FORMER AND POTENTIALLY FUTURE PRESIDENT OF THE UNITED STATES TO SPEAK AT BITCOIN 2024[1]

 

Let that sink in a minute.

 

That is just such a massive sea change.

 

Several parts of the U.S. government have been very antagonistic to blockchain – for way too long.

 

I’ve never understood why be negative.  Who is the negative voter?  I mean, apart from Senator Warren, who is voting against financial inclusion for everybody on earth with a smartphone?  Never made any sense.

 

53 million Americans own crypto.[2]  And they vote.  The former president’s comments on May 5th changed everything.

 

The market odds of the SEC approving the ethereum ETF went from 6% to effectively 100% in the space of only two weeks.[3]

 

There’s a profound line from the Watergate scandal.  H.R. Haldeman warned White House Counsel, John Dean, to hold off because – as he observed:

 

“Once the toothpaste is out of the tube, it’s going to be very tough to get it back in.”

 

I feel like that about Blockchain.  Satoshi got it out of the tube. 

 

Some regulators have thrashed about, trying to stuff it back in the tube.  They’ve finally given up.  The toothpaste is out for good.

 

Once the SEC approved the ethereum ETF they’ve effectively admitted that ethereum is not a security.  A U.S. District Court has ruled that XRP – in and of itself – is not a security.  It’s over.

 

I do want to give credit to the agencies that did act early.  The CFTC sent a Commissioner to my house in Lake Tahoe for our second Blockchain Summit in 2014.  They held public hearings and have had futures for seven years.  The IRS ruled in 2013 that blockchain is property – not currency – so holders get long-term capital gains tax treatment.  They should be applauded for being very early – and right – about blockchain regulation.

 

The Bitcoin 2024 conference in Nashville this week is a coming-out moment for our industry.  Having evangelized for blockchain at some incredibly tiny events in the earliest days, I decided I wanted to be there – give bitcoin one more little push.  I’m going to speak at the conference on Friday, the 26th.

 

IN THE NATION’S SELF-INTEREST

 

Reporter:  “Crypto — I remember when you said it was a ‘fraud’ and ‘a disaster waiting to happen.’  And by the way, you were not wrong.  There have been disasters and fraud.”

 

Trump:  “I’ve been right.”

 

Reporter:  “But more recently, you’ve embraced the community. You said it should be made in the USA. So tell me why you changed your mind.”

 

Trump:  “Because it’s a very similar answer.  If we don’t do it, China is going to pick it up and China’s going to have it — or somebody else, but most likely China.  China’s very much into it.  Also, it’s not going away.  It’s amazing.  I’ve gotten to know a lot of people — like even the meeting in San Francisco [Trump’s June 6 fundraiser].  I went to San Francisco, I met many people that — these are people that this is really becoming an industry [for].

 

“Now, if I throw it aside, it’s going to be picked up in another country, most likely China — they’re pretty advanced in that sphere.  So, you have to look at it — what I want, again, is what is good for the country.  If we don’t do it…”

 

– The Donald Trump Interview, Bloomberg Businessweek, July 16, 2024

 

Distilled to its essence – that is actually spot on.

 

No matter how much policymakers rant and rave, it doesn’t make blockchain go away.  It just makes it go to the Bahamas or to China or someplace bad.  The results of this repression have been negative for the United States and these regulators’ constituents, the retail investor/voter.

 

U.S. PRESENCE :: CRYPTO REGULATION VS. INTERNET REGULATION

 

The prior stance of crypto-asset regulation is the polar opposite of the rest of the internet.

 

The U.S. government literally built the internet (ARPANET, which celebrated the 50th anniversary of TCP/IP last year).  The U.S. government then empowered early internet companies with a myriad of Congressional advantages.  In particular, the U.S. gave them safe harbor against regulation and provided an 8.25% discount versus their brick-and-mortar competitors via no sales tax.  The result is that all of the largest internet companies in the world are in the United States (or essentially Chinese copies of them).

 

So far in the blockchain era, the U.S.’ regulatory approach has had the opposite effect.  It scared 95% of blockchain trading to move offshore to the Bahamas and opaque firms like FTX instead of being regulated in the US.  Similarly, 93% of the market cap of blockchain protocols are in projects domiciled outside of the United States. 

 

 
ALIGNMENT OF INTEREST

 

I love this bit.  Literally the next words from his mouth from the mid-sentence quotation above was:

 

“The other thing is, I did things like NFTs and, you know, stuff.  And I noticed that 80% of the money was paid in crypto.  It was incredible.  So, NFTs are, you know, I did the — very successful.  We had one year to sell it out and it sold out in one day.  The whole thing sold out: 45,000 of the cards. And I did it three times [and] I’m going to do another one, because the people want me to do another one.  It’s unbelievable spirit.  Beautiful. But the thing I really noticed was everything was paid in — I would say almost all of it was paid in crypto, in this new currency.  And it opened my eyes.

 

“So we have a good foundation.  It’s a baby.  It’s an infant right now.  But I don’t want to be responsible for allowing another country to take over this sphere.  And so I think we’re going to be good. Also, I’ve gotten to know people in the industry, they’re top-flight people. And you ask Jamie Dimon, Jamie Dimon was, you know, very negative and now all of a sudden he’s changed his tune a little bit.”

 

– The Donald Trump Interview, Bloomberg Businessweek, July 16, 2024

 

Who would have thought?  Our interests are aligned!  He’s selling digital assets.  I’m (investing in and ultimately) selling digital assets.  Wow.

 

I think this is the most underpriced development in markets today.  Having a President whose interests are aligned with the blockchain community would be a huge change.  Going from aggressive negative to a positive is a massive swing.

 

As a visceral symbol of the sea change, Pantera portfolio company Bitwise will be ringing the New York Stock Exchange closing bell on Friday.

 

 

“THROW THE BABY OUT WITH THE BATH WATER” :: CRYPTO MARKET UPDATE

By Cosmo Jiang, Portfolio Manager, Liquid Strategies, and Erik Lowe, Head of Content

 

At the mid-year mark, we wanted to take a moment to share our reflections on the cadence of the market year-to-date.  After a rapid rise to start the year, digital asset prices pulled back in the second quarter.  Every string of strong performance is followed by a period of consolidation.  Inevitably, during that period, there are those who will throw in the towel and start calling for the end of the cycle, especially in an asset class with larger swings than most.  While digital asset prices have already shown some resurgence in July, we wanted to provide our perspective on what has transpired and why we remain bullish heading forward.

 

Following the broader market rally in Q1, the average top 400 token was down 45% in Q2 and was down 12% on the year as of June 30th.

 

 

We point to a few macro-related and crypto-specific reasons for the decline.

 

The main macro headwind in early April was the markets began repricing a scenario of higher-for-longer rates due to a still-strong economy and high inflation, in contrast to the prior view that there would be a rapid cut in rates.  On the crypto side, the markets were weighed down primarily due to fears of a supply overhang.  For Bitcoin, the German government began liquidating its $3bn position and the timeline of the $9bn MtGox distributions was confirmed.  Long-tail tokens have faced supply headwinds both from the increase in new token launches, diversifying investors’ attention and limited capital, as well as ongoing vesting of private investors from newly-launched tokens over the last year.  In addition, SEC investigations into Consensys and Uniswap created some uncertainty for certain protocols.

 

Overall, breadth has been narrow and there has been meaningful underperformance year-to-date across the broader crypto landscape relative to bitcoin and ethereum, which is analogous to the dynamic in equities this year, the Magnificent 7 vs the rest.  To help illustrate this point, we have included below the distributions of returns for the top-400 tokens by market capitalization this year.

 

 

This was a “throw the baby out with the bathwater” period for long-tail tokens. We say this because the selloff has been broad based – nearly 95% of all tokens have underperformed Bitcoin and Ethereum and nearly 75% of tokens are negative on the year.  By subcategory, the underperformance in the second quarter was basically the same across the board – 40-50% drawdowns across nearly every major subcategory.

 

 

We believe altcoins underperformed for a few reasons:

 

1)  A lot of the focus has been on bitcoin and ethereum due to key regulatory approvals

2)  New token launches this year have diluted available capital and attention

3)  The market is exercising more caution on tokens with large private investor unlocks, which may see heightened selling pressure throughout the rest of the year

 

As so often happens in underperforming markets, we are seeing a commoditization of tokens that fails to differentiate adequately between protocols with stronger and weaker fundamentals.  It is important that as investors we do not fall prey to that same trap and paint everything with one broad stroke.  This phenomenon offers a great opportunity for token selection as price and sentiment begins to rebound.  We believe tokens with strong fundamentals and growth prospects will outperform as dispersion increases.  We are already seeing evidence of that in early July.

 

Why We Are Positive

 

Price and Fundamentals – If one were to look at just price action, especially in long-tail tokens, the market appears to be weak, with many tokens negative on the year.  However, this stands in stark contrast to improving fundamentals, such as on-chain users and activity, which have both meaningfully accelerated off the bear market lows of the last two years.

 

In addition, there are a lot of green shoots when it comes to innovation in this cycle, such as AI-related blockchain protocols, decentralized physical infrastructure networks (“DePIN”), and decentralized social.

 

We believe that on a price-to-fundamentals basis, everything now is actually much cheaper than it was at any point during the recovery.

 

Regulatory Shift – One of the biggest impediments to the growth of the crypto industry has been the negative tone of US regulation.  We are now seeing a 180-degree shift in real-time.

 

Trump pivoted to be pro crypto in early May, which was followed by legislative developments like the passing of FIT21 in addition to the approval of the ethereum ETFs.

 

Prominent politicians becoming vocally pro crypto is incredibly positive for our industry.  We believe they are realizing that being pro crypto is synonymous with being pro innovation and being anti-innovation doesn’t win votes or perhaps is even anti-American.  Polls suggest that there’s an increased likelihood of a pro-crypto regulator and regime after the election in November.

 

Regarding tokens more broadly, we are optimistic that the shifting political and regulatory stance toward crypto starts driving positive change.  To date, the lack of regulatory clarity has created an unfortunate dynamic in crypto.  Right now, if a token explicitly has no value, it is legal, but if a token creates value and tries to return that value to tokenholders, it is illegal.  This creates the exactly wrong incentives that attract bad actors and discourages good actors.  With regulatory clarity, we believe we are on track to rectify this and move in the right direction where tokens with real value tied to strong fundamentals will stand out and those without real value will not be rewarded.  In fact, the FIT21 bill that recently passed in the House starts to lay the groundwork for such reasonable regulations.

 

We believe this paves the way for innovation and blockchain to flourish and stay in the US.

 

Positioning and Sentiment – Technical indicators we look at describe current positioning as “very clean,” meaning “good at point of entry”.

 

A lot of the leverage has been washed out of the system, as measured by futures open interest.  Many altcoins are back to their September 2023 lows before this rally began.  The Crypto Fear & Greed Index, measured by CoinGlass, just hit the lowest level since the depth of the bear market in December 2022, just after FTX.  Sentiment now is as fearful as it was then.

 

Based on these indicators, we believe the positioning and entry point are attractive today.

 

Macro – Recent macroeconomic indicators show that inflation is finally starting to cool down, giving the Fed the signal to begin reducing rates.  June CPI showed –0.1% m/m sequential deflation for the first time since 2020.  While unemployment ticked up a bit to 4.1%, it remains at a solid spot.

 

Reading between the lines of what Powell has been saying, in conjunction with a few of the more dovish Fed members, a rate cut may be nearer than most of Wall Street realizes, and hikes are very likely off the table.  This is a big deal.

 

Fed policy moving from restrictive to supportive rates is very bullish for high growth, early-stage tech, such as crypto.  There is a lot of capital on the sidelines.  Money Market Fund assets are at $6 trillion, which is an all-time high. [4]  As rates are expected to come down later this year and yields on Money Market Funds decline, we believe that capital will find its way back into high-growth assets.

 

Entering Phase 2 of the Bull Market

 

Our thesis is that tokens underlying protocols that have product market fit and are generating real revenues with strong unit economics will perform best in this cycle.  We have previously described how outperformance of these tokens has historically occurred in the second phase of bull cycles when breadth widens from just the majors. 

 

As a refresher, we’ve observed that bull cycles historically have had two pronounced phases.  Phase 1 is the early stage of the rally when bitcoin has tended to outperform the rest of the market.  Phase 2 is the later stage when altcoins have tended to outperform.  The below graphic highlights these phases, showing the growth of bitcoin versus altcoins within each phase, and how altcoins have historically outperformed over the full bull cycle with the majority of gains occurring in phase 2.[5]

 

 

We believe we are entering phase 2.  Bitcoin dominance has historically increased 15-20 percentage points in the first portion of every prior cycle, and at this point in this cycle, it has increased 17 percentage points.  We believe we are much closer to the end than the beginning for this run of bitcoin dominance, and the next leg will be meaningful outperformance in tokens with sound fundamentals. 

 

 

 

REAL VISION INTERVIEW :: FUNDAMENTAL APPROACH TO INVESTING IN CRYPTO

 

Cosmo Jiang, Pantera Portfolio Manager of Liquid Strategies, recently sat down with Ash Bennington of Real Vision to discuss the growing popularity of fundamentals-based investing in crypto as the industry continues to mature.  He also shares his perspectives on the sectors where compelling opportunities are emerging.

 

The discussion can be viewed here (please note that, at this time, the video can only be accessed by Real Vision subscribers).  We’ve provided highlights of the discussion below.

 

 

Discussion Highlights

 

Big-picture thoughts on the state of the markets and where they may be heading.

 

Cosmo: “I think the tagline is definitely bullish.  I think we’re pretty early innings. When I think about the story the last few years in crypto, 2022 was definitely a year bursting of speculative excess from the 2021 highs really across all asset classes, so all macro including crypto, and then 2023 was really a year about all these headwinds buffeting the industry after that burst, right?  Whether it was leverage coming out, capital flows leaving, consumers feeling hurt, and so interest going down.  And then regulatory wise, really the regulators in the US having to overreact to what was an underreaction in prior years.

 

“And all that said now, now as we enter 2024 and now we’re halfway through, it’s really a year about headwinds becoming tailwinds, right?  The positioning of market participants is way better, leverage is down, capital flows are really strong, largely thanks to the bitcoin ETF and just interest is coming back, user activity is coming back across different chains.  And then a regulatory perspective, things look as good as they have been in many, many years, and now it’s really that headwind becoming potentially a tailwind.  So it feels like we’re early innings of what could be a multiyear cycle.”

 

Why fundamental analysis matters and is becoming more relevant in digital asset investing.

 

Cosmo: “The reason why I think fundamental analysis is super important and why it’s relevant is I believe the laws of gravity that have applied to other investment asset classes will apply to crypto eventually. The reality of our history is that there hasn’t been much fundamental investing in crypto historically, and the reason for that is a few-fold.  One is that it wasn’t possible as recently as a few years ago.  A lot of the protocols that I’m talking about really only started in 2020 or 2021.  And so to the extent you were investing in crypto prior to that, it wasn’t possible to do a fundamental analysis.  And so it’s only a more recent thing.  There’s now the supply of tokens available.

 

“The second is that people haven’t historically found success investing in a fundamental fashion.  The reality is if most of the market participants are not fundamental in nature, then the tokens will not trade on a fundamental basis.  I think all of that is changing going forward, and the reasons for that are, one, there are now real protocols being built with real business models.  There’s stuff like Lido that’s on track to generate $100 million in revenue, Maker, that’s generating $300 million in revenue with $100 million of profit, Ethereum generates $2 billion of revenue annualized.  So these are real protocols with numbers that you can get behind and really start to model.

 

User interface challenges in blockchain and how TON and Telegram approach this issue.

 

“Pantera has been public about making a major investment into the TON ecosystem.  The thesis is quite simple, which is that TON has a strategic partnership with Telegram, the messaging app, third-largest messaging app in the world, with 900 million monthly active users.  Having covered consumer internet for a long time, you learn that messaging apps are incredibly sticky.  If you’re an iPhone owner, imagine how often you open up iMessage and probably the only reason you haven’t upgraded to a better phone, i.e. an Android, is because of iMessage.  Messaging is just so core and so powerful….

 

“Telegram has this 900 million monthly active user distribution, and they have now strategically aligned with TON to have a TON wallet within the app.  And so now getting to TON blockchain is easy, it’s a click away… and so that’s very powerful.

 

“Crypto always talks about we are in a pursuit to increase penetration and adoption in the world, but we’ve gotten to maybe 10 million users on Ethereum, maybe 5 million users on MetaMask.  We have a lot of room to go.  But what if we started with 900 million monthly active users at Telegram?  That is what’s so exciting about TON and the potential that TON has is that they’re starting with nearly a billion users.  Who do you think is going to be likely to get to a billion users first?  The guy with five million or the guy with 900 million? And so that’s exciting.

 

“And then TON specifically, where we’ve seen them find a lot of the most success or most traction early on is actually in these Telegram mini apps, most of which are games.  In terms of the user experience, that’s easy.  For everyone that uses Telegram outside the US, you open your message app, right next to chat is this app called ‘Wallet’.  Within your TON chat, there’s tons of games and mini apps that you can open up that settle on TON blockchain. That’s why we’re seeing incredible adoption very, very quickly.”

 

 

ROBINHOOD TO ACQUIRE BITSTAMP

 

I had such fun times working with Bitstamp over the years – I wanted to congratulate the team on the acquisition by Robinhood.

 

Two young bitcoin enthusiasts founded Bitstamp in 2011.  That’s almost prehistoric in our industry!  (They are the oldest surviving bitcoin exchange.)

 

As we planned to become a very large part of the trading of bitcoin I wanted to meet and hopefully invest in an exchange.  I flew out to Tokyo to meet the MtGox management.  When we were choosing which exchange to invest in MtGox dominated the markets and had something like 85% market share.  However, it just didn’t feel right.

 

I then went to Ljubljana, Slovenia, to meet Nejc Kodrič and Damian Merlak, the co-founders of Bitstamp.   I was struck by the sincerity of the passion to the bitcoin project. 

 

In 2013 we bought 34% of Bitstamp with cash and two Teslas.  Nejc and Damian got the first deliveries of Teslas in Slovenia.  They were so pumped about their two cars that they drove to the Bitcoin Foundation event in Amsterdam – separately!

 

I’m proud that they pioneered so many things that now seem obvious – years before anyone else thought of it:

 

•  In September 2013, the company began requiring account holders to verify their identity with copies of their passports and official records of their home address – years before regulators asked for “KYC”.

•  In April 2016, Bitstamp became the first nationally-regulated bitcoin exchange when the Luxembourg government granted a license to Bitstamp to be fully regulated in the EU as a payment institution.

 

We sold our stake in two transactions over recent years, but that firm has such a special place in my heart.

 

Congrats, Team Bitstamp! 

 

INVESTING IN SENTIENT

By Jonathan Gieg, Senior Platform Associate

 

Merging AI with Decentralized Platforms

 

AI is undergoing a transformative evolution, fundamentally altering how we work, learn, and consume information. However, as AI continues to grow, it faces significant challenges, particularly in terms of centralization and the equitable distribution of its benefits.

 

Current AI ownership models either restrict access and innovation through closed systems or lack incentives through open models. We believe there is a critical need for a decentralized approach that maintains robust security, promotes innovation, and ensures fair economic incentives.

 

Why We Invested in Sentient

 

Sentient is creating a decentralized AGI (Artificial General Intelligence) platform that merges the web3 financial incentive layer with AI development. They are aiming to create a dynamic ecosystem where a diverse array of participants—ranging from those offering storage and compute power to those providing training and feedback—can interact within an open AI economy. This interaction fosters an “intelligence meritocracy,” where contributions are rewarded fairly, and AI models can compose and interact seamlessly without the pitfalls of centralization.

 

Sentient is looking to address the critical issue of AI centralization by enabling community ownership and interaction of AI models. The platform leverages advanced cryptographic solutions to ensure that AI models can be shared openly while their performance remains contingent on the approval of their communal owners. This approach combines the benefits of trusted hardware with flexible cryptographic primitives, creating a foundation for decentralized AI development.

 

The generative AI market is believed to grow exponentially, from a $40 billion market in 2022 to $1.3 trillion over the next decade. This growth is driven by consumer applications such as Google’s Bard and OpenAI’s ChatGPT, which have set new benchmarks for AI adoption and revenue generation. As AI continues to integrate into new sectors, we believe the demand for decentralized solutions like Sentient will increase.

 

Sentient has assembled one of the most impressive teams in the space. Led by Pramod Viswanath, this all-star team of experts is uniquely positioned to navigate the complex AI and web3 landscape.

 

•  Sandeep Nailwal – Core Contributor / Strategy and product vision Founder of Polygon

•  Pramod Viswanath – Core Contributor / Research Princeton Professor, Co-inventor of 4G

•  Himanshu Tyagi – Core Contributor / Product Professor at IISc

•  Sensys – Core Contributor / Growth Venture studio building products and applications for Sentient

•  Sreeram Kannan – Founding Advisor Founder of Eigenlayer

 

We’re excited to co-lead the $85 million round for Sentient alongside Founders Fund and Framework Ventures, as they work towards making the future of AI more accessible, secure, and equitable. 

 

For more information about Sentient and to explore potential opportunities, you can visit sentient.foundation.

 

 

NO RECESSION

 

Economists keep predicting a recession.  They should climb down their ivory tower and walk into any airport.  No recession.

 

 

 

GOLDMAN SACHS DIGITAL ASSETS CONFERENCE

 

I began my career as Goldman Sachs’ first Asset-Backed Securities trader.  

 

Now I am talking about asset-backed tokens at the Goldman Sachs Digital Assets Conference.   I love the full circle!

 

 

 

All the best,

 

@Dan_Pantera

 

“Put the alternative back in Alts”

PANTERA FUND V

 

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 excited to announce the launch of its successor and our fifth venture-style fund, Pantera Fund V, in 2025.

 

Similar to its predecessor, Blockchain Fund (IV), 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 a decade across eight venture and hedge funds.

 

 

LPs have the flexibility to invest in just venture (Class V for “venture”), or in venture, private early-stage tokens, and locked-up treasury tokens (Class I for “illiquids”), or the all-in-one Class A.

 

 

As in all previous Pantera venture funds, we strongly support helping our LPs get access to 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 opportunitydeal 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.

 

Pantera Fund V will have its first closing in Q1 2025.  We are targeting $1 billion.

 

To learn more about the Fund, we invite you to participate in the launch call for Pantera Fund V.

 

The call will be held on Tuesday, September 17, at 9:00am PDT / 12:00pm EDT.  You may register by clicking the button below.

 

 

Pantera donates 1% of revenue from all new funds to 1% For The Planet.

 

 

PANTERA CONFERENCE CALLS[7]

 

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.

 

DePIN: The New Industrial Revolution

A discussion with co-founders of projects that are pioneering the decentralized physical infrastructure network sector.

Tuesday, July 23, 2024 9:00am PDT / 18:00 CEST / 12:00am Singapore Standard Time

https://panteracapital.com/future-conference-calls/

 

Early-Stage Token Fund Investor Call

Tuesday, August 13, 2024 9:00am PDT / 18:00 CEST / 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, September 17, 2024 9:00am PDT / 18:00 CEST / 12:00am Singapore Standard Time

https://panteracapital.com/future-conference-calls/

 

Opportunities in AI and Crypto

A discussion with members of EigenLayer and Sentient on the intersection of AI and crypto and the opportunities that are emerging.

Wednesday, September 25, 2024 9:00am PDT / 18:00 CEST / 12:00am Singapore Standard Time

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:

 

If you have a passion for blockchain and want to work in New York City, San Francisco, Menlo Park, San Juan, or London, please follow this link to apply.  Some positions can be done remotely.

PORTFOLIO COMPANY OPEN POSITIONS

 

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:

 

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] https://www.triple-a.io/cryptocurrency-ownership-data

 

[3] https://polymarket.com/event/ethereum-etf-approved-by-may-31?tid=1721669350298

 

[4] https://fred.stlouisfed.org/series/MMMFFAQ027S

 

[5] Past results are not necessarily indicative of future results.

 

[6] 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.

 

[7] 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.