The SALT Conference was one of the first events to return to normal.  Great to see everybody again!


It seemed like almost half of the program content was blockchain.  That is a sign of how far it’s come.


Many of my favorite people were on stage.  In 2013, Pete Briger got me to focus on bitcoin.  He was joined by our friends Wences Casares and Brett Messing.  Their thoughts are so well said:


Brett Messing:  “Wences, you go first and tell us why here, in 2021, with Bitcoin up from $10,000 to $45,000, capital gains rates about to go up, and not a bad time to sell, we are buying and not selling more Bitcoin.”


Wences Casares:  “I think that I am more likely to make the opposite mistake, to think it’s expensive when it’s actually still cheap, because I’ve been in it for a while, and because it’s all I do all day.  When you look at the trajectory of tech companies, the same thing happens.  People who were involved early, sell too early.  For some reason it’s harder…to see the full potential, right?  So if you see the insiders who own Amazon at the IPO, how many of them hold today?  It’s almost zero, other than the founder and a few other people, most of the insiders sold.  And some outsiders saw the potential better than some insiders.


“So I think I have more risk of the opposite.  And when I look around at what I can do with my money, I see a lot of things where I’m not an expert that seem expensive, whether it’s equities or bonds or real estate all over the world.  And the one thing that I do every day, day in and day out, seems cheap to me.  So why should I diversify into things that seem very expensive if the one thing I understand seems cheap to me?”


“I think that there’s going to be more upside in percentage terms over the next five and 10 years than we’ve seen in the last five and 10 years.  So people anchor and they look back and say, Oh my God, I missed that train.’  No one has missed the train.  Most people will wish they bought Bitcoin under half a million dollars.  But people look back and say, “Oh, I missed that.”  No, we haven’t missed it.  What it’s going to do over the next five and 10 years is more impressive, not in absolute terms, but in percentage terms, than what it did in the past.  Or it’s not going to work, but it’s not going to be mediocre either way.”


Pete Briger:  “What I thought was brilliant when I first came upon Bitcoin was the fact that it had the opportunity to take the margins out of the banking oligopoly.  I, as a financial services garbage collector, as a distressed debt investor, had always been worried that you had so much innovation in the world, and yet the banking industry had failed to deliver on its promise of lower costs.  You still have a cost of sales when you’re buying something, the merchant gets 97 cents on the dollar, or 98 and a half cents on the dollar.  And we have smartphones, and we have the ability to have everybody bank at much lower costs, yet interchange and payments still cost pretty much what they did 20 or 25 years ago.  So, that oligopoly has not let costs come down.  So for me, the idea was truly brilliant.


“Why I don’t think about investing in the other coins is from my perspective, Bitcoin is the only truly decentralized system and the only system that therefore allows us to truly have trust in the storage and movement of money.”


Pete Briger:  “We’ve got 2,000 people here and I bet you we can’t come up with five really serious innovations in the banking industry over the last 50 years.  You know, maybe I start with credit cards, ATMs, and after that, it’s really very thin.  And the reason is because they’ve got an oligopoly.”


Wences Casares:  “I am fascinated with what’s going on with sort of better versions of Ethereum.  Ethereum itself, there’s a lot more going on on top of Ethereum than there is on top of Bitcoins and that’s interesting, and we are all learning.  A lot of the things that are happening there are here to stay and are going to change the world.  Then you see better protocols too, like Solana and Polkadot and Cardano, and I think it’s all fascinating.


“Then you go one step further and see what’s going on in DeFi, particularly in decentralized exchanges and the lending and borrowing protocols.  I think all of that is an incredible innovation that was unthinkable a few years ago, and it’s here to stay and it’s likely to change the world.


“But the fact that a technology is good and it has potential doesn’t mean that it’s a good investment.  The way I think about Bitcoin is that it has a 10 to 15% chance of going to zero, failing and going to zero.  But in my opinion, it has a higher than 60% chance of being successful and being worth more than a million dollars in the next 10 years.  More than a million dollars per Bitcoin. And that’s very asymmetric, and all I have to do is keep doing what I’ve been doing, which is buy and hold.


“Whereas when I look at other super-interesting coins that are innovative and technologically fascinating, I see opportunities in which one could do a hundred times your money and 300 times your money.  But I also see that there’s one in a hundred chances of making that, and that you would have to know when to buy.  You would have to know when to sell.  And that’s not a game that I know how to play or that I can play.  So that’s why I am fascinated with all of crypto, I’m bullish on all of crypto, but I am very long Bitcoin and in the rest I’m just learning and experimenting.”


Pete Briger:  “I think it’s going to be Bitcoin and maybe several others performing different use cases.


“You have to look past that transition to actually want to own Bitcoin for the next five or 10 years.  And what I see as so positive in the last 12 months is the fact that Bitcoin has still held up. It’s still up 60% on the year.  So imagine what happened if you didn’t have all these people who were focused on get-rich-quick schemes, or you didn’t have China attacking Bitcoin.  It has amazing resiliency, and that resiliency comes back to the decentralization of the validation, the 150 million people that now own Bitcoin, and the fact that it’s very hard to kill.”


Wences Casares:  “From the point of view of the development of a protocol, Bitcoin is looking incredibly robust.  And I would say, so does Ethereum.”


Pete Briger:  When it happened in El Salvador a lot sooner than I thought it would happen, I was happy.  And I think you’re going to see in all of these maturation processes of Bitcoin and the whole cryptocurrency environment, there’s going to be a lot of volatility.  There’s going to be a lot of trial and error.  And out of that is going to arise real financial services innovation.  And so, what may be really hard to get done in the United States might be a lot easier to get done in a place like El Salvador.  You’re talking about a smaller pool of people. It may be less complex in terms of what they’re trying to accomplish, and then those learnings will become universal.  So I think it’s a positive. I really do think it’s a positive.  And I think that it’s going to happen in other places much more quickly than people think”.


Brett Messing:  “Shifting gears a little bit, Peter Thiel in an interview a couple months ago, described Bitcoin as the most stupidly obvious trade in the world.  And he compared it to the FANGs in 2014, 15.  And he said it’s so obvious that institutional investors are going to miss it.”


Pete Briger:  “Where I think it becomes harder, again, is Bitcoin went from zero to a trillion dollar market cap in the course of 10 to 12 years.  And today I could buy on my smartphone Bitcoin from five different places inside one minute if I had to do it.”


Wences Casares:  “I think that if make an analogy with the web, with the internet, we are in 1994 or 1998, where you had very rudimentary brand new browsers, you had to use your phone line to call the service provider.  That was a very slow connection, sometimes it dropped, and when you wanted to download a picture you saw it downloading slowly.  And back then to imagine that you were going to be using the same network to do high-definition video calls all over the world for free seem science fiction.  It happened, but we had to wait three decades.  And I think that’s where we are today in Bitcoin.  And that’s why you can buy it for $50,000 instead of 5 million.  Of course, a lot of these investors will have to wait until this is all much further along to buy it, but it will also be a different price.”


— Wences Casares & Pete Briger, The Macro Case for Bitcoin, SALT, September 13, 2021





In our April 2020 investor letter when bitcoin was at $8,988 we wrote:


“Bitcoin has historically bottomed 459 days prior to the halving, climbed leading into it, and then exploded to the upside afterwards.  The post-halving rallies have averaged 446 days – from the halving to the peak of that bull cycle.


“In this cycle, the market did in fact trough 514 days before the halving.  IF history were to repeat itself, bitcoin would peak in August 2021.”


That rally peaked a bit early – on April 14th at $64,863.


Here’s an update of the 4-year halving cycles.  Still works pretty well:


  • A decent rally in the 477 days before that halving – 2.7x in this case.  
  • And, then a larger rally in the 410 days after – 7.2x this time.



The framework for analyzing the impact of halvings is to study the change in the stock-to-flow ratio across each halving.  The first halving reduced the supply of new bitcoins by 15% of the total outstanding bitcoins.  That’s a huge impact on new supply and it had a huge impact on price.  


Each subsequent halving’s impact on price will likely taper off in importance as the ratio of reduction in the supply of new bitcoins from previous halvings to the next decreases.  Below is a chart depicting past halvings’ supply reductions as a percentage of the outstanding bitcoin at the time of the halving.



The second halving decreased the supply of new bitcoins only one-third as much as the first.  Very interesting, it had exactly one-third the price impact. 


The 2020 halving again reduced the supply of new bitcoins by roughly a third relative to the previous halving.  It had a bit less than a third the impact on price.





Where’s that leave us?  I believe we are done with the four-year halving cycle – and on to the next price era.  


We’ve updated charts we’ve used since 2014 – showing the major bull and bear markets.  My sense is that we finished the halving cycle in April.  We had a period of temporary insanity – where Chinese mining bans were thought to be negative and a few people had blockchain ESG upside down – and now we’re in a new bull market.


I long advocated that as the market becomes broader, more valuable, and more institutional the amplitude of prices swings will moderate.


While we’ve had two down 83% bear markets already, I believe those are a thing of our primordial past.  Future bear markets will be shallower.  The previous two have been -61% and -54%. 


Unfortunately, there’s no free lunch.  The flipside is we probably won’t see any more of the 100x-in-a-year rallies either. 



(There’s an amazing coincidence of the numbers -82/3/4% on here.)  If it ever hits -83% again, I’m going ALL IN.)


The cycles shown logarithmically make today’s level look cheap to me.






On Wall Street, there’s a saying “Buy the rumor, sell the fact.”  


Definitely working in our space.


When he was the chairman of the CFTC, Chris Giancarlo pointed out a wild one I hadn’t put two and two together on.  All during 2017, the markets were rallying with the mantra “When the CME lists bitcoin futures, we’re GOING TO THE MOON!!!” 


The markets did rally – 2,440% until **the very day** futures listed.  That was the top.  One of those -83% bear markets started that day. 


We recently repeated that cycle.  The whole industry reveled in Coinbase’s upcoming direct listing.  The bitcoin market was up 822% coming into the day of the listing.  Bitcoin peaked at $64,863 that day and a -53% bear market started.



Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.




An amazing number of projects have cycled through being the third most valuable cryptocurrency.  


Only three have held the Number 2 position – Litecoin, XRP, and Ethereum.


And, of course, one has held the title belt the entire time – Bitcoin.






In sitting down to summarize my thoughts, it hit me that my remarks at SALT express my views best (edited for clarity):


“I think we’re still in the early innings of a multi-decade transformation that’s going to have a huge impact on literally billions of people.  The SALT Conference is a great example of how much the interest in this space has grown. . . .



“A lot of my closest friends are Bitcoin maximalists so this sounds edgy – but the advice I would share with investors is there are many interesting protocols to invest in and many compelling companies.  A portfolio should be more than just one thing. 


“My perspective is:  Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception.  However, I think the majority of future gains will be from tokens outside of bitcoin.  I know that sounds heretical to some people here, but that’s my professional opinion.  


“The analog is:  It’s like saying in 1998 that majority of future tech gains would come from outside Microsoft.  


“At the time Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion.  Google and Facebook were zero – they didn’t even exist.  In the years since, Microsoft did great – it went up 10x.  However, 80% of the tech gains in these five stocks came from outside Microsoft.  


“That’s the view I have here – I think bitcoin is going to go up a ton – like 10x.  It’s a great investment.  If that’s all you can get through your IC you should be long bitcoin.  But, if you can be long a basket of things, I think the broader portfolio is going to outperform.”


— Dan Morehead, How Crypto Is Eating Wall Street, SALT, September 13, 2021


You can watch the recording of the panel here.







I’m very bullish on bitcoin.  When an investment committee can only choose long bitcoin or nothing in crypto, I’m in favor of long bitcoin.  


When a committee **can** select among a wider universe, I believe they should.


We’re seeing that in our funds.  Bitcoin has returned 74% YTD.  That’s awesome.  It would take thirty-seven years to compound that amount in 10-year treasuries.  However, we’re seeing compelling opportunities in the 150 other tradable tokens.



Part of it is we’re in a new asset class with less competition.


“When Dan [Tapiero] and I were at Tiger, there were only a handful of large hedge funds and we only had 25 investment team members.  We did simple things like count cars in early Home Depot parking lots.  There was a lot of alpha because there wasn’t much competition.  Now there’re hundreds of massive hedge funds.  Each one has hundreds of really smart people and mind-boggling electronic data capture.  It’s really hard to have alpha in the public markets. 


“There aren’t many firms in the blockchain space and it’s a $2 trillion asset class.  So, there are a lot of nickels to pick up.”


— Dan Morehead, Blockworks Digital Asset Summit, September 15, 2021


“Yeah.  There’s more alpha in this space than in any space ever.”


— Dan Tapiero, Blockworks Digital Asset Summit, September 15, 2021




In the last seven-and-a-half months, more than 100% of the gains have come outside bitcoin. 








During October, we’re wrapping up the second closing of Pantera Blockchain Fund.  We have commitments for $500mm of the $600mm target.  If you still would like to subscribe in this closing, we can take additional investments until a material move in the markets.


The fund has one very important benefit relative to our sector funds – the new fund is able to capture the often large swings in value between equity and tokens.  Tokens reset quickly.  In May, tokens dropped 53% in the span of a few weeks.  On the other end of the spectrum, venture equity is very slow moving.  People are still executing term sheets from months ago.  Entrepreneurs still want the valuations they heard months ago.  It takes 6-9 months for venture to reset.  The new fund can buy liquid tokens when they are cheap.  When they become rich to venture, we can sell the liquid tokens to invest in venture and illiquid early-stage token deals. 


The summary of terms can be found here.


Click the button below to begin the investment process online.



If you are interested in exploring this opportunity further, please email


Also, please join us for our Pantera Blockchain Fund Launch Call on October 12th at 9:00am PDT.  You can register here.





When these quotes hit the tape a lot of people in the blockchain industry were taken aback.  When I read what SEC Chairman Gensler said, I agree with him.


“I’d lastly say we’ve experimented historically with private forms of money.  In the U.S., those of you listening might even remember something called the wildcat banking era, and it’s infrom the 1830s to the 1860s, after President Jackson got rid of the Second Bank of the U.S.sorry for the history lesson.  But we had banks issuing bank notes and they competed.  Philadelphia bank notes were different than Baltimore bank notes and even within Philadelphia had different bank notes competing, and the like.  Well, that all had a lot of cost, a lot of problems and so forth, and Abraham Lincoln put in place an oversight called the Controller of the Currency, and then the Federal Reserve came 50 years later.


“So, public money has a certain place around the globe.  Private monies usually don’t last that long.  So, I don’t think there’s a long-term viability for five- or six thousand private forms of money.  History tells us otherwise.”


— Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, The Path Forward: Cryptocurrency, September 21, 2021


I agree with him.  We don’t need five- or six thousand private monies/blockchains.  


The thing he and others confuse is that most of the exciting tokens are not new private monies/blockchains, they are new cooperatively-owned applications built on top of a few existing, tested blockchains.  These applications are building out decentralized versions of the applications we already use – like Audius, a decentralized music streaming platform.  


There are 4,500 public companies in America.  I have no problem imagining 4,500 important tokens built on top of a single-digit number of important blockchains.


He did go on to say some nice things:


“I do think this new technology is a very interesting – and whomever she was, Satoshi Nakamoto, it’s led to change.  It’s pushing at the side of central banks around the globe to reconsider how to provide payment systems.  It’s pushing on the side as a catalyst for change in finance, so-called “fintech,” the intersection of new technologies and finance.


“I’ve said this in the classroom and I’ve said it to my colleagues around the globe in the official sector, I think it’s been a catalyst for change. Nakamoto-san’s innovation, not only bitcoin as the first sort of one but this whole distributed ledger technology has been a catalyst for change that, around the globe, central banks and the private sector are looking in on how we can enhance our payment systems, and enhancing our payment systems to make them 24 hours a day, 7 days a week, real time, at lower cost.  And so, there’s some competition right now going on there.”


And, I just think this is hilarious:


“On the other hand, I would say I don’t think it is a good idea to wait until there’s a spill in Aisle Three, and we hear in the loudspeakers overhead, from The Washington Post and your competitors:  “Clean up in Aisle Three!”, and then those of us in the official sector have to rush in and we’ve got congressional hearings, and we’re sort of like, well, why wasn’t anybody worried there was going to be a need for cleanup in Aisle Three.” 


— Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, The Path Forward: Cryptocurrency, September 21, 2021


There’s a balance.  We need to keep our stores open as we compete with nations around the world to build the payment rail of the future.  I’d rather a couple of little spills than to shop at the Red Army Store.





The United States is fighting an invisible virus with paper money.  


This approach is incredibly inefficient and has massive unintended consequences.


The quantity of paper money is simply staggering.  The Congressional Budget Office projects that the federal government will spend almost twice as much as it takes in.



The deficit for fiscal 2021 is projected to be $3.0 trillion, on top of $3.1 trillion in fiscal 2020. 


“A billion here, a billion there, and pretty soon you’re talking real money.”


— Attributed to U.S. Senator Everett McKinley Dirksen, 1961


Trillions are hard to comprehend.  The 2020-21 deficit is equal to $50,000 per American family.


For comparison, the cost of the Johnson & Johnson vaccine is ten dollars.


“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”


Thus began bitcoin.


Bitcoin was created in response to the previous financial crisis.  Satoshi Nakamoto was concerned that governments were forever bailing out wealthy shareholders with printed money.  Satoshi created a form of money that could not be debased.  People all around the world could save their earnings in bitcoin without fear of their savings being diluted by excessive money printing.


Satoshi appended that bailout headline from The Times (of London) in the first block of bitcoin – the so-called genesis block.


“A second bank rescue package totaling at least £50 billion was announced by the British government on 12 January 2009, as a response to the ongoing global financial crisis.”


I really miss the quaint old days when somebody could get really pissed off about a £50 billion bailout.  So mad indeed, that he/she/it started a 150-million-person movement in response.


Honestly, I just don’t know what to say other than “Buy Bitcoin”.






I recently drove up to Mt. Shasta to do some mountain climbing with my daughter.


One of the joys of climbing is fueling up on some insane pancakes at the original Black Bear Diner before you head up the mountain.  As we walked over in the morning we saw a mob scene milling around outside.  I wiggled my way in to find out what’s going on.  “Take Out Only – Staff Shortage”.


There was a long line of eager paying customers trying to do commerce, but they can’t find dishwashers and busboys?!?


This is a topic I’m actually somewhat of an expert on.  Since I didn’t qualify for any “Experience Necessary” jobs, my first job at age 16 was working in a similar diner called Eppies on I-80 – washing dishes from 11pm to 7am.  I earned $3.35 an hour.


It is truly mind-boggling that with 6.8 million Americans out of work (from the pre-pandemic non-farm payroll level) – we can’t find ANYBODY to wash dishes for paying customers?



Wage inflation will cause persistent goods inflation.


I fear this can only end badly for paper money.






When I was a kid we called U.S. Treasuries the “risk-free rate”.  What a quaint time that was.


One of the ways this could end badly is coming up on the 18th of October.  The day the United States might default.


Less than 5% of the world’s countries have never defaulted.  


Paraphrasing Reinhart & Rogoff One conspicuous grouping of countries includes England’s former colonies:  the United States, Canada, Australia, Hong Kong, Malaysia, Singapore, and New Zealand.  (The mother country, England, defaulted in earlier eras.)  Also included are all of the Scandinavian countries:  Sweden, Norway, Denmark, and Finland.



“Lastly, several of the sovereign default virgins, notably the United States, qualify as such only because we are excluding events such as lowering the gold content of the currency in 1933 or the suspension of convertibility in the nineteenth-century Civil War.”


“It is notable that the non-defaulters, by and large, are all hugely successful growth stories.  This begs the question:  Do high growth rates help avert default, or does averting default beget high growth rates?”


– Carmen Reinhart & Kenneth Rogoff, This Time Is Different: Eight Centuries of Financial Folly, April 2008


If the U.S. does default, I hope it’s not the latter.





The wall of paper money washing over us is disheartening.  Time to reflect on an improved money – bitcoin.


October 31st is Bitcoin’s 13th birthday.


I believe Nakamoto-san’s white paper will change the world – in so many wonderful ways:  financial inclusion, property rights, migrants no longer working an entire month just to pay their remittance company, refugee identity/direct aid transfers, etc. 


The mind-blowing bit is the revolution was sparked by just 3,192 words.


Bitcoin: A Peer-To-Peer Electronic Cash System easily fits on the wall of a small conference room in our HQ.



To share a sense of how distilled the genius in the paper is, we’ve shown how few words it took to convey this powerful idea to the world.  The word count of the bitcoin white paper is shown below in relation to a selection of globally-influential texts:




My favorite – it took Satoshi only 5% as many words to completely describe and define the entirety of the project as were used in writing Blockchain for Dummies.  Go figure.





Our (vaccinated) Capital Formation partners and occasionally investment team members are now traveling to discuss Pantera Blockchain Fund and the blockchain ecosystem with our Limited Partners and potential investors.


We also have organized Blockchain Lunches in some cities, should you want to learn more about blockchain and meet other investors who share your interest.  If you are interested in attending one of our Blockchain Lunches, please fill out the form on this page and we will be in touch regarding availability.


    • New York City, October 11-14 & November 1-4

      • November 3, Blockchain Lunch at 12pm

    • Las Vegas, October 14

    • Palo Alto, October 18, Blockchain Lunch | 12pm

    • Cleveland, October 21  |  including a Blockchain Lunch at 12pm

    • Orlando, October 21

    • Louisville, October 22

    • Pittsburgh, October 22  |  including a Blockchain Lunch at 12pm

    • North Carolina, October 25

    • Virginia, October 26

    • Montreal, October 26

    • Tennessee, October 27

    • Toronto, October 27-28

    • Florida, October 29

    • Detroit, November 3 & 5

    • Milwaukee, November 4

    • Chicago, November 4  |  including a Blockchain Lunch at 12pm

    • Boston, November 5 & 24

    • Portugal, November 8-10

    • Denver, November 9

    • Salt Lake City, November 10  |  including a Blockchain Lunch at 12pm

    • Atlanta, November 12  |  including a Blockchain Lunch at 12pm

    • Minneapolis, November 17  |  including a Blockchain Lunch at 12pm 

    • Tallahassee, November 19


If you are interested in a meeting, please contact the Pantera Capital Formation team at +1-650-854-7000 or 



Take care,




“Put the alternative back in Alternatives”



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.


Pantera Blockchain Fund Launch Call 

[A detailed dive into our new “all-in-one” blockchain fund.]

Tuesday, October 12, 2021 9:00am PDT / 18:00 CEST / 12:00am China Standard Time (Oct 13th)


Pantera Blockchain Fund Investor Call 

Tuesday, October 19, 2021 9:00am PDT / 18:00 CEST / 12:00am China Standard Time (Oct 20th)

[Open only to LPs of the fund.]


Pantera Early-Stage Token Fund Ltd Investor Call 

Tuesday, November 2, 2021 7:00am PDT / 15:00 CET / 10:00pm China Standard Time

[Open only to LPs of the fund.]


Pantera Early-Stage Token Fund Investor Call 

Tuesday, November 2, 2021 9:00am PDT / 17:00 CET / 12:00am China Standard Time (Nov 3rd)

[Open only to LPs of the fund.]


Pantera Liquid Token Fund Investor Call

Tuesday, November 9, 2021 9:00am PST / 18:00 CET / 1:00am China Standard Time (Nov 10th)

[Open only to LPs of the fund.]

Recordings of past conference calls are available on this page.




Abra Raises $55 Million to Expand Crypto Wealth Management


Abra is a leading wealth management platform for cryptocurrency investors.  The platform helps users to trade, borrow, and earn a yield on their crypto asset holdings.  Over the past year, Abra has grown its revenues over ten-fold and grown its AUM to $1 billion across 150,000 monthly customers.  The new funding will go towards developing Abra’s institutional sales and wealth.  The firm raised $55 million in a Series C round led by Blockchain Capital and IGNIA.  Pantera previously participated in a $12 million Series A round for Abra in September 2015.


Braintrust Launches BTRST Token on Mainnet


Braintrust is a decentralized talent network that connects freelance workers with hiring companies without charging traditional marketplace fees.  Since launching publicly in June 2020, the network has generated over $31 million in gross services revenue and tripled its talent community, with enterprise clients like Goldman Sachs, Atlassian, Porsche, Under Armour, and Wayfair.  The average monetary value of projects listed on Braintrust is $57,000 with some as high as $300,000.  As trends in remote work and gig economy roles continue to advance, roughly half of the U.S. workforce may be employed as freelancers by 2027.  Pantera previously participated in an $18 million funding round for Braintrust in October 2020.


Audius Raises Strategic Funding from Top Musicians


Audius is a decentralized music streaming platform that enables musicians to stream and engage directly with their listeners.  The project leverages blockchain technology to give artists a larger share of revenues from their works and eliminate intermediaries like music labels and distribution companies.  Audius has over 6 million monthly active users on its platform.  The team recently closed a $5 million strategic funding round from artists like The Chainsmokers, Steve Aoki, Katy Perry, Jason Derulo, and Nas.  Pantera previously participated in a $5.5 million Series A round for Audius in August 2018.