Pantera’s Full-Spectrum Approach to Blockchain Investing[1]
By Cosmo Jiang, General Partner
Introduction
Blockchain is rapidly evolving into a foundational layer of the digital economy, representing a paradigm shift in how value is created, stored, and transferred. Its appeal lies not only in the scale of disruption it promises, but also in the diverse array of ways investors can gain exposure. As a nascent industry, blockchain features fluid capital structures, ranging from equity to tokens, and opportunities, spanning the private to public spectrum. We believe it offers one of the most asymmetric investment opportunities available today. As the asset class matures, the opportunity for outsized returns is available to those who understand its structural nuances, invest across multiple verticals, and partner with experienced teams who can navigate its evolving landscape.
This memo has three primary objectives: first, to provide context by outlining the unique characteristics of investing in blockchain; second, to categorize the four types of digital asset investment opportunities; and third, given all of the above, to explain why a comprehensive, capital-structure-agnostic approach across these categories is the most effective strategy for achieving strong risk-adjusted long-term returns.
Pantera has built its capabilities such that we can invest in a capital-structure agnostic way and are strategically well placed to execute across any opportunity, including those where others are not able to do so. This gives us the flexibility to deploy capital to where we see the best risk/reward, which will shift over the course of a cycle.
UNIQUE CHARACTERISTICS OF BLOCKCHAIN INVESTING
Unlike traditional sectors, blockchain introduces entirely new capital structures, liquidity dynamics, and mechanisms for value creation.
Tokens as a New Method of Capital Formation: In contrast to traditional asset classes, many blockchain businesses or protocols are financed through token issuances rather than equity. In many cases, a blockchain protocol may never issue equity at all and will instead operate solely through its token. In place of equity, these tokens serve to align incentives and ownership between management teams, employees, investors (also known as tokenholders) and, unique to these digital assets, users.
Tokens Encompass Many Subcategories: Tokens are digital contracts that can be programmed to encompass many different use cases. Tokens are most commonly referred to as “cryptocurrencies” because the first and most recognizable token is a cryptographically secured digital currency, Bitcoin. However, this oversimplifies the wide diversity of tokens in existence. The vast majority of tokens fall under a few categories: (a) digital currencies whose value is based on a social construct, such as Bitcoin and memecoins; (b) asset-backed tokens whose value is directly tied to an underlying asset, such as NFTs; (c) utility tokens that are used to facilitate a related blockchain-based service, such as paying for fees or being used as collateral; and (d) network tokens that are tied to the value creation of a blockchain protocol. Sometimes a token can fall under multiple categories, such as Ethereum being a utility token as well as a network token. Network tokens can be evaluated using a fundamental value framework.
Early Liquidity for Private Tokens: Blockchain startups that have tokens reach public market liquidity much earlier in their lifecycle through token generation events (TGEs). Oftentimes for a blockchain protocol’s service to function, its native token has to be liquid and transferrable. This contrasts with traditional companies where an IPO occurs much later in the business’ lifecycle, typically years after the initial product launch. Because blockchains are permissionless, it is much easier for blockchain protocols to TGE and tap public market liquidity, and it also means that liquidity and the option to exit is available to private token investors much sooner than with an equity-based company.
Venture Return Potential in Liquid Markets: Liquid tokens offer venture-style returns with public market liquidity. Another implication of early liquidity in private tokens is that it creates the opportunity for liquid market participants to invest in what are still effectively venture-stage companies. This means there is the opportunity for venture magnitude returns in public markets – something unique to digital assets. Naively ignoring the liquid markets inappropriately removes a material portion of the venture-stage opportunities available in blockchain.
KEY VERTICALS OF BLOCKCHAIN INVESTMENT
To capture the full spectrum of opportunity, investors should consider four primary verticals: Venture Equity, Private Tokens, Special Opportunities that straddle traditional definitions, and Liquid Tokens. Each offers distinct advantages, risk/reward profiles, and liquidity characteristics.
Venture Equity
Venture Equity investments involve backing blockchain-focused startups that have traditional equity structures. These are typically companies building foundational tools and services for the ecosystem, such as payments providers, exchanges, trading infrastructure, wallets, custodians, or developer platforms; or business or consumer facing applications that operate on top of blockchain networks.
The goal is for these businesses to scale to meaningful size over time, with an expectation that venture investors can crystallize their investment when the business is acquired or conducts an IPO. The outlook for venture equity exits will meaningfully improve over the next few years. From an M&A perspective, there is an increasingly large universe of strategic buyers, ranging from crypto-natives like Coinbase, to large tech companies like Robinhood and Stripe, to mature financial institutions like BlackRock and Franklin Templeton. From a public markets perspective, it is clear that the IPO window will be opening this year for blockchain based businesses as the US regulatory landscape becomes more constructive than it has been in the last few years.
Pantera typically invests from the Seed to Series B stage. It is highly strategic to start at the Seed stage, where – given our longstanding history in the industry – we have the benefit of an extensive network of entrepreneurs and other venture funds that gives us a meaningful sourcing advantage and the privilege of seeing all the available opportunities. When we invest at the Seed stage, the goal is to be able to add value and earn the ability to follow-on in later rounds with increasingly larger checks. It is a big advantage to be able to see a lot of companies, understand which ones are performing well and continue to double down on those that have found product market fit.
Pantera is typically the lead investor in any deal we participate in, meaning that we structure the terms and earn the opportunity for deeper management access and information. Our desire to lead deals reflects the depth of our engagement and value-add – from product strategy, go-to-market, and ecosystem partnerships.
Private Tokens
Private Tokens are early-stage investments in blockchain protocols whose primary instrument is a token rather than equity. It is fair to think of Venture Equity and Private Tokens together as one category – they are both negotiated deals to invest in blockchain startups early in their lifecycle before they reach the public markets. The most common types of businesses across this category are blockchain protocol infrastructure (such as Layer 1s, bridges, data platforms), decentralized finance (“DeFi”), decentralized AI, decentralized physical infrastructure networks (“DePIN”), and network-based consumer and enterprise applications.
Tokens tend to reach public market liquidity at an earlier stage of their lifecycle than an equity-based business. Its TGE usually happens right after a Series A or before what would otherwise be a Series B round, often in tandem with the startup’s mainnet product release. Early investor and team ownership is typically locked up and vested over a few years, but even then, this liquidity is on a much quicker timeline than what one would expect from a venture equity-based business. As a result, private tokens can be a large driver of a fund’s ability to return capital to investors at an earlier stage of that fund’s lifecycle than typically seen in venture equity funds.
Similar to our venture equity strategy, we aim to lead and co-lead rounds, with a greater emphasis on the Seed stage. The check sizes for token-based startups tend to be slightly smaller, which reflects the fact that token-based businesses can be more cost efficient than equity-based businesses, with a faster path to public market liquidity.
One nuance of investing in tokens compared to equity is that our target ownership looks like roughly half that of equity-based businesses. This reflects two characteristics: first is that token structures typically account for all future dilution upfront, so the net effective ownership is actually about the same as if it was double for an equity-based business which will have many future dilution events; second is that tokens are network businesses where a more diverse holder base is important for the health of the network.
One of Pantera’s key advantages in this area is our Platform team. Because token-based businesses are such a new concept, there isn’t off-the-shelf advice from the traditional venture playbook. Instead, Pantera plays a large part in shaping best practices for token-based businesses, including helping them navigate token-specific issues like tokenomics or exchange listings. Compared to traditional venture where this type of service has become commonplace, within blockchain where the rules of the road are different, we are a leader – making us a strong value-add partner for teams and capital allocator for our investors.
Liquid Tokens
There are many ways to approach the liquid public markets. Investors can choose between market neutral and directional, short-term trading vs long-term investing, or technical vs fundamentals-based strategies. Because of the high volatility and high growth of the asset class, time-worn strategies that work in the traditional markets tend to produce even higher returns in blockchain. In general, market neutral, technical, and trading-oriented strategies are lower volatility, while directional, long-term investing-oriented strategies are higher volatility and higher magnitude of return.
Pantera’s Liquid Token strategy involves making fundamental, long-biased investments in publicly traded digital assets. This approach combines the upside potential characteristic of venture capital investments with the liquidity advantages of public markets. We believe this is the most logical way to invest behind the industry’s secular tailwinds and compound capital over a multi-year time horizon. The core of the strategy is conducting fundamental research and looking for protocols that have product market fit, strong management teams, and a path to attractive and defensible unit economics. We apply a rigorous, institutional investment process, assessing factors such as product-market fit, unit economics, competitive advantages, and management team capabilities. This deep diligence allows us to identify mispriced opportunities and capitalize on them over extended periods, using market volatility as an advantage rather than a hindrance.
We include Liquid Tokens as a core strategy in our flagship fund for a couple strategic reasons. First, liquid tokens offer venture style returns, which is why some call it “liquid venture”. This is something not well understood that is unique to blockchain assets, as discussed above. The second reason is time horizon arbitrage, or the ability to hold through volatility and compound capital while other weaker hands trade in and out. Especially in an industry that remains early stage with a high degree of participants with short-termism, time horizon is a form of structural alpha. Having liquid tokens in a closed-end fund structure is a massive advantage – these assets have high volatility, but also high reward – so being able to stay invested through cycles, and take advantage of the inevitable dips, is an important lever to consistently generate outsized performance.
Special Opportunities
We categorize investments as Special Opportunities when they are unique situations that do not fit neatly into traditional categories – often emerging from special circumstances such as market dislocations and structured in a way that is in between private and public. Some examples of this include structured private token deals with protocols (similar to a PIPE, or private investment in public equity), liquidity provisioning (similar to convertible notes with interest paid in equity), and bankruptcy situations.
Something that differentiates Pantera is that we are the largest crypto investment firm that has specialists that look at opportunities across both public and private markets. No other large blockchain firm has specialized expertise in both and invests in a capital structure agnostic way. On the public side, we are in the day-to-day rich information flow of markets. This ends up surfacing interesting opportunities that aren’t classically venture but also aren’t standard public liquid opportunities either – and we are able to execute on both where others may not because (a) our flagship fund’s all-in-one fund structure gives us flexibility to optimize for the best risk/reward and invest across the capital structure and (b) we aren’t afraid of complexity.
Recent examples of investments Pantera has made in this category include our involvement in helping the creditors of a large bankruptcy estate, our strategic investment in The Open Network (TON) ecosystem linked to Telegram, and seeding cryptocurrency-focused ETFs and Layer 1 protocols.
BENEFITS OF AN ALL-IN-ONE APPROACH
Adopting a flexible, cross-vertical approach provides distinct advantages in managing and growing investments in the dynamic blockchain landscape. This approach enables a diversified, comprehensive exposure that leverages the strengths of each vertical while also allowing for strategic shifts to respond to changing market conditions, creating a robust, resilient portfolio capable of adapting through market cycles, no matter how the industry evolves.
Blended Return Profile: Early-stage upside from differentiated access to Venture Equity and Private Token deals, earlier liquidity profile of Private Tokens and Liquid Tokens, and opportunistic alpha even in market pullbacks from Special Situations. This diversification helps mitigate the volatility characteristic of blockchain investments, smoothing overall portfolio performance across various market phases.
Capital Allocation Flexibility: Blockchain is still a nascent industry, and the capital structures businesses choose may evolve significantly over time. The ability to fluidly shift capital across venture equity, private tokens, liquid tokens, and special opportunities as market dynamics change allows investors to continuously optimize their portfolios and not be pigeonholed if the industry moves in a different direction. Investors are thus positioned to capitalize on emerging opportunities promptly, deploying resources where the risk-reward balance is most attractive at any given time.
Meaningful Cross-Strategy Synergies: Shared research and network effects provide a powerful competitive advantage. It is not possible to be an excellent private markets investor without understanding how public markets function and value businesses when they go public. Similarly, a public markets investor has an incomplete worldview without understanding what innovation is happening at the tip of the spear and has the potential to disrupt incumbents. Insights gained from due diligence, operational involvement, and market intelligence across multiple verticals can inform and enhance the decision-making process throughout the portfolio. This cross-pollination of insights creates a cumulative informational edge, often leading to not just a deeper market understanding but also superior deal sourcing.
That is why at Pantera, we believe it is critical to have expertise across the capital structure. Blockchain investments are naturally liquid earlier on in their lifecycle, so the opportunities across liquid and private are more fluid. We have one investment committee, so our venture and public markets teams are in constant dialogue about what are the best absolute investment opportunities, and then depending on the capital structure, different partners take the lead. These synergies are clear in our investments across each strategy vertical.
FUND V SUBSCRIPTIONS ARE NOW OPEN
We’ve found that most investors view blockchain as an asset class and would prefer to have a manager allocate amongst the various asset types. This compelled us to create Pantera Blockchain Fund (IV) in 2021, a wrapper for the entire spectrum of blockchain assets. We are now opening its successor — our fifth venture-style fund, Pantera Fund V — for subscriptions.
Similar to its predecessor, we believe this new fund is the most efficient way to get exposure to blockchain as an asset class. It is a continuation of the strategies we have employed at Pantera for twelve years across twelve venture and hedge funds.
Limited Partners have the flexibility to invest in just venture (Class V for “Venture”), or in venture, private tokens, and locked-up treasury tokens (Class P for “Privates”), or the all-in-one Class A.
As in all previous Pantera venture funds, we strongly support helping our LPs get access to private deals in this fund. Fund LPs with capital commitments of $25mm or more will have the option to collectively co-invest in at least 10% of each venture equity, private token, and special opportunity deal that the Fund invests over $10mm in. There is no management fee or carried interest on co-investments for those with co-investment rights.
We will endeavor to offer co-investment opportunities, on a capacity available-basis, to other LPs as well. These co-investment opportunities are subject to 1/10% fees.
We are now accepting subscriptions for Fund V. If you’re ready to invest, please click the button below to begin the process.
If you are new to Fund V and would like to receive additional information, click here. We also invite you to join our next call on Pantera Fund V on Tuesday, May 20, at 9:00am PDT / 12:00pm EDT. You may register here.
Pantera donates 1% of revenue from all new funds to 1% For The Planet.
TOKENIZATION, THE NEXT FRONTIER OF FINANCE :: THEMATIC CALL HIGHLIGHTS
Recap by Erik Lowe, Head of Content
Pantera Partner Ryan Barney hosted a virtual panel to explore how tokenization and RWAs (“Real-World Assets”) may reshape finance and capital markets. We were joined by two founders building leading companies in this sector.
Nathan Allman is the CEO and Co-Founder of Ondo. Ondo designs institutional-grade platforms, assets, and infrastructure to bring financial markets onchain. Ondo’s tokenized treasury products have a combined market cap of $1bn.
Mike Cagney is the CEO and Founder of Figure Markets and is a co-founder SoFi. Figure is building an exchange for everything – a decentralized custody marketplace for crypto, stocks, bonds, credit, and more. Figure has tokenized $11bn of private credit.
Below are highlights of the conversation. You can watch the full conversation above.
1. What is the power of “tokenization”?
Mike: “For me, the benefit of tokenization, I use the word very liberally because I think what you want to do is build native digital assets. You don’t necessarily want to tokenize an asset that exists somewhere else. The reason being is you want to be able to get true asset perfection from a lending standpoint.”
Mike went on to describe two major macro forces that may play out over the next four years:
The rise of stablecoins and yield-bearing stablecoins as mainstream payment tools will lead to a significant migration of funds out of traditional bank accounts as users opt for assets they can self-custody, earn yield on, and use for everyday transactions; and
The resulting disruption to the credit markets, as banks lose deposit-based funding that traditionally supported lending. This creates a gap that blockchain-based systems — through native digital assets and programmable lending structures — are well positioned to fill.
Nate: “Taking a step back, when I think about tokenization, the most fundamental benefit, at least in the market today, is accessibility.
“Stablecoins have been the most widely adopted tokenized asset today, and their biggest appeal is providing access to the US dollar for folks in emerging markets that don’t have low friction access today.”
2. What was your ‘aha’ moment for tokenization and its transformative value?
Nate: “It came gradually for me really working at Goldman in particular, learning in parallel about all of the frictions of traditional plumbing… and just seeing how much of a Frankenstein the existing financial plumbing has become….
“There’s just a lot of path dependency that’s created a lot of friction in today’s system…
“And then seeing in parallel, I think at the time it was 2020, like DeFi Summer, there’s this Cambrian explosion of lending, trading, derivative structured products, et cetera, onchain.
“It was all in very speculative, digitally native assets, but the radical difference in friction to the status quo, being able to, with a single click, move your assets from one protocol to one protocol was to me a very magical experience.”
3. What doesn’t make sense to tokenize? What are you staying away from?
Mike: “This is why I don’t get invited to the RWA conferences anymore because I have a lot of unpopular views here. I think tokenizing an office building in Topeka is a dumb idea because it doesn’t create liquidity. There’s this view that, ‘Oh, I put something on the blockchain that’s going to create liquidity.’ For liquidity you need ubiquity, homogeneity, and market making, and if you don’t have those things, you’re not going to have liquidity.
“But even further than that, relying on oracles for physical activity to be translated to chain. And whether this is the ridiculous IBM commercials about tracking your strawberries and diamonds on blockchain, which was a dumb use case, or one of our peers who we admire a lot, but putting the [unclear] on blockchain. How do you know it’s there? How do you know it hasn’t been sold 10 times over? What is the benefit you’re getting to chain?”
Nate: “We’ve certainly been banging the drum as well for a long time around the foolishness of a lot of these fairly naive approaches to tokenization that think it will magically solve the liquidity problem when you still have all this info asymmetry and pricing challenges and non-technology reasons why a lot of these assets are not more liquid.
“I think that cash equivalents are in a bit of a special case where there is demand for 24/7 liquidity. As we’ve seen with stablecoins, their money-like assets, and it’s not too difficult to create that 24/7 liquidity. So I think that tokenizing those makes sense in certain contexts. But yeah, tokenizing some private credit fund to try to make it more liquid or accessible to onchain investors. Sure, I guess you’re marginally making it easier for someone with a stablecoin to get exposure, but it’s really not an interesting application of tokenization today.”
SEC CASE DISMISSALS
By Katrina Paglia, Chief Legal Officer
In our December Blockchain Letter, I discussed my outlook on crypto regulation and policy in the new administration. In that piece, I wrote:
“Under new leadership, the SEC may reconsider its approach to ongoing crypto litigation. Potential options include withdrawing certain cases altogether, reassessing claims that are currently in litigation, or choosing to settle them, and thus remove them from the court system.”
It’s starting to happen.
In recent weeks, the U.S. Securities and Exchange Commission (SEC) has dismissed several high-profile cases and investigations:
1. Coinbase: February 21, 2025 – the SEC staff agreed to drop its lawsuit against Coinbase, which had alleged the exchange operated as an unregistered securities platform. This decision awaits formal approval from the SEC commissioners.
2. Robinhood: February 24, 2025 – the SEC concluded its investigation into Robinhood’s crypto trading division without pursuing any enforcement action. The probe had focused on the platform’s alleged failure to register certain crypto assets as securities.
3. Uniswap Labs: February 25, 2025 – the SEC dropped its investigation into Uniswap Labs, the developer behind the decentralized exchange Uniswap, opting not to file any enforcement charges.
4. Gemini: February 26, 2025 – the SEC closed its nearly two-year-long investigation into Gemini without recommending any enforcement action. The investigation had examined Gemini’s operations, including its “Earn” program.
5. MetaMask: February 27, 2025 – Consensys and the SEC agreed ‘in principle’ to end the case against MetaMask regarding its staking service, subject to approval of the Commission.
These cases primarily centered on alleged violations of securities laws, such as operating unregistered securities platforms and brokerages. With these dismissals, we believe the industry is getting to a place where legitimate companies can operate with more peace of mind, focusing their efforts on shipping products and driving innovation.
DEFINITELY NOT PRICED IN
If a few days before the U.S. Presidential election – with bitcoin at $69,000 – a sorcerer showed you a crystal ball and in it you knew for a fact that…
The pro-crypto candidate wins the presidency
Red House and Senate
54 anti-crypto Members of Congress losing their seats
Several Presidential Executive Orders on crypto including:
Strategic Bitcoin Reserve
U.S. Digital Asset Stockpile (with other cryptocurrencies)
Most major SEC actions against blockchain industry participants dropped
And the President hosting a summit to get input from the industry
…all this in ten weeks.
I’d bet you’d say bitcoin would be up way more than 24%.
The way I think of it, the markets have barely moved relative to trend. The twelve-year compound annual growth rate of Pantera Bitcoin Fund is 83%. It’d be up almost as much just naturally.
Seems to me that the crypto markets have yet to price in the very positive developments.
GALAXY PODCAST WITH MIKE NOVOGRATZ
My college friend Mike Novogratz invited me on his podcast. (He’s now Galaxy’s Founder & CEO.)
It was fun to think back to the beginning…and look forward to where we’re heading.
Below is a summary of the highlights from the conversation. If you’re interested, the full video is here.
Early Days in Bitcoin
Dan: “As I got my head around, I was like, this is the biggest trade of all time. And I still have that passion for it. I feel like we’re just beginning. It’s 300 million people now, so it’s actually starting to happen, but it’s probably going to be 3 billion people in the not-too-distant future.”
Mike: “Bernanke was on QE II or QE III, and people were really worried about inflation, even though we didn’t get it. And the Chinese were buying. So that was my thesis, but it was really Dan who did a few weeks of work. When he came back he was like, ‘guys, this is going to change the whole world. This is real.’”
Bitcoin’s Role as Digital Gold and the Bitcoin Strategic Reserve
Mike: “I think it [bitcoin] could replace gold just through adoption. We are going through the largest wealth transfer in the history of the world. Baby boomers are going to die sadly enough, and they’re going to pass that money to the next generation. My kids, their friends – they’re online people. And so digital gold is going to be better than gold for them.”
Dan: “If you’re the reserve currency of the world, you have to save in something. There’s no other currency. We’ve been using gold for a long time. The U.S. stores 11 million years of workers’ wages in gold under a stone pyramid in Kentucky, pretty much the same as the Pharaohs forty centuries ago. It’s just so antiquated. I’m a huge fan of storing in digital gold and the U.S. should do it.”
Stablecoins and U.S. Dollar Dominance
Dan: “99.9% of stablecoins are backed by U.S. treasuries. That is a great way to export our debt to literally 4 billion people. I think that’s one of the things that that helped President Trump become pro-crypto – it is a very good way to export our debt.”
We published a piece in our January blockchain letter delving into this topic.
Macro Landscape
Dan: “If you zoom out in any kind of multi-year timeframe, people are going to want to escape paper money that’s being debased at a rapid rate and go into hard assets.”
Mike: “We’re running a 7% deficit at full employment. What happens when things aren’t going well? Something’s going to break.”
Memecoin Perspectives
Dan: “The world spends $300 billion a year on gambling. Why not gamble on something called a meme coin? I have no philosophical problem with that.”
Outlook on Solana
Dan: “One of our largest positions is Solana. I think it is a very important layer 1, and it is trading about a third the market cap right now of ethereum. It could keep appreciating.”
Outlook on Telegram’s TON
Mike: “The dominant feature that drives valuation in crypto is community… Telegram already has the community, now they’re building the tech.”
Dan: “Almost all blockchains are technology bets looking for a community. Telegram is a billion-person community trying to do a blockchain… It’s the only one that’s totally different.”
ONDO SUMMIT
Mike and I also appeared together at the Ondo Summit in New York City. We shared our thoughts on the next wave of tokenization, AI applications, and real-world use cases defining crypto’s growth.
It’s so fun doing the full circle with RWAs (Real World Assets on the blockchain). In the 80’s I was Goldman Sachs’ first ABS trader – trading car loans, credit card balances that were put on what was then cutting edge – a security. Now we’re doing the same thing on the next disruption – the blockchain.
Around the summit, Ondo announced the launch of Global Markets, an RWA tokenization platform designed to enable onchain access to stocks, bonds, and ETFs. They also launched Ondo Chain, a public, proof-of-stake layer 1 blockchain designed specifically for institutional-grade RWAs. Ondo accounts for 80% of the yieldcoin market and has $1bn of TVL.
You can watch the discussion here.
Regards,
“Put the alternative back in Alts”
PANTERA CONFERENCE CALLS[2]
Our investment team hosts monthly conference calls to help educate the community on blockchain. The team discusses important developments that are happening within the industry and will often invite founders and CEOs of leading blockchain companies to participate in panel discussions. Below is a list of upcoming calls for which you can register via this link.
Blockchain Fund Investor Call
Tuesday, April 1, 2025 12:00pm Eastern Daylight Time / 18:00 Central European Summer Time / 12:00am Singapore Standard Time
Open only to Limited Partners of the fund.
Liquid Token Fund Investor Call
Tuesday, April 8, 2025 12:00pm Eastern Daylight Time / 18:00 Central European Summer Time / 12:00am Singapore Standard Time
Open only to Limited Partners of the fund.
Crypto Market Outlook :: Headwinds Becoming Tailwinds
A discussion of the cryptocurrency markets in this new era for blockchain, and where we see opportunities in the year ahead.
Tuesday, April 15, 2025 12:00pm Eastern Daylight Time / 18:00 Central European Summer Time / 12:00am Singapore Standard Time
Please register in advance via this link:
https://panteracapital.com/future-conference-calls/
Early-Stage Token Fund Investor Call
Tuesday, May 13, 2025 12:00pm Eastern Daylight Time / 18:00 Central European Summer Time / 12:00am Singapore Standard Time
Open only to Limited Partners of the fund.
Pantera Fund V Call
An overview of Pantera’s fifth venture-style fund that offers exposure to the full spectrum of blockchain assets.
Tuesday, May 20, 2025 12:00pm Eastern Daylight Time / 18:00 Central European Summer Time / 12:00am Singapore Standard Time
Please register in advance via this link:
https://panteracapital.com/future-conference-calls/
Join us in learning more about the industry, the opportunities we see on the horizon, and our funds.
PANTERA OPEN POSITIONS
Pantera is actively hiring for the following roles:
Investor Relations Associate– (San Francisco)
Senior Investor Relations Associate– (San Francisco)
Head of Systematic Marketing– (New York City)
Lead Executive Assistant to the Founder, Managing Partner– (New York City, San Francisco, or San Juan)
Executive Assistant to the Founder, Managing Partner– (San Juan)
Executive Assistant/Office Manager– (San Francisco)
Director, Capital Formation – US East– (New York City)
Senior Director, Capital Formation – Gulf Region– (Abu Dhabi)
If you have a passion for blockchain and want to work in New York City, San Francisco, San Juan, or Abu Dhabi, please follow this link to apply. Some positions can be done remotely.
PORTFOLIO COMPANY OPEN POSITIONS[3]
Interested in joining one of our portfolio companies? The Pantera Jobs Board features 1,500+ openings across a global portfolio of high-growth, ambitious teams in the blockchain industry. Our companies are looking for candidates who are passionate about the impact of blockchain technology and digital assets. Our most in-demand functions range across engineering, business development, product, and marketing/design.
Below are open positions that our portfolio companies are actively hiring for:
Nexus – Community Marketer (San Francisco)
0x Labs – Senior Software Engineer, API Products (Remote)
Sentient – Director of Legal (Remote)
M^0 – Operations Manager (Remote)
Omni Network – Content Manager (Remote)
Figure – Performance Marketing Manager (San Francisco)
TipLink – Product Manager (New York)
Sahara Labs – DevRel Engineer (Remote)
Avantis Labs – Fullstack Engineer (Remote)
Sentient Foundation – Director of Legal (Remote)
Ondo Finance – PR and Communications Lead (Remote)
TON Foundation – GamFi Lead (Remote)
Morpho – Product Lead (Remote)
Offchain Labs – Site Reliability Engineer (Remote)
Azra Games – Analytics Lead (California)
Alchemy – Software Engineer, Rust (New York or San Francisco)
StarkWare – Senior Software Engineer (Netanya, Israel)
Obol – Fullstack Engineer (Remote)
Flashbots – Product Manager (Remote)
Waterfall – Software Engineer (New York)
Braavos – Senior Full Stack Engineer (Tel Aviv)
Metaplex – Business Development Manager (Remote)
Visit the Jobs Board here and apply directly or submit your profile to our Talent Network here to be included in our candidate database.
[1] Important Disclosures – Certain Sections of This Letter Discuss Pantera’s Advisory Services and Others Discuss Market Commentary. Certain sections of this letter discuss the investment advisory business of Pantera Capital Management and its affiliates (“Pantera”), while other sections of the letter consist solely of general market commentary and do not relate to Pantera’s investment advisory business. Pantera has inserted footnotes throughout the letter to identify these differences. This section provides educational content and general market commentary. Except for specifically-marked sections of this letter, no statements included herein relate to Pantera’s investment advisory services, nor does any content herein reflect or contain any offer of new or additional investment advisory services. This letter is for information purposes only and does not constitute, and should not be construed as, an offer to sell or buy or the solicitation of an offer to sell or buy or subscribe for any securities. Opinions and other statements contained herein do not constitute any form of investment, legal, tax, financial, or other advice or recommendation.
[2] Important Disclosures – This Section Discusses Pantera’s Advisory Services. Information contained in this section relates to Pantera’s investment advisory business. Nothing contained herein should be construed as a recommendation to invest in any security or to undertake an investment advisory relationship, or as any form of investment, legal, tax, or financial advice or recommendation. Prospective investors should consult their own advisors prior to making an investment decision. Pantera has no duty to update these materials or notify recipients of any changes.
[3] This section does not relate to Pantera’s investment advisory services. The inclusion of an open position here does not constitute an endorsement of any of these companies or their hiring policies, nor does this reflect an assessment of whether a position is suitable for any given candidate.
This letter is an informational document that primarily provides educational content and general market commentary. Except for certain sections specifically marked in this letter, no statements included herein relate specifically to investment advisory services provided by Pantera Capital Management Puerto Rico LP or its affiliates (“Pantera”), nor does any content herein reflect or contain any offer of new or additional investment advisory services. Nothing contained herein constitutes an investment recommendation, investment advice, an offer to sell, or a solicitation to purchase any securities in Funds managed by Pantera (the “Funds”) or any entity organized, controlled, or managed by Pantera and therefore may not be relied upon in connection with any offer or sale of securities. Any offer or solicitation may only be made pursuant to a confidential private offering memorandum (or similar document) which will only be provided to qualified offerees and should be carefully reviewed by any such offerees prior to investing.
This letter aims to summarize certain developments, articles, and/or media mentions with respect to Bitcoin and other cryptocurrencies that Pantera believes may be of interest. The views expressed in this letter are the subjective views of Pantera personnel, based on information that is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed, or implied, with respect to the fairness, correctness, accuracy, reasonableness, or completeness of the information and opinions. The information contained in this letter is current as of the date indicated at the front of the letter. Pantera does not undertake to update the information contained herein.
This document is not intended to provide, and should not be relied on for accounting, legal, or tax advice, or investment recommendations. Pantera and its principals have made investments in some of the instruments discussed in this communication and may in the future make additional investments, including taking both long and short positions, in connection with such instruments without further notice.
Certain information contained in this letter constitutes “forward-looking statements”, which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue”, “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual policies, procedures, and processes of Pantera and the performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements, and no undue reliance should be placed on these forward-looking statements, nor should the inclusion of these statements be regarded as Pantera’s representation that the Fund will achieve any strategy, objectives, or other plans. Past performance is not necessarily indicative of or a guarantee of future results.
It is strongly suggested that any prospective investor obtain independent advice in relation to any investment, financial, legal, tax, accounting, or regulatory issues discussed herein. Analyses and opinions contained herein may be based on assumptions that if altered can change the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any financial instrument, credit, currency rate, or other market or economic measure.
This document is confidential, is intended only for the person to whom it has been provided, and under no circumstance may a copy be shown, copied, transmitted, or otherwise given to any person other than the authorized recipient.