The Layer 1 Network Originally Designed By Telegram


I spent my career finding great investments – and in the end helped some pension plans get a few extra basis points for their retirees.


What makes me so passionate about bitcoin and blockchain is that it will change the world.  It will have a massively positive impact on billions of people.  And, not like in some distant, theoretical sense – like concrete improvement for billions within a decade.


I’ve met so many wonderful people in this community – all with a shared goal.  It’s so energizing. 


I recently had lunch with Pavel Durov, the founder of Telegram.  The purity of his conviction is mesmerizing. 




Telegram was founded by Pavel in 2013 on the basis of freedom-first.  It is a neutral social platform that is impartial and doesn’t take any side.


At 21, Pavel and his brother Nikolai founded VK, dubbed “the Facebook of Russia”.  The platform was so good and free from Russian media control, that Russian opposition used it extensively to organize large protests in Russia. The government pressured Pavel to censor and ban some of the online opposition communities and he refused.


“Neither I nor my team will engage in political censorship.  We will not remove the anti-corruption community of Navalny or hundreds of other communities, which we were ordered to block.  Freedom of information is an inalienable right in a post-industrial society, and without this right the existence of [VK] does not make sense.”


– Pavel Durov, 2013 blog post


In 2013, he left Russia for good.  He immediately founded Telegram, again with Nikolai, on the principles of Freedom, Openness, and Expression.


“Everything in my life was about becoming free; to the extent possible, my mission in life was to allow other people to also become free.  This is the mission of Telegram.”


– Pavel Durov, Tucker Carlson Interview, April 2024


Pavel and his team had to flee their native country – rather than give up their principles.  We are honored to partner with people of such strong conviction.  Pantera recently made the largest investment in its history in TON.  (My partner Ryan Barney explains our investment rationale below.)


When building a portfolio it’s best to find a variety of different ideas.  This is an almost unique take.


99.999% of blockchain projects are a tech idea trying to create a community – from nothing.  According to CoinMarketCap there are more than 23,000 cryptocurrencies.  That’s a hard road for most.


Telegram is a community integrating blockchain technology.  That’s just got to be easier.


They’ve begun rolling out a blockchain wallet to their 930 million users.





Investors often ask us where value will accrue in blockchain – whether it’s venture investing in companies like Alchemy or Circle, investing in private tokens before they open to the public like Arbitrum and StarkWare, capturing alpha in liquid tokens, or access to special opportunities such as discounted token placements directly from foundation treasuries.[2]  We think the answer is:  all four.


Our family of funds structure is somewhat a function of our history:  launching the first of each type of blockchain fund – we ended up with four separate funds.  


They cover the entire spectrum of blockchain assets.  They are mutually exclusive, so any asset (except bitcoin) can only go in only one fund.  Those evergreen hedge funds are still open for those with specific interests or liquidity requirements.  


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.


It will have four main buckets of investments.  Fund V will continue to invest in venture, investing in private companies that are using blockchain to do something better, faster, and cheaper.  When Blockchain Fund (IV) is fully invested (likely at the end of the year), all new venture deals will go in Fund V.


We’ll continue to be very active in seeding the best early-stage protocol tokens.  The investment process is very similar to early-stage venture, meeting protocol developers when they have the genesis of an idea, investing in the project and then trying to help them grow over the three or four years it takes to become public, and to get out into the markets.  


We also are offered very compelling special opportunities, including discounted tokens directly from foundation treasury which are subject to lockup periods of a few years.  


Twenty percent of the fund will be invested in liquid/public tokens. 


Our focus continues to be finding and growing the most promising ideas in the blockchain space and continuing to generate outsized returns for our current and future investors.  We’ve backed 240 companies and protocols.  Twenty-one have become unicorns.[3]


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 equity (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 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.


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, May 14, at 8:00am PDT / 11:00am EDT.  You may register by clicking the button below.



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





By Ryan Barney, Partner




TON is a Layer 1 network originally designed by Telegram and continued by the open source community.  We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network. Telegram has over 900 million monthly active users on its future-facing, fast, and secure messaging platform that is used for personal and group communications, large-scale community building, content sharing, and more.


By leveraging Telegram’s vast user base and seamless UX with the vibrancy of TON’s emerging ecosystem, we believe TON has the potential to become one of the largest crypto networks.


We also believe this not solely based on the fundamentals of its distribution potential, but also because of the values that define Telegram, the application it was designed for.  During Token2049 this year, Pavel’s keynote focused explicitly on these values.



The company doesn’t sell user data and its virality is truly due to the promise of privacy.  It is a neutral platform free from government influence and has been at the center of community organization for protests from Hong Kong to Belarus and more.


Telegram is one of the world’s fasted-growing and largest social messaging platforms. They have spent $0 on marketing and are adding almost 2.5mm users a day.  They have 930mm monthly active users and Pavel is still the sole Product Manager at the company with only 30 people.  


Telegram regularly outpaces its closest alternative, Signal, by 10x the amount of monthly downloads, garnering over 36.7 million in January of this year.


Telegram vs. Signal: January 2024 Monthly Downloads


Combining Web3’s Ethos With Massive Distribution


Telegram stands out not only because its platform has significant distribution, but also because it embodies crypto’s ethos.


At Token2049, Pavel introduced why TON and Telegram are a great fit; “The reason I love Blockchain, is because it is a technology with freedom – it gives power back to the people”.  No other social messaging app is positioned in this way.


What about the other top messengers? Telegram is the only major platform that is free of regulatory hurdles to incorporate Web3 for an open blockchain network. While Messenger attempted to incorporate crypto payments with Libra, they ultimately faced regulatory hurdles from the U.S that led to a complete shutdown. WeChat has attempted to integrate CBDC payments of digital yuan, but the system is limited in scope and builders don’t have the ability to create permissionless applications. 


We believe Telegram is well positioned to bring crypto to the world because of its shared Web3 ethos and large distribution. 


A Scalable Platform Built For Hundreds of Millions


The Open Network (TON) is a blockchain initiative developed by Telegram, designed to leverage the messaging app’s extensive user base to create a decentralized network capable of supporting a diverse range of applications. TON features a multi-component ecosystem, which includes TON Blockchain, TON Storage, TON DNS, and TON Services – all integrated to function seamlessly together.


The backbone of this system, the TON Blockchain, is built for high performance and scalability, processing transactions quickly thanks to its dynamic sharding mechanism. This architecture ensures the network can handle millions of transactions per second and scales efficiently as user numbers grow, making it ideal for developers aiming to launch applications for hundreds of millions of users without compromising speed or security.


TON’s dynamic sharding enables a scalable network for millions of users.


Easy Onboarding


Onboarding users to use crypto applications is usually difficult. A new user needs to write down a 24-word passkey and store it somewhere safe. But what if you forget your password? How do you send or receive money to another user? Copying and pasting a public key may not be the best experience.


Telegram simplifies many complexities with’s Wallet in Telegram, which allows users to seamlessly connect to mini apps. Users can easily buy, sell, or manage tokens and NFTs all within a single interface, accessible directly through the Telegram settings and personal chats.


Wallet in Telegram features both custodial and self-custodial management based on TON, allowing all users to enjoy an easy onboarding experience while giving experienced users the option to have full control over their keys. With TON’s self-custody wallet, users don’t need to remember their seed phrase; instead, they can simply use Telegram and their email as backup.
’s Wallet in Telegram has 15 million users and counting.


The Era of Crypto Mini Apps


TON’s burgeoning ecosystem leverages Telegram’s innovative design and substantial user base. Over 360 million users engage monthly with what Telegram refers to as “Mini Apps”, which include chatbots and mini-games. With TON, we envision that integrating crypto into these “Mini Apps” will significantly enhance the user experience for these hundreds of millions of users. There are more than 300 projects on TON, the majority of which built mini-apps on Telegram which are accessible via the Telegram Apps Center.


Earlier this year, we observed how memecoin trading tools like BonkBot generated tens of millions of dollars in revenue through Telegram’s user interface. TON-based applications, such as StormTrade, now enable users to trade perpetuals, cryptocurrencies, stocks, and equities using the same interface. StormTrade facilitates over $10 million in trading volume daily, and we believe that similar TON-native Telegram bots will become the preferred user experience for many traders.


Telegram serves as a foundation for viral social and gaming applications. Early experimental Telegram games like Pixels and Fanzee Battles have attracted millions of users within days, demonstrating the platform’s vast potential for user engagement. Catizen is a cat-themed minigame platform built on TON that now has over 4 million users, of which over 700k users play daily. Notcoin, a social app built on TON where users compete to mine a digital currency, has rapidly onboarded over 30 million users—one of the fastest crypto adoption events ever recorded. 


TON Foundation recently announced their incentive program which will reward development of successful TON applications. We believe this will catalyze the creation of exciting new crypto mini apps that have the potential to onboard the masses.


Unlocking New Ways To Earn 


TON is unlocking numerous ways for the Telegram community to monetize, share, and grow their businesses. As a decentralized marketplace on the TON network, Fragment offers a platform where users can trade collectibles such as virtual phone numbers and custom Telegram usernames. Fragment has already facilitated over $350 million in sales of custom usernames and virtual phone numbers. This is just the start. In the near future, Telegram stickers, of which 730 billion have been sent, could be transformed into NFTs. These NFTs would then be available for purchase and sale through the TON blockchain.


Telegram is taking a significant step forward by integrating revenue sharing with content creators and channel owners through its Fragment platform powered on TON blockchain. This move marks a shift from traditional social media models by directly allowing these creators to earn from ad revenues on their channels. This approach not only rewards creators for their content but also fosters a closer relationship between the platform and its users, promoting a fairer distribution of financial benefits within the digital ecosystem.


Native Stablecoin Payments


On April 19th, 2024, Tether announced the deployment of its stablecoin, USDt, on the TON blockchain and in Wallet in Telegram. This development represents a significant advancement for the crypto industry, as it allows hundreds of millions of users to seamlessly send and receive stablecoins through the Telegram platform, making payments as easy as using Venmo or Apple Cash.


The TON network’s scalability allows for a fixed fee of ~$0.1 for transactions between two users – that is 66% cheaper than other crypto payment platforms. Additionally, built-in on-ramps and off-ramps, including bank transfers and exchanges, are being made available to further facilitate access and use.


Stablecoin Payments on TON


We believe that stablecoin payments on Wallet in Telegram are particularly crucial for individuals in developing countries, who often lack access to banking services and are forced to navigate complex crypto user interfaces to store and transfer funds. With stablecoins deployed on the TON network, crypto is making a significant leap toward realizing the vision of programmable peer-to-peer money and a decentralized financial system accessible globally.




We believe the TON network is still in its early stages, and we are excited to witness the adoption of its ecosystem and new features by the Telegram user base. 


At its core, Telegram embodies the ethos of crypto: an open, free network accessible to all. With TON, Telegram achieves a symbiotic relationship where scalable smart contract functionality and a robust payments network enable groundbreaking capabilities that were unattainable in the Web2 environment. Given its vast user base, scalable infrastructure, a thriving ecosystem of mini apps, and native stablecoin transactions, TON taps into the potential of a network with 900 million active, engaged users.


At Pantera Capital, we are thrilled about this investment and are eager to support the future builders within the TON ecosystem. If you are developing on TON and share our enthusiasm, please don’t hesitate to reach out.


After maintaining a very low profile for the better part of a decade, Pavel did two public appearances recently.  Both are well worth viewing.


TON Recent Press


TOKEN2049 Announcement Highlights – video:

  • Technology with Freedom: 26:42

  • Why Blockchain: 28:10

  • Telegram Ecosystem and Key Differentiators: 28:30

  • Revenue Share Model: 32:47

  • Tokenized Usernames: 36:00

  • Why TON “The Open Network”: 41:10


Tucker Carlson Interview Highlights – video:

  • Introduction to Telegram and Pavel Durov: 00:10

  • Founding of VK and Challenges in Russia: 05:11

  • Foundation and Mission of Telegram: 13:06

  • Challenges with Government Surveillance and Pressure: 19:16

  • Relocation to Dubai and Telegram’s Growth: 21:02

  • Discussion on Free Speech and Social Media Platforms: 47:54




By Erik Lowe, Head of Content


Up until now, crypto, particularly DeFi, has predominantly operated in a world of its own.  The primitives that have been built inherently focus on serving the needs of tokenholders within the walls of the DeFi ecosystem.  For example, decentralized exchanges primarily enable the swapping of governance, utility, or gas tokens for other similar tokens.  Lending protocols allow users to borrow tokens using other tokens as collateral.  There’s a lot of activity, but most of it remains within the confines of “planet crypto”.  This raises the question: “How and when might this technology break into the world outside of blockchain?”


The answer may be sooner than we think.  In fact, “planet crypto” and the “real world” are on a collision course.


The World’s Largest Asset Manager Integrates With DeFi


Since announcing their bid for a spot bitcoin ETF last year, BlackRock has been making waves in the digital asset space.  They recently launched their first on-chain fund called BUIDL (“The BlackRock USD Institutional Digital Liquidity Fund”) represented as a token on Ethereum and backed by U.S. Treasuries.


BUIDL seeks to offer a stable value of $1 per token and pays daily accrued dividends directly to investors’ wallets as new tokens each month.  The Fund invests 100% of its total assets in cash, U.S. Treasury bills, and repurchase agreements, allowing investors to earn yield while holding the token on the blockchain.  Investors can transfer their tokens 24/7/365 to other pre-approved investors.  Fund participants will also have flexible custody options allowing them to choose how to hold their tokens. [4] 


Since launching on March 21, BUIDL has amassed $375 million of assets representing nearly 30% of the tokenized U.S. treasury market.  Much of this growth has been driven by Pantera portfolio company Ondo which has contributed $140mm to the Fund through its on-chain short-term U.S. treasury fund.[5]



BlackRock and Franklin Templeton are leading the charge in the tokenized U.S. treasury market, bringing RWAs (“real-world assets”) front and center.  The world of centralized finance is integrating with decentralized finance.


“We believe the next step going forward will be the tokenization of financial assets.  And that means every stock, every bond will have its own, basically, CUSIP.  They’ll be on one general ledger.  Every investor will have their own identification number. 


“We could rid ourselves of all issues around illicit activities around bonds and stocks through tokenization.  But the most important thing is that we can customize strategies with tokenization that fits every individual…. 


“We believe this is a technological transformation for financial assets.”


– Larry Fink, Bloomberg Television interview, January 12, 2024


The practical benefits of tokenization cannot be ignored which is why we believe more legacy incumbents will follow.  Benefits include 24/7/365 liquidity, instant transaction settlement, and reduced operational friction, characteristics that are seldom realized in traditional systems.  This is not just a technical upgrade of financial operations but also a strategic expansion which may ultimately enhance financial inclusivity and deepen the market.


BlackRock’s BUIDL fund could potentially catalyze broader integration between TradFi and DeFi.  Ultimately, the distinction between traditional and decentralized finance might become increasingly blurred. 





The halving happened Friday, April 19th.  What now?


Over the years we have stressed that the halving is a big event – but it takes years to play out.


In our November 2022 Blockchain Letter, we updated the analysis on the halvings’ impact on price we’ve done since the 2013 halving.  We study the change in the stock-to-flow ratio across each halving.  Below is the chart that we included in that analysis.



Bitcoin was at $17,000 when we made this forecast.  The model forecast that bitcoin would bottom then and rise through the halving rally to peak at $117,000 in August 2025 (based on the average duration of previous rallies).


The market did bottom out within a few weeks of our forecast date.


The average total duration for this to play out over previous halvings was 2.6 years, with pre- and post-halving rallies averaging nearly the same length.  The symmetry across cycles is striking — the 2024 pre-halving rally lasted 515 days, just one day longer than the 514 days of the 2020 pre-halving rally.



Having seen Pantera Bitcoin Fund almost double, on average, for eleven years, it’s easy to imagine the price of bitcoin being $117,000 in 2025.





We hosted a webinar on Bitcoin programmability with two experts in the field whose projects are seeking to unlock the utility of what many would argue is one of the most pristine assets in existence, bitcoin.



Matt Luongo, CEO at Thesis*, the company that builds Mezo, shares his view on the three things bitcoin holders want:


1. Yield on bitcoin:


“I think people want to earn yield on their bitcoin.  A lot of people who hold and who are passive holders would love to make some BPS (Basis Points) and would love to start earning a little bit more.


“In fact, I can tell you teams that have had hundred-million-dollar treasuries that have sold their bitcoin for ethereum.  When I heard that, I was like ‘Ohhhh, that’s a big issue’.  And they did that because they felt like one was an active investment (ethereum) and one was passive (bitcoin).  I think that’s one thing: people want their bitcoin to work for them.”


2. Borrowing USD against your bitcoin:


“Another is getting USD against your bitcoin.  For me, personally, my motivation to start working on tBTC and now Mezo was because I needed to get a mortgage and I had bitcoin and I got this run around from this lender who basically turned out was maybe fraudulent, but they were like, ‘oh, just sell your bitcoin and come back’. And they told me they were bitcoin friendly.  What they meant is that they would paper it up.


“And when you have the hardest money in the world, you should be able to use it for collateral anywhere.  And I think going a step further, you really shouldn’t have to talk to a lender if you already have the bitcoin.  I think decentralized access to a stablecoin from your bitcoin is really important.”


3. Spend bitcoin:


“And then the final one is people who want to spend.  Right now, the only evidence we have of that is people buying Ordinals and Runes.


“I think those are our three use cases that we need to focus on.  For me and for Mezo, it’s really about putting Bitcoin at the center – bitcoin is our gas asset, bitcoin is our staking asset – to make sure that we’re economically, if not technically aligned with the network.  Because as we’ve seen, technical alignment is very difficult. And I think there’s a lot of people who just hold their bitcoin on Coinbase and we want to get after those folks too.”


– Matt Luongo, Founder of Mezo and CEO at Thesis*


Muneeb Ali, Co-Creator of Stacks and CEO at Trust Machines discusses core primitives that have emerged in the crypto ecosystem that may be built on Bitcoin Layer 2s.


“There has been this early theory in Bitcoin that a lot of the successful experiments in crypto would eventually come back to Bitcoin and I think it’s finally happening, just much later than we thought.  But if you squint your eyes and take a step back, you can view this as like, ‘Hey, a lot of this was experimentation.  And then, there are some primitives that are emerging that are real’.


“If you look at stablecoins, I think they have clear product market fit.  If you look at people locking up the capital that they want to hold, let’s say ETH, and take loans against it, I think that’s very real.  A lot of people actually do that.


“Similarly, some basic DeFi primitives around AMMs and other types of trading, I think those are real.  And if you look at Solana, they said, ‘These primitives are real. These are the types of activities people want to do. We are just going to enable a faster cheaper system on which to do it’.  And I think they’ve seen some significant success just by doing that.  And the way I look at Bitcoin L2s is they’re looking at these experiments and primitives and they’re like, ‘Okay, people want to do these things, let’s enable them to do it but with BTC as the asset’.  And I think in some ways it’s as simple as that.


“But the other sort of more interesting thing is that I think the primitives are sort of things that you can remix a little bit.  Like if you look at NFTs as a primitive, it was there before ordinals, but the Bitcoin devs actually had their own remix on there that.  The picture is actually going to be on the Bitcoin chain because that’s the most stable store for a long-term storage for this picture.  And that really resonated with people that, oh, interesting, this is not a pointer to some server on Amazon that’s going to disappear but my image of the NFT is actually on the world’s most secure storage system.  So, I think that we might see remixes, we might see other new ideas, but I wouldn’t be surprised if the base case is really: take the successful things and just run it with BTC, the best capital base.”


– Muneeb Ali, Co-Creator Stacks and CEO at Trust Machines





In 2013 we got many of the leading minds in Bitcoin together for our first Summit with this goal: 



A conversation on our common interest:

reducing resistance to bitcoin adoption –

whether regulatory, business, political, or social.


I still like that mindset.  So, we’ve been sharing our views to spark a conversation on our common interest.  The team and I have now done it 100 times. 


Bitcoin/blockchain will bring such profound benefits to billions of people – most of whom live in countries which are repressive or without access to global financial services, or don’t support women’s economic rights, or print $9 trillion of paper money. 


Blockchain is obviously the future. 


Returning power to the people.


“Illegitimi non carborundum”


We’ll keep doing whatever we can to wear down the resistance.  As they say:


“Forgive them; for they know not what they do”


– Luke 23:34


We’ve got populist politicians who try to repress the most egalitarian financial tool ever invented?!?!?


It’s just ignorance.  We are trying to combat that. 


Our first Blockchain Letter went to 35 people.  Since then, it’s been read 2,485,737 times.


We’ll keep spreading the gospel. 




“Put the alternative back in Alts”



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.


Early-Stage Token Fund Investor Call

Thursday, May 9, 2024 9:00am PDT / 18:00 CEST / 12:00am Singapore Standard Time

Open only to Limited Partners of the fund.


Pantera Fund V Launch Call

An overview of Pantera’s fifth venture-style fund that offers exposure to the full spectrum of blockchain assets.

Tuesday, May 14, 2024 8:00am PDT / 17:00 CEST / 11:00pm Singapore Standard Time


The Integration of AI and Web3 Technologies
Exploring the integration of AI and blockchain technology and its potential to enhance reasoning, data privacy, and incentivization in AI systems.
Tuesday, June 4, 2024 9:00am PDT / 18:00 CEST / 12:00am Singapore Standard Time
Please register in advance via this link:


Liquid Token Fund Investor Call

Tuesday, July 30, 2024 9:00am PDT / 18:00 CEST / 12:00am Singapore Standard Time

Open only to Limited Partners of the fund.


Early-Stage Token Fund Investor Call

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

Open only to Limited Partners of the fund.


Join us in learning more about the industry, the opportunities we see on the horizon, and our funds.



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] The investments or portfolio companies mentioned, referred to, or described on this page are not representative of all investments in vehicles managed by Pantera and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results.


[3] A “unicorn” is defined as a private or public company or protocol with a value over $1 billion.  Once unicorn status is achieved, its sustainability may be subject to change.  There can be no assurance that investments made in the future will have similar characteristics or results.






[6] Many of these letters contain old information and are purely provided for educational purposes and should not be taken as investment advice.


[7] 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.


[8] 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.