Pantera Portfolio Spotlight :: March 2026
March 30, 2026
Welcome to the first edition of Portfolio Spotlight. A new series from Pantera Capital.
For years, our Blockchain Letter has chronicled markets, cycles, and the forces shaping crypto’s future. But markets only tell part of the story. This is about the builders.
Markets move in cycles. Venture progress compounds. Here we’re focusing on portfolio companies hitting inflection points, going public, closing landmark rounds, or becoming core infrastructure the ecosystem depends on. These milestones rarely dominate news cycles, yet they often reveal where lasting value is forming.
This edition arrives at a pivotal moment. Equities look stretched. Crypto has pulled back. And yet the companies in this letter are executing, not waiting, and quietly winning market share from the incumbents. We believe that divergence is worth paying attention to.
It has been a defining week. As events unfolded in Iran over the weekend, the first markets to react were on crypto rails. Oil and gold moved on Hyperliquid, an investment of ours, before traditional exchanges had opened. The same occurred last month when China imposed export restrictions: price discovery happened onchain, on a Saturday, in real time. DeFi is not just an alternative financial system. It is increasingly the only financial system open when it matters.
In this inaugural edition, we highlight three companies at very different stages and across different parts of the stack that recently crossed major milestones: BitGo, Novig and Offchain Labs.
Let’s get into it.
BitGo :: The Digital Asset Infrastructure Company
BitGo reached a defining milestone in January with its public debut on the New York Stock Exchange under ticker BTGO. It was the first crypto IPO of 2026. The offering priced at $18 per share, above its $15–$17 range, raising $212.8 million and valuing the company at approximately $2.1 billion. Goldman Sachs led the book. This was not a meme-driven listing but institutional validation of a company that has spent more than a decade building crypto’s trust infrastructure.
Founded in 2013 by Mike Belshe, BitGo built its reputation on security-first design when exchange failures and custody losses threatened the industry’s survival. Today it serves more than 4,900 clients and 1.1 million users across 100+ countries, supporting over 1,550 digital assets and managing roughly $104 billion on its platform. Spanning institutional-grade custody, liquidity and capital access, stablecoin issuance, and wallet infrastructure, BitGo provides critical plumbing underpinning global crypto markets.
The listing follows rapid strategic expansion. In December 2025, BitGo received OCC approval to become a nationally chartered bank, enabling custody across all 50 U.S. states. The company also secured a MiCA license in Europe, opening operations across all 27 EU member states.
Pantera has supported BitGo for more than a decade. It is one of our longest-standing portfolio relationships. When we first invested, secure custody was an unsolved problem. Seeing BitGo become a publicly traded, nationally chartered financial institution highlights how far the industry has come.
Novig :: The Future of Sports Betting
Most sportsbooks make money because they set the odds. Novig flips that model by letting users trade against each other in a true peer-to-peer market, where prices move based on supply and demand instead of a built-in house edge.
The idea is simple. If markets set fair prices in equities, commodities, and crypto, they can do the same for sports outcomes. The result is tighter spreads, lower fees, and pricing that reflects real sentiment rather than sportsbook margin.
Novig recently raised a $75 million Series B led by Pantera Capital to expand liquidity, enter new markets, and continue building out its exchange infrastructure. Read our investment thesis here.
As more everyday activity shifts to open markets, prediction markets are starting to feel normal instead of experimental. Novig sits in the middle of that shift, turning sports from something you bet on into something you can trade like a market.
Arbitrum / Offchain Labs :: The Layer-2 Backbone for the Onchain Economy
When Robinhood needed a blockchain foundation to bring real-world assets onchain, it chose Arbitrum. That choice, by one of the most recognized consumer finance brands in the world, validated what the team at Offchain Labs has spent years building. Offchain Labs, the developer behind Arbitrum has built the most battle-tested, institutional-grade Layer-2 infrastructure in the Ethereum ecosystem.
In February 2026, Robinhood launched the public testnet for Robinhood Chain, a financial-grade Ethereum Layer-2 built on Arbitrum, designed to support tokenized real-world assets. Arbitrum currently processes over $500 million in DEX volume daily, with $2.9 billion over the trailing week — up 54% week-over-week. Alongside Base, Arbitrum represents over 75% of all Layer-2 TVL, a structural dominance that makes it the default settlement layer for serious onchain finance.
Pantera has been a supporter of Offchain Labs since its earliest days. We led their seed round back in 2018. The Robinhood partnership is a confirmation of a thesis we have held for years: that the infrastructure layer of crypto would eventually become the infrastructure layer of finance.
Looking Ahead
The era of utility is here. BitGo, Novig, and Arbitrum represent something much larger: blockchain quietly rewiring the back end of our financial system and how we interact with the world. There are more stories like these across the Pantera portfolio, and we look forward to sharing them.
The Pantera Team
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