Original Title: 2025 Wrapped: Pantera Capital
Original Author: Paul Veradittakit, Partner at Pantera Capital
Original Translation: Deep Tide TechFlow
Introduction: Pantera Capital released its 2025 annual investment report, completing 31 investments throughout the year, with a leading investment ratio of 85%, setting a new historical high for capital deployment. Four portfolio companies went public, with a total market capitalization of approximately $33 billion.
The report details the distribution of investments by region, sector preferences, and stage allocation, with infrastructure and stablecoins becoming key investment directions. As one of the oldest venture capital firms in the crypto industry, Pantera's annual data serves as an important window for observing capital flows in the industry.
I have been investing in the blockchain space for over a decade, and the best years are often not the smoothest.
2025 is a year filled with diverse elements: clear regulations, market volatility, and public market channels for investors to enter blockchain through exchange-traded funds (ETFs), digital asset trusts (DATs), and initial public offerings (IPOs). At Pantera, we had four portfolio companies successfully go public, with a total market capitalization of approximately $33 billion as of January 2026. Additionally, we completed a strategic exit (Robinhood acquired Bitstamp), and 2025 became the year with the highest capital deployment in Pantera's history—leading 85% of new investments. This year was like a roller coaster, full of ups and downs, but also vibrant, which is what the industry needs to distinguish true value from short-term speculation.
The companies that performed well did not chase hot narratives—they focused on solving real problems. The trading volume of stablecoins reached $46 trillion; infrastructure teams delivered production-grade layered sequences and parallel execution frameworks; prediction markets entered the mainstream; the assets under management (AUM) of IBIT (Blackrock's Bitcoin ETF) surpassed $100 billion; and Coinbase made it to the Fortune 500.
As we accelerate into 2026, let’s take a moment to reflect on 2025. Through this review, you will understand why we believe 2026 will be an even better year.
Thanks to the Pantera team for their assistance in preparing this report, including Ping Chen, Jonathan Gieg, Enzo Bachaumard, and Raymond Yu.
Here are some key highlights from 2025:
Our investments last year covered eight countries across four regions:
· North America (64.52%)
· Asia (16.13%)
· Europe (9.68%)
· Middle East (9.68%)
Overview of Investment Sectors Last Year: Focus Industries of 31 Investments
Infrastructure (38.71%)
· Altius: A virtual machine-agnostic parallel execution framework designed for Layer 1 blockchains (L1s), Rollups, and application chains (Appchains) to achieve high-performance execution and multi-chain atomic composability.
· Arch Network: Bitcoin-native smart contract and settlement infrastructure that allows developers to build applications directly on Bitcoin without bridging.
· Radius: A decentralized ordering and block space network adopted by Rollups and L2 teams for monetizing block space, improving user experience, and achieving shared ordering infrastructure.
· Raiku: A Solana-native block space marketplace and network scaling framework that provides guarantees and MEV capture capabilities for Solana application chains and high-throughput applications.
· Rialo: A modular full-chain programmable network that supports developers in achieving low-latency cross-chain execution, intelligent workflows, and autonomous interactions.
· Symbiotic: A universal shared security layer that provides sovereign security launch support for emerging and existing decentralized networks while retaining flexibility in governance and token design.
· Zama: An open-source cryptographic infrastructure that enables enterprises, developers, and governments to run private computations, confidential smart contracts, and privacy-preserving AI using fully homomorphic encryption (FHE).
Internet Capital Markets (16.3%)
· Accountable: A privacy-preserving financial data and reporting infrastructure that helps institutional investors, issuers, and trading platforms verify the returns, risks, and disclosures of crypto-native financial products.
· [Stealth]: An institutionally-backed crypto trading platform that serves brokers, market makers, and large asset managers, adapting to the market structure's shift towards best execution across multiple venues.
· Meanwhile: A crypto-native life insurance and annuity platform for Bitcoin holders, focusing on regulated downside protection and long-term Bitcoin-denominated financial products.
· [Stealth]: A decentralized trading platform and liquidity protocol that provides permissionless token trading and on-chain price discovery for traders, developers, and liquidity providers. [Stealth]: Token liquidity launch and capital formation infrastructure that helps token issuers and on-chain projects launch assets, build deep liquidity, and capture long-term trading fees.
Stablecoins (12.9%)
· Coinflow: A unified fiat and crypto payment platform that provides compliant checkout services, embedded fraud protection, and chargeback insurance for high-risk and high-volume merchants.
· Fin: A payment platform that helps individuals, creators, and businesses send and receive stablecoins, NFTs, and cryptocurrencies instantly with minimal friction, designed for payments, peer-to-peer transfers, and embedded payment flows.
· [Stealth]: A decentralized currency middleware that connects off-chain liquidity from institutions, protocols, and asset issuers with on-chain markets. [Stealth]: Real-time cross-border foreign exchange settlement infrastructure that provides instant transparent high-value payment services for fintech companies, payment firms, and global enterprises.
· RedotPay: A consumer-centric stablecoin payment and card platform serving underbanked users and cryptocurrency holders who wish to use stablecoins globally through the Visa network, performing strongly in African and Asian markets.
Consumer Sector (12.9%)
· [Stealth]: A crypto-native casino and sports betting platform that offers players a compliance-first, brand-driven, and VIP-centric gaming experience.
· [Stealth]: A bi-directional sports prediction trading platform that provides retail bettors, professional traders, and liquidity providers with moneyline, point spread, parlay, and prop bet trading, offering tighter pricing and superior mobile-first experiences through a CLOB-style market.
AI + Robotics (12.9%)
· OpenMind: An open-source AI and robotics infrastructure platform that builds software and physical reasoning layers for general-purpose robots, enabling scalable intelligent interactions with the real world through a global machine network.
· Surf AI: A crypto-native AI research and execution platform that helps traders, analysts, trading platforms, and KOLs generate on-chain-supported intelligence in real-time, faster than general AI tools.
· Vigil: An AI-driven trading and research platform that has built an autonomous hedge fund enhanced by proprietary reasoning systems, designed specifically for active traders, hedge funds, and other market participants.
· [Stealth]: Formal reasoning and verification infrastructure for blockchain foundations, enterprises, and government-related organizations to mathematically verify the correctness of code and eliminate erroneous inferences in critical systems.
Enterprise Solutions (6.45%)
· [Stealth]: An institutional-grade custody and trading management platform for funds, DAOs, and enterprises to securely manage assets, tokenize, and handle DeFi workflows.
· TransCrypts: Based on self-sovereign identity and data verification protocols, enterprises can verify income, employment, and financial data through zkTLS while protecting user ownership and privacy.
Funding Deployment by Round (31 Investments):
· Series A: 48.4%
· Seed Round: 25.8%
· Series B: 25.8%
Business
· Iran's $780 Million Crypto Ecosystem Growth
A report from Chainalysis shows that Iran's crypto ecosystem is growing rapidly, with on-chain activity accounting for about half of its crypto ecosystem in the fourth quarter of 2025, indicating its increasingly important role in the Iranian economy.
· Avalanche Helps Galaxy Digital Complete $75 Million Tokenized CLO Debut
Galaxy Digital (NASDAQ: GLXY) completed its first tokenized collateralized loan obligation (CLO), aimed at bringing private credit to the blockchain. The tokens are expected to be listed on INX's ATS platform.
· CoinGecko CEO Responds to $500 Million Sale Rumors
CoinGecko is evaluating "strategic opportunities" and has hired U.S. investment bank Moelis as a sale advisor. Moelis has been involved in transactions totaling over $50 trillion across multiple industries.
· Miami Crypto-Backed Real Estate Transaction Sets Record with $14 Million USDT Sale
Driven by Propy and Ciprés, Rilea Group, crypto-backed real estate purchases are gradually becoming a trend, serving as an alternative to wire transfers.
· Algorand Foundation Returns to the U.S. Due to Crypto-Friendly Policies
After operating in Singapore for many years, the foundation announced its return to the U.S. and appointed a new board of directors. The Jito Foundation also returned from the Cayman Islands to the U.S. for the same reason, due to its crypto-friendly environment.
Regulation
· U.S. Senate Banking Committee Delays Crypto Vote
The vote originally scheduled for January 15 has been postponed. Coinbase expressed concerns about potential stifling of innovation, the CFTC being subordinate to the SEC, and the possible elimination of stablecoin rewards. A new voting date has yet to be determined.
· Dubai International Financial Centre (DIFC) Crypto Token Regulations Set to Take Effect
After public consultations last year, the Dubai International Financial Centre has updated its rules, now requiring financial services companies engaged in crypto business to directly assess whether tokens meet national standards.
· Tennessee Bans Kalshi, Polymarket, and Crypto.com from Offering Sports Betting Services
The state has sent letters to these companies, accusing them of providing related services without the permission of the sports betting commission.
· Russia Pushes for Cryptocurrency to Become "Everyday Finance"
If legislation passes, digital assets will no longer fall under a special regulatory category, allowing ordinary investors to participate in a broader retail market with a limit of approximately $3,800.
New Products and Trading
· CME Group Launches ADA, LINK, and XLM Futures, Expanding Crypto Derivatives
After receiving regulatory approval, CME Group is set to launch futures contracts, further institutionalizing altcoin investments in the U.S.
· BitMine Supports MrBeast with $200 Million Investment
BitMine, an immersive technology company, announced an equity investment, continuing to deploy capital beyond traditional blockchain projects.
· London Stock Exchange Launches Digital Settlement Platform, Promoting Blockchain Applications
The London Stock Exchange has launched a digital settlement center to facilitate fund exchanges between independent payment systems, utilizing underlying technology that supports crypto, applicable to both blockchain and traditional finance.
· State Street Joins Crypto Wave, Launches Digital Asset Products
The custody bank will develop products such as stablecoins and tokenized deposits, collaborating with asset managers and clients.
Pantera Weekly Update
· Stateful's Latest Issue Explores Bitcoin vs. Gold: What Makes 2025 Unique
Key discussion points include why Bitcoin's $2 trillion market cap is not yet ready to handle national-level capital flows; how gold's $20 trillion market cap absorbs central bank diversification; and why nations are the last rather than the first to adopt Bitcoin.
· Pantera Prepares for 2026 Ondo Summit in New York City
Pantera CEO and Founder Dan Morehead will speak at the Ondo Summit on February 3, 2026. The summit gathers the most influential executives, founders, and leaders shaping the intersection of blockchain and finance.
· Join the Nexus Chat to Discuss Crypto Predictions for 2026
In the January 15 program, Pantera's research and investment expert Jay Lu shared insights with Nexus CEO and Co-Founder Daniel Martin.
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