapo as one of its portfolio investments.⁠[7][8]

BitGo announced the acquisition of digital securities platform Harbor, including its broker-dealer and transfer agent businesses. Harbor had previously provided tokenization, investor management and compliance tools for private assets; the acquisition price was not disclosed.⁠[9][8]

On July 31, 2020, Coinbase completed its acquisition of digital asset prime broker Tagomi. Coinbase’s annual report lists the accounting purchase consideration as $41.792 million, comprising cash and other consideration. This figure covers the entire acquisition and cannot be used to calculate the proceeds received by Pantera.⁠[10][8]

FTX acquired crypto portfolio tracking app Blockfolio for consideration of approximately $150 million, consisting of cash, crypto assets and equity. Blockfolio had previously raised a total of about $17 million, with investors including Pantera. After the acquisition, the two companies planned to develop trading services for retail users.⁠[11][12]

The Pantera Blockchain Fund (Fund IV) was launched in 2021, bringing corporate equity, early-stage tokens and liquid investments into a single fund. Its official website lists the fund’s size as $1.25 billion, with 80 investments. This structure allows the fund to allocate capital across corporate financings, token investments and special market opportunities.⁠[2][1]

Pantera led 0x Labs’ $15 million Series A equity financing, with participation from Jump Capital, Coinbase Ventures and others; the funds were used for trading infrastructure such as Matcha. The company had previously raised $24 million through the ZRX token sale in 2017, and this Series A was its first equity financing.⁠[13]

Pantera portfolio company Coinbase began trading on Nasdaq via a direct listing under the ticker COIN. Nasdaq had earlier set a reference price of $250 per share, explicitly stating that this was not an offering price and did not mean any shares had traded at that price; the opening price was determined by buy and sell orders in the opening auction.⁠[14][15][8]

Coinbase opened at $381 per share that day; when the stock traded at about $318 intraday, its fully diluted valuation was about $83 billion and its basic market capitalization about $63.3 billion. The fully diluted measure includes unvested options and restricted stock, so the different valuation figures must be understood together with the timing of the share price and the share count basis used.⁠[16]

Injective completed a $10 million private token financing, with participation from Pantera, Mark CubanMark CubanMark Cuban is an American entrepreneur and investor whose early work in computer systems and internet audio and video expanded into sports, film, venture investment and pharmaceuticals. He was the Dallas Mavericks’ controlling owner and a longstanding investor on Shark Tank, and co-founded Mark Cuban Cost Plus Drug Company.Open the full entry and others. The transaction involved newly issued tokens, and the tokens sold are subject to a one-year lockup.⁠[17]

Bitso completed a $250 million Series C financing co-led by Tiger Global and Coatue, with participation from existing investors including Pantera, reaching a valuation of $2.2 billion.⁠[18]

Amber Group announced a $100 million Series B financing, with participation from existing investors including Pantera, at a pre-money valuation of $1 billion. In the same announcement, the company noted that its 2019 Series A financing had raised $28 million, at a valuation of $100 million at the time.⁠[19]

Pantera led Ondo Finance’s $4 million equity financing, with participation from Genesis, Digital Currency GroupDigital Currency GroupDigital Currency Group (DCG) is a crypto asset investment and holding company headquartered in Stamford, Connecticut, founded by Barry Silbert in 2015. It invests in blockchain startups with permanent capital and owns subsidiaries including the digital asset manager Grayscale. In 2022, its crypto lender Genesis suffered losses after major client Three Arrows Capital defaulted and filed for bankruptcy the following year, leaving DCG and Silbert facing a lawsuit by the New York Attorney General, an SEC penalty, and multiple civil suits.Open the full entry, CMS and others; the funds were used for DeFi products based on risk and return tranching.⁠[20]

Bakkt began trading on the New York Stock Exchange following its merger with VPC Impact Acquisition Holdings. The merger agreement announced on January 11, 2021, gave the combined company an enterprise value of about $2.1 billion; under the agreement, existing shareholders rolled all of their equity into the combined company. This valuation and share exchange arrangement cannot be treated as a cash exit amount for Pantera.⁠[21][22][8]

KrakenKrakenKraken is a digital-asset trading platform founded in 2011 by Jesse Powell and Thanh Luu and launched for trading in 2013. As Payward’s flagship brand, it has expanded into spot and derivatives trading, equities, tokenized assets, custody and payments through jurisdiction-specific entities.Open the full entry announced the acquisition of non-custodial staking provider Staked to expand its proof-of-stake network services. Staked provides staking infrastructure to institutions without users having to hand control of their assets to the service provider; the acquisition announcement did not disclose the transaction price.⁠[23][8]

Alchemy completed a $200 million equity financing led by LightspeedLightspeed Venture PartnersLightspeed Venture Partners backs companies from seed through late-stage financing. Its website distinguishes Lightspeed Management Company (LSVP) from Lightspeed India Partners (LSIP): the two are separately operated investment advisers, with the U.S., European, and Israeli offices belonging to LSVP and the India and Southeast Asia offices belonging to LSIP.Open the full entry and Silver Lake, with participation from major existing investors including Pantera and a16zAndreessen HorowitzAndreessen Horowitz (a16z) is a venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. It invests from the seed stage through the growth stage and provides operational support to its portfolio companies.Open the full entry, reaching a valuation of $10.2 billion.⁠[24]

Amber Group announced a $200 million Series B+ financing led by Temasek, with participation from existing investors including Pantera, at a valuation of $3 billion. The company disclosed that its total funding had reached $328 million at that point.⁠[25]

Coins.ph announced that its acquisition by a consortium led by Joffre Capital and Wei Zhou had been completed and had received the required regulatory approvals. The new management planned to expand into blockchain and digital asset businesses on top of the existing digital wallet services.⁠[26][8]

0x Labs completed a $70 million Series B financing led by Greylock, with participation from Pantera and others; the funds were used for developer APIs, Matcha, and cross-chain and NFT trading features.⁠[27]

Cboe Global MarketsCboe Global MarketsCboe Global Markets is a global exchange and market infrastructure group whose businesses span derivatives, equities, foreign exchange, clearing, and data services.Open the full entry completed its acquisition of ErisX, entering the digital asset spot, derivatives and clearing businesses. ErisX is a past investment listed on Pantera’s official website.⁠[28][8]

Chainflip received a $10 million equity financing with joint participation from Pantera, Framework and Blockchain Capital. The project stated that this round supported the development of its cross-chain trading protocol through equity, and was arranged separately from its earlier token financing.⁠[29]

After TerraUSD lost its dollar peg, Joey Krug, then co-chief investment officer of Pantera, said that the firm had bought LUNA on the open market in the summer of 2020 and had not participated in Terraform Labs’ venture or ecosystem financings; Terraform Labs had previously mistakenly included this token investment in its fundraising information. Krug said the firm had gradually sold about 80% of its position in the year before the crisis; after the depeg, it sold two-thirds of the remainder at an average price of about $25.60, while the rest could not be sold because it was staked through LunaX.⁠[30]

Paul Veradittakit also said that the initial investment of about $1.7 million had grown to a value of about $170 million. This figure is the result of a single investment as disclosed by firm personnel, not the net return of the entire fund or distributions to limited partners. Veradittakit had previously described Anchor as a low-risk, high-yield savings vehicle; the UST depeg exposed the risks in such yield narratives.⁠[30]

Indonesian digital asset trading platform Pintu completed a $113 million Series B financing, with investors including Intudo, Lightspeed, Northstar and Pantera.⁠[31]

Ancient8 completed a $6 million private financing led by Makers Fund and C² Ventures, with participation from Pantera and others, bringing its total funding to $10 million.⁠[32]

Orderly Network announced a $20 million strategic financing with joint participation from Pantera, Dragonfly, Sequoia CapitalSequoia CapitalSequoia Capital is a venture capital firm founded by Don Valentine in 1972, investing from the seed stage through the growth stage. Its historical investments include Apple, Cisco, Google, YouTube, Airbnb, and Stripe; in 2021 it introduced the Sequoia Capital Fund structure, which can continue to hold public securities, and in 2023 its regional businesses became independent brands and partnerships.Open the full entry China, Jump Crypto, GSR, MetaWeb and others, supporting the development of its DeFi trading infrastructure.⁠[33]

Vauld announced the suspension of withdrawals, trading and deposits, citing market volatility, financial difficulties at key business partners and concentrated withdrawals. The company said customer withdrawals since June 12 had totaled more than $197.7 million, and that it had hired financial and legal advisers to explore restructuring options. Vauld is a past Pantera investment; the volume of customer withdrawals is not equivalent to Pantera’s losses.⁠[34][8]

In an investor letter issued on the day FTX filed for bankruptcy, Pantera said its related losses stemmed mainly from FTT and FTX stock received in the acquisition of Blockfolio; the firm sold as much FTT as it could on November 8. The letter said that on the Monday evening before the crisis came to a head, FTT and FTX-related positions together accounted for less than 3% of the firm’s assets under management. This ratio represents the exposure at that time, not a final loss rate or an amount already recovered.⁠[35]

Pantera sold its stake in Bitstamp to RippleRippleRipple is an American fintech company, legally named Ripple Labs Inc., that provides banks, payment providers, funds, and businesses with blockchain- and digital asset-based cross-border payments, digital asset custody, a U.S. dollar stablecoin, prime brokerage, and corporate treasury management services. Its business makes extensive use of the public XRP Ledger blockchain and its native token XRP, but neither is the same as the company itself; from 2020 to 2025, the company fought a nearly five-year legal battle with the U.S. Securities and Exchange Commission over whether its XRP sales were unregistered securities offerings.Open the full entry. Galaxy disclosed on its May 2023 earnings call that it had provided advisory services on this first-quarter transaction. Accordingly, Robinhood’s 2025 acquisition of Bitstamp cannot be directly treated as a Pantera exit in that year; Pantera’s actual proceeds from this stake sale have not been made public.⁠[36]

Pontem completed a $6 million financing co-led by Lightspeed Faction and Lightspeed Venture Partners, with participation from Pantera and others; the funds were used for the Move virtual machine and related application tools.⁠[37]

Morph completed a $19 million seed round led by DragonFly, with participation from Pantera and others; the same announcement also disclosed a $1 million angel round, bringing the two financings to a combined $20 million.⁠[38]

Pantera disclosed an investment in TON, calling it the firm’s largest investment at the time; the public letter did not state the amount invested. The firm valued TON’s connection to Telegram’s users and app ecosystem. The same letter introduced Fund V, setting a fundraising target of $1 billion and dividing the new fund into share classes with different investment scopes.⁠[39]

Pantera and Lightspeed co-led Nexus’s $25 million Series A financing, supporting zero-knowledge proof and verifiable computing infrastructure. Together with an earlier $2.2 million seed round, the company’s total funding reached $27.2 million.⁠[40]

Pantera, Founders FundFounders FundFounders Fund is a venture capital firm founded in San Francisco in 2005 by Peter Thiel and his former PayPal colleagues Ken Howery and Luke Nosek. Run by partners who were entrepreneurs themselves, it argues that founders should keep more control and is known for betting on difficult technology projects in areas such as space, defense, and artificial intelligence. It was Palantir’s first institutional investor, has invested in SpaceX many times since 2008, and its other notable investments include Facebook, Airbnb, Stripe, and Anduril; as of March 2026 it had raised nine early-stage funds and four growth funds.Open the full entry and Framework co-led Sentient’s $85 million seed round, supporting its open artificial intelligence research and development platform.⁠[41]

CoinDCX announced the acquisition of BitOasis, a digital asset trading platform in the Middle East and North Africa. CoinDCX had previously invested in the company in August 2023; the acquisition announcement stated that it had obtained a no-objection from Dubai’s Virtual Assets Regulatory Authority (VARA).⁠[42][8]

Morpho announced a $50 million financing led by Ribbit CapitalRibbit CapitalRibbit Capital is a venture-capital firm founded in 2012 by Meyer “Micky” Malka and headquartered in Palo Alto, California. It began with financial-technology investing and has expanded into AI, commerce and related infrastructure. Its investments include Coinbase, Robinhood and Nubank.Open the full entry, with participation from Pantera and others; the funds were used to develop its open lending network.⁠[43]

Sahara AI disclosed total funding of $43 million, with the financing co-led by Pantera, BinanceBinanceBinance is a global digital asset trading and multi-asset financial platform launched in 2017 and co-founded by Changpeng Zhao and Yi He. Its business has expanded from spot trading to derivatives, wallets, payments, a public blockchain ecosystem, market data, traditional securities, and artificial intelligence interfaces; its history also includes security incidents, regulatory enforcement across multiple jurisdictions, a 2023 U.S. criminal settlement, and subsequent compliance restructuring.Open the full entry Labs and Polychain. The funds were used to build its decentralized artificial intelligence platform, research and development team, and developer ecosystem.⁠[44]

The Vega community voted through governance to end trading operations on its original layer-1 blockchain and arranged for user exits and subsequent migration. Vega is a past project listed on Pantera’s official website; the network’s halt to trading does not provide data on the number of tokens held by the fund, disposal costs or final losses.⁠[45][8]

On-chain structured derivatives platform Cega disclosed that it had been acquired and planned to shut down its original platform services by the end of 2024. Public information did not identify the acquirer or the transaction consideration, so only the project-level business wind-down can be confirmed.⁠[46][8]

Digital art marketplace MakersPlace ceased operations in 2025. Its official statement said unused cash had been returned to investors and that issued works would be preserved through Pinata’s IPFS service and related wallet arrangements. The public statement did not give the refund received by Pantera individually or the net gain or loss on this investment.⁠[47][8]

Robinhood completed its acquisition of Bitstamp. The initially announced price was about $200 million in cash, subject to customary closing adjustments; Robinhood’s 2025 annual report ultimately listed the cash purchase consideration as $224 million. Pantera had already sold its Bitstamp stake in Q1 2023, so this acquisition consideration cannot be counted as proceeds to Pantera.⁠[48][49][36]

Circle listed on the New York Stock Exchange at an offering price of $31 per share under the ticker CRCL. The initial pricing announcement covered 34 million shares; including the subsequent over-allotment, the final offering size was 39.1 million shares, or about $1.2 billion, of which 19.9 million shares were newly issued by Circle and the remainder were sold by existing shareholders. The company disclosed that it received net proceeds of about $583 million after deducting underwriting discounts and commissions and before deducting $12.8 million in other offering expenses.⁠[50][51]

Circle opened at $69 per share on its first day, corresponding to a fully diluted valuation of nearly $18 billion, and then closed at $83.23. The opening valuation, closing share price and IPO proceeds are different metrics.⁠[52]

Pantera made its first investment in Zama, co-leading its $57 million Series B financing with Blockchange at a valuation of more than $1 billion. Zama simultaneously launched a protocol for on-chain confidential computing.⁠[53]

Pantera announced the establishment of the Digital Asset Treasury (DAT) fund, making digital asset treasury companies a dedicated investment focus. The firm had previously participated in investments related to DeFi Development and Cantor Equity Partners, and listed BitMine as the fund’s first investment. The announcement set out an expected deployment of $100 million, with a deadline for indications of interest of July 7; this figure was the deployment plan at the time.⁠[54]

Pantera said its first DAT fund had been oversubscribed and fully deployed within a week, and subsequently launched DAT Fund II, with a deadline for indications of interest of July 28. The firm also disclosed DAT-related exposure of about $750 million; this figure describes investment exposure and should not be added directly to fund commitments or cumulative cash invested.⁠[55]

Pantera led OpenMind’s $20 million financing, with participation from Ribbit, Coinbase Ventures and others. The company develops the robot operating system OM1 and the collaboration protocol FABRIC.⁠[56]

In an investor letter, Pantera said it had deployed a cumulative total of more than $300 million into multiple digital asset treasury projects, covering different tokens and markets. Digital asset treasury companies hold digital assets through listed equity and other financing instruments, and their share prices are also affected by factors such as financing, assets per share, leverage and premiums or discounts to net asset value.⁠[57]

Pantera portfolio company FigureFigureFigure is a US AI robotics company founded by Brett Adcock in 2022. It develops general-purpose humanoid robots and the Helix control system for industrial logistics and household tasks. Its robot generations include Figure 01, Figure 02 and Figure 03, with production pilots at BMW.Open the full entry Technology Solutions listed on the Nasdaq. Pantera’s investor letter of that day listed an offering price of $25 per share and a base offering of 31.5 million shares, for a total offering of about $787.5 million. This listed entity should be distinguished from Figure Markets, which raised funding in 2024; the board seat Dan Morehead mentioned in the letter is at Figure Markets.⁠[58]

Pantera updated the first close of Fund V to October 31, 2025. The new fund offers share classes including Class V, Class P and Class A, covering venture, private, and a broader investment scope that includes liquid tokens, respectively; the current fund page still lists it as open for subscription, available only to eligible Qualified Purchasers, with a minimum investment of $1 million.⁠[59][60][61]

The same letter reviewed Fund IV’s special-opportunity investments, including buying SOL from the FTX estate at roughly half the spot price, staking it, and participating in a private equity investment in HSDT. The 850% return disclosed by the manager corresponds to the SOL-related position; the letter also stated that the liquid token strategy and special opportunities contributed $239 million in gains and $431 million in profit, respectively. These are the manager’s retrospective on specific investments and strategies and cannot be taken as the fund’s overall realized net return or as cash distributions to investors.⁠[59]

Bitcoin-denominated insurer Meanwhile raised $82 million, with participation from Pantera along with Apollo, Northwestern Mutual, Stillmark, Bain Capital, Haun VenturesHaun VenturesHaun Ventures is a venture capital firm founded in 2022 by Katie Haun, a former U.S. federal prosecutor and former general partner at Andreessen Horowitz. It focuses on digital assets, financial infrastructure, and related frontier technologies; it raised $1.5 billion across two funds at launch and a further $1 billion in 2026.Open the full entry and others.⁠[62]

Stablecoin payments company Coinflow completed a $25 million Series A round, with participation from Pantera along with Coinbase Ventures, Reciprocal Ventures, Jump Crypto and others.⁠[63]

Pantera led TransCrypts’ $15 million seed round, with participation from Techstars, Mark Cuban and others. The company supports identity and enterprise data verification through records and credentials controlled by individuals.⁠[64]

Evernorth HoldingsEvernorthEvernorth (Evernorth Holdings Inc.) is a San Francisco-based digital asset treasury company holding XRP, led by former Ripple executive Asheesh Birla, which listed on Nasdaq under the ticker “XRPN” in October 2026 through a merger with the special purpose acquisition company Armada Acquisition Corp. II.Open the full entry announced a business combination with the SPAC Armada Acquisition Corp. II, planning to list on the Nasdaq as an XRP treasury company under the ticker XRPN and expecting to raise more than $1 billion in gross proceeds, with the net proceeds mainly used to buy XRP on the open market. The announcement listed a $200 million investment from SBI, with Ripple as a strategic investor and the philanthropic foundation Rippleworks participating in the private placement through Arrington XRP Capital Fund; Pantera was listed as an investor alongside Kraken and GSR, and Ripple co-founder Chris Larsen also participated. Evernorth is led by former Ripple executive Asheesh BirlaAsheesh BirlaAsheesh Birla is a fintech and digital asset executive who worked at Ripple from 2013 to 2022, including as general manager of RippleNet, and is the founder and chief executive officer of the XRP treasury company Evernorth.Open the full entry as chief executive officer, and the transaction was at the time expected to close in the first quarter of 2026. The announcement did not disclose the amount or form of Pantera’s investment.⁠[65][66]

Pantera led Accountable’s $7.5 million funding round, with participation from OKXOKXOKX is a global digital-asset trading platform that began operating in 2017 under the name OKEx. Different regional entities provide trading, wallet, payment and related services; the global platform, OKCoin and locally licensed entities must be distinguished.Open the full entry Ventures, Onigiri Capital, KPK, Auros and others; the funds are for its financial data verification network and institutional products. The company had previously completed a $2.3 million seed round in 2024.⁠[67]

Pantera led Fin’s $17 million funding round, with participation from Sequoia and Samsung Next. Fin, formerly known as TipLink, shifted its business from link-based crypto wallets to cross-border stablecoin payments; no valuation was disclosed for the round.⁠[68]

Surf raised $15 million, with Pantera as the main investor and participation from Coinbase Ventures and Digital Currency Group. The company develops an artificial intelligence information platform for crypto-asset research.⁠[69]

PolygonPolygonPolygon (formerly Matic Network) is a blockchain network and project founded in 2017, originally to scale Ethereum, and driven by organizations including Polygon Labs and the Polygon Foundation; its native token was upgraded from MATIC to POL, and in recent years it has shifted toward stablecoin payments infrastructure.Open the full entry Labs announced that it had signed agreements to acquire Coinme and Sequence to build stablecoin payments infrastructure. The Coinme transaction remained subject to regulatory approval and customary conditions; the signing announcement did not mean the deal had closed, nor did it disclose any proceeds Pantera would receive from Coinme.⁠[70][8]

BitGo began trading publicly on the New York Stock Exchange under the ticker BTGO. The offering price announced the previous day was $18 per share, with a base offering of 11,821,595 shares, of which 11,026,365 shares were issued by the company and 795,230 shares were sold by existing shareholders. Pantera is listed on BitGo’s website as an investor; the offering size cannot be directly translated into shares sold or proceeds received by Pantera.⁠[71][8]

Vauld published a Q&A on its second distribution, planning to distribute about $82.3 million in tokens and disclosing different recovery ratios calculated on the basis of PRT and VRT claims. Its first distribution took place in the fourth quarter of 2023; subsequent distributions involve Crypto.comCrypto.comCrypto.com is a cryptocurrency trading and payments platform founded in 2016, formerly known as Monaco and co-founded by Kris Marszalek and others. It offers a trading app, an exchange, crypto payment cards, custody, derivatives and prediction markets, and is closely associated with the Cronos blockchain and its CRO token. It is known for large sports naming-rights sponsorships and holds licenses in many jurisdictions worldwide.Open the full entry accounts and identity eligibility requirements. These arrangements are for creditors and should not be treated as returns on Pantera’s equity investment.⁠[72]

Pantera led Novig’s $75 million Series B round, with participation from Multicoin, Makers Fund, Edge Equity and existing investors. The sports prediction trading platform has raised more than $105 million in total.⁠[73]

OpenFX completed a $94 million Series A round co-led by Pantera together with Accel, Atomico, Lightspeed Faction, M13 and Northzone, supporting foreign-exchange and cross-border settlement infrastructure.⁠[74]

Estimated, unaudited figures on Pantera’s website as of March 31, 2026 show the firm managing about $3.5 billion in assets across four investment strategies, and list 100 venture investments and 110 early-stage token investments. The website also states that the Blockchain Fund led about 75% of its deals and that about 47% of its invested capital was allocated to markets outside the United States. These statistics follow the funds and time frames specified on the website and are not the same data set as the total number of project cards on the website.⁠[75]

Four Pillars received a Series A investment of undisclosed size from Pantera and Further Ventures. The company provides blockchain research, validator infrastructure and institutional services.⁠[76]

Bakkt completed its acquisition of Distributed Technologies Research (DTR), further expanding into stablecoin payments and digital asset infrastructure. Its first-quarter 2026 earnings release stated that the actual closing consideration included 11,316,775 shares of common stock and up to 725,592 warrants; these actual closing figures differ from the estimates made at the signing stage.⁠[77]

In a Schedule 13D amendment filed on May 26, Pantera disclosed that after exercising warrants on May 21, its affiliated funds held a combined 4,987,319 shares of Solana Company, including 4,260,680 shares held by the Blockchain Fund, 581,311 shares by the DAT Fund and 145,328 shares by the Liquid Token Fund. Dan Morehead separately held 10,000 shares personally; the total including his personal holding was 4,997,319 shares, or about 8.4%. The shared beneficial ownership of the different reporting persons in the filing must not be added together again.⁠[78]

Pantera led TurboFlow’s $6 million seed round, with participation from Susquehanna Crypto and Digital Currency Group. The company offers on-chain trading products that combine perpetual contracts and prediction markets.⁠[79]

Pantera led Orthogonal’s $4.3 million seed round, supporting its infrastructure that enables artificial intelligence agents to discover, call and pay for tools.⁠[80]

S&P Dow Jones IndicesS&P Dow Jones IndicesS&P Dow Jones Indices (S&P DJI) is a global index provider that compiles and licenses benchmark indices including the S&P 500 and the Dow Jones Industrial Average. It was formed in 2012 by combining McGraw-Hill’s S&P index business with the Dow Jones Indexes business held by a joint venture of CME Group and Dow Jones, and it is now the index business division of S&P Global, which holds about 73% of the interest.Open the full entry and Pantera announced the launch of the S&P Pantera Digital Asset Index, which is built on fundamental data such as the revenue and usage of digital asset networks. Pantera stated at the same time that the initial index contains 18 assets, is weighted by circulating market capitalization, and uses data from Artemis. The index is a rules-based market indicator and differs from the actual holdings of Pantera’s funds.⁠[83][84]

On the same day, Pantera disclosed that Fund V had been added to Morgan StanleyMorgan StanleyMorgan Stanley is an American global financial services firm that grew from an investment banking partnership into a publicly traded financial group spanning investment banking, securities trading, wealth management, and investment management.Open the full entry’s Alternative Investments platform, making it available to eligible clients through Morgan Stanley’s financial advisor network; the firm also announced that Stuti Pandey had joined as a partner, focusing on pre-seed through Series B investments.⁠[84]

Pantera led the first close of World Foundation’s WLD token sale, totaling $52.5 million, with participation from Bain Capital Crypto, Eightco, Selini, Susquehanna and others. The tokens sold are locked up for one year and do not constitute equity in Tools for Humanity.⁠[85]

In its August 27 investor letter, Pantera described Fund V’s co-investment arrangements: limited partners with commitments of $25 million or more may co-invest at least 10% in aggregate in venture equity, private token and special-opportunity deals in which the fund invests more than $10 million in a single transaction, with no management fee or performance fee charged on such co-investments. The letter also stated that Pantera donates 1% of all new fund revenue to 1% For The Planet.⁠[86]

The same letter stated that the S&P Pantera Digital Asset Index had returned 26% since its launch on July 20, 2026, compared with 22% for bitcoin over the same period; the firm scheduled an index methodology briefing for September 16 with S&P Dow Jones Indices chief executive officer Catherine Clay and Dan Morehead. These returns are the index performance presented by the manager in the letter and do not represent the performance of Pantera’s funds.⁠[86]

As of September 11, 2026, the portfolio directory on Pantera’s website listed 198 projects, of which 101 were placed under the early-stage token category and 97 under the venture category. The tables below are organized by main business; the website’s category labels cannot be used to determine the specific asset type of any particular round. The directory includes historical investments, and the listing of a project does not mean Pantera still holds an interest in it.⁠[8]

In Amendment No. 2 to its Schedule 13D on SolanaSolanaSolana is a proof-of-stake (PoS) public blockchain designed for high throughput and low latency, with SOL as its native token; it was developed by Solana Labs and launched Mainnet Beta in March 2020. It is known for design choices such as its Proof of History clock and parallel execution, suffered several network-wide outages in its early years, and became one of the crypto industry’s focal points in events including the FTX collapse, U.S. SEC lawsuits, and the listing of Solana ETFs.Open the full entry Company, signed on September 15, Pantera disclosed that Pantera Blockchain Fund exercised pre-funded warrants at $0.001 per share on September 11, acquiring 1,000,000 shares of Class A common stock. After the exercise, the Blockchain Fund held 5,260,680 shares, about 8.56%; the holdings of the DAT fund and the Liquid Token Fund were unchanged. Pantera Capital Partners was listed as a shared beneficial owner of 5,987,319 shares (about 9.74%), which together with the 10,000 shares held personally by Dan Morehead totaled 5,997,319 shares (about 9.76%). The percentages are calculated on a base of 61,458,703 shares, and the shared beneficial ownership of the various reporting persons must not be double-counted.⁠[87]

Bitcoin-denominated life insurer Meanwhile completed a $37.5 million funding round led by Bain Capital Crypto, with the funds coming from existing investors; Pantera participated alongside Haun Ventures, Framework Ventures, Apollo, Northwestern Mutual Future VenturesNorthwestern Mutual Future VenturesNorthwestern Mutual Future Ventures (NMFV) is the corporate venture capital arm of the U.S. life insurer Northwestern Mutual. Founded in 2017, it invests in startups in fintech, insurtech, digital health, data analytics, and related fields, and has set up three funds.Open the full entry and Morgan Creek DigitalMorgan Creek DigitalMorgan Creek Digital is the digital asset and technology investment business of the U.S. investment manager Morgan Creek Capital Management. Formed in 2018, it invests in early-stage companies and digital assets in blockchain, artificial intelligence, computing infrastructure, and big data.Open the full entry. The company has raised more than $180 million in total.⁠[90]

Shareholders of Armada Acquisition Corp. II approved the merger on September 30, 2026, and Evernorth completed the transaction on October 9; its Class A common stock and warrants began trading on the Nasdaq on October 12 under the tickers XRPN and XRPNW, respectively. The company said it held about 473 million XRP at closing and obtained about $300 million in gross cash proceeds (before transaction expenses); the expected composition announced after the shareholder meeting was $225 million from the related private placement, $30 million in additional convertible note financing and about $48 million in trust funds. Some investors contributed XRP in kind, with Ripple exchanging 126,791,458 XRP for company units. The investors listed in the company’s announcement included Arrington CapitalArrington CapitalArrington Capital is a firm that invests in digital assets and Web3 and manages funds including Arrington XRP Capital Fund; since 2025, through that fund, it has served as sponsor of the special purpose acquisition company Armada Acquisition Corp. II, driving its merger with the XRP treasury company Evernorth.Open the full entry, SBI Group, Ripple, Pantera, Kraken and GSR.⁠[91][92][93]

The closing 8-K showed that about 80.3% of the SPAC’s public shares (18,463,753 shares) were redeemed, for a redemption amount of about $195.4 million. The beneficial ownership table in that filing listed Arrington XRP Capital Fund, SBI HoldingsSBI HoldingsSBI Holdings (SBI Holdings, Inc.) is a Japanese financial holding company headquartered in Tokyo and listed on the Tokyo Stock Exchange (code 8473). Founded in 1999 as a SoftBank venture capital company, it ended its capital relationship with SoftBank Group in 2006; the group centers on online securities, banking, insurance, asset management, private equity investment and crypto asset businesses, and in October 2026 made the crypto asset exchange bitbank a wholly owned subsidiary.Open the full entry, Chris Larsen and Ripple as holders of more than 5% and did not list Pantera; the size of Pantera’s subscription and its ownership percentage in the transaction were not separately disclosed.⁠[93]

Pantera led Fission’s $10 million Series A round, with participation from Circle Ventures, Borderless Capital and GTS chief executive officer Ari Rubenstein, and continued support from existing investors including New Form and gumi Cryptos Capital. Fission provides liquidity infrastructure for tokenized investment funds, allowing eligible holders to obtain funds without waiting for traditional redemption cycles; the company had previously completed a $1.6 million pre-seed round. Pantera general partner Franklin Bi said that investment funds are migrating to digital rails and that liquidity is a key element of this shift.⁠[94][95]

In its October 22 investor letter, Pantera said that as of September 29, the S&P Pantera Digital Asset Index was up 3% year to date, while bitcoin fell 5% and the Bloomberg Galaxy Crypto Index fell 8% over the same period; the index was launched in July, and the year-to-date figure includes the calculated period before launch. The firm said it was working with asset managers to develop products linked to the index and with data providers to promote its adoption as a benchmark; the letter also reiterated that Fund V is open for subscription.⁠[96]

Pantera has offices in the San Francisco Bay Area, New York and Puerto Rico, and covers different investment stages through venture, early-stage token, liquid token and bitcoin products. Its venture team provides support in talent recruitment, business growth, go-to-market and industry resources; the firm regularly publishes research and investment reviews through the Blockchain Letter. The website states that its venture funds have over the years realized $547 million on $137 million invested in 40 companies; this aggregate figure does not disclose project-by-project cash flows and cannot be used to calculate the funds’ net IRR.⁠[1][97][98]

Pantera Capital: Official website: https://panteracapital.com/ (opens in a new window)⁠[75]

Blockchain Letter: Research and investor letters section: https://panteracapital.com/blockchain-letter (opens in a new window)⁠[98]

X: Official account: https://x.com/PanteraCapital (opens in a new window)⁠[75]

LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Official page: https://www.linkedin.com/company/pantera-capital (opens in a new window)⁠[75]