31 Investments, 4 IPOs: Veteran VC Pantera's 2025 Report Card and 2026 Outlook

Original Title: 2025 Wrapped: Pantera Capital

Original Author: Paul Veradittakit, Partner at Pantera Capital

Original Translation: DeepFlow Tech

Overview: Pantera Capital has released its 2025 annual investment report, completing 31 investments throughout the year with an 85% lead investment ratio, reaching a historical high in deployed capital. Four portfolio companies went public with a combined market capitalization of around $33 billion.

The report provides detailed insights into investment geographical distribution, track preferences, and stage allocations, with infrastructure and stablecoins being key focus areas. As one of the oldest venture capital firms in the crypto industry, Pantera's annual data serves as an important window into observing industry capital flows.

I have been investing in the blockchain space for over a decade, and the best years are often not the smoothest.

2025 was a year filled with diversity: regulatory clarity, market volatility, and avenues for public market exposure to blockchain through Exchange-Traded Funds (ETFs), Digital Asset Trusts (DATs), and Initial Public Offerings (IPOs). At Pantera, we saw four portfolio companies successfully go public, reaching a total market value of around $33 billion by January 2026. Additionally, we had one strategic exit (Robinhood acquired Bitstamp), and 2025 marked Pantera's highest year of capital deployment in history – leading 85% of new investments. The year was a rollercoaster of ups and downs, but it was also vibrant, precisely what the industry needed to differentiate real value from short-term hype.

The standout companies did not chase hot narratives – they focused on solving real-world problems. Stablecoin transaction volumes reached $46 trillion; infrastructure teams delivered production-grade layering and parallel execution frameworks; prediction markets went mainstream; IBIT (Blackrock's Bitcoin ETF) surpassed $100 billion in assets under management (AUM); and Coinbase even made it to the Fortune 500 list.

As we charge full speed into 2026, let's take a moment to pause and reflect on 2025. Through this retrospective, you will understand why we believe 2026 will be an even better year.

Special thanks to the Pantera team for their help in preparing this report, including Ping Chen, Jonathan Gieg, Enzo Bachaumard, and Raymond Yu.

Here are some key highlights for 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 Last Year's Investments: 31 Key Industries of Investment Distribution

Infrastructure (38.71% Allocation)

· Altius: A VM-agnostic parallel execution framework designed for Layer 1 blockchains, Rollups, and Appchains to achieve high-performance execution and cross-chain atomic composability.

· Arch Network: Bitcoin-native smart contract and settlement infrastructure that enables developers to build directly on Bitcoin without the need for bridging.

· Radius: Decentralized sorting and block space network adopted by Rollups and L2 teams to monetize block space, enhance user experience, and establish shared sorting infrastructure.

· Raiku: Solana-native block space marketplace and network scaling framework that offers security and MEV capture features for Solana Appchains and high-throughput applications.

· Rialo: Modular full-chain programmable network that supports developers in achieving low-latency cross-chain execution, intelligent workflow, and self-sovereign interactions.

· Symbiotic: A universal shared security layer that provides sovereign security boot support to emerging and existing decentralized networks while maintaining flexibility in governance and token design.

· Zama: An open-source cryptographic infrastructure supporting enterprises, developers, and governments to run private computations using Fully Homomorphic Encryption (FHE), enabling confidential smart contracts and privacy-preserving AI.

Internet Capital Markets (16.3% share)

· Accountable: Privacy-preserving financial data and reporting infrastructure helping institutional investors, issuers, and trading platforms validate the returns, risks, and disclosure information of crypto-native financial products.

· [Stealth]: An institutionally backed cryptocurrency exchange platform serving brokers, market makers, and large asset managers, adapting to the market structure's shift towards best execution across multiple venues.

· Meanwhile: An encrypted-native life insurance and annuities platform for Bitcoin holders, focusing on regulated downside protection and long-term Bitcoin-denominated financial products.

· [Stealth]: A decentralized exchange platform and liquidity protocol providing permissionless token trading and on-chain price discovery to traders, developers, and liquidity providers. [Stealth]: Token liquidity bootstrapping and capital formation infrastructure assisting token issuers and on-chain projects in launching assets through Uniswap v4's native mechanisms, establishing deep liquidity, and capturing long-term trading fees.

Stablecoins (12.9% share)

· Coinflow: A unified fiat and crypto payment platform offering compliant checkout services, embedded anti-fraud protection, and chargeback insurance for high-risk and high-volume merchants.

· Fin: A payment platform aiding individuals, creators, and businesses to send and receive stablecoins, NFTs, and cryptocurrencies with minimal friction for instant payments, peer-to-peer transfers, and embedded payment flows.

· [Stealth]: Decentralized currency middleware connecting off-chain liquidity with on-chain markets for institutions, protocols, and asset issuers. [Stealth]: Real-time cross-border FX settlement infrastructure providing instant transparent high-value payment services to fintech firms, payment companies, and global enterprises.

· RedotPay: A consumer-centric stablecoin payment and card platform catering to underbanked users and cryptocurrency holders looking to globally leverage stablecoins via the Visa network, showing strength in the African and Asian markets.

Consumer Sector (12.9% of Allocation)

· [Stealth]: A crypto-native casino and sports betting platform that offers players a gaming experience centered around compliance-first, brand-driven, and VIP-centric principles.

· [Stealth]: Bi-directional sports prediction trading platform that enables retail bettors, professional traders, and liquidity providers to engage in trading on money lines, point spreads, parlay bets, and prop bets, offering tighter pricing through a CLOB-style market and a superior mobile-first experience.

AI + Robotics (12.9% of Allocation)

· OpenMind: An open-source AI and robotics infrastructure platform that builds software and physical reasoning layers for general-purpose robotics, enabling scalable intelligent real-world interactions through a global network of machines.

· 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 generic AI tools.

· Vigil: An AI-driven trading and research platform that has developed a proprietary inference system-enhanced proprietary hedge fund designed for active traders, hedge funds, and other market participants.

· [Stealth]: Formal verification and validation infrastructure for use by blockchain foundations, enterprises, and government-related organizations to mathematically verify code correctness and eliminate erroneous inferences in critical systems.

Enterprise Solutions (6.45% of Allocation)

· [Stealth]: Institutional-grade custody and trading management platform for funds, DAOs, and enterprises to securely manage assets, tokenize, and engage in DeFi workflows.

· TransCrypts: Enterprise solution based on self-sovereign identity and data validation protocols that allow businesses to zkTLS verify income, employment, and financial data while protecting user ownership and privacy.

Funding Deployment by Rounds (31 Investments):

· Series A: 48.4%

· Seed Round: 25.8%

· Series B: 25.8%

Business

· Iran’s $7.8 Billion Crypto Ecosystem Growth

Chainalysis released a report showing rapid growth in Iran’s crypto ecosystem, with on-chain activity accounting for about half in Q4 2025, indicating an increasingly important role in the Iranian economy.

· Avalanche Powers Galaxy Digital’s $75 Million Tokenized CLO Debut

Galaxy Digital (Nasdaq: GLXY) completed the first-ever tokenized loan collateralized obligation (CLO) aiming to bring private credit onto 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 the U.S. investment bank Moelis as a sale advisor. Moelis has been involved in industry transactions totaling over $50 trillion.

· Miami Crypto Real Estate Deal Sets Record with $14 Million USDT Transaction

Driven by Propy and the Ciprés, Rilea Group, cryptocurrency-backed real estate purchases are becoming a trend, serving as an alternative to wire transfers.

· Algorand Foundation Returns to U.S. Due to Crypto-Friendly Policy Shift

After operating in Singapore for years, the foundation announced its return to the U.S. and appointed a brand-new board of directors. The Jito Foundation also moved back to the U.S. from the Cayman Islands, also citing its crypto-friendly environment.

Regulation

· U.S. Senate Banking Committee Delays Crypto Vote

The vote scheduled for January 15 has been postponed, with Coinbase expressing concerns over potential impacts such as stifling innovation, subordinating the CFTC to the SEC, and potentially eliminating stablecoin rewards. A new voting date is yet to be determined.

· Dubai International Financial Centre (DIFC) Crypto Asset New Regulation to Take Effect

The Dubai International Financial Centre has updated its rules following a public consultation last year, with financial services firms engaged in crypto businesses now directly responsible for determining whether a token complies with national standards.

· Tennessee Bans Kalshi, Polymarket, and Crypto.com from Offering Sports Betting Services

The state sent letters to these companies, accusing them of providing such services without obtaining a Sports Wagering Committee license.

· Russia Pushes for Cryptocurrency to Become "Everyday Finance"

If the legislation passes, digital assets will no longer fall under a special regulatory category, and retail investors may participate in a broader retail market within a limit of around $3,800.

New Products and Trades

· CME Group Launches ADA, LINK, and XLM Futures, Expanding Crypto Derivatives

Following regulatory approval, CME Group is set to introduce futures contracts, further driving institutional investment in altcoins in the United States.

· BitMine Backs MrBeast with $200 Million Investment

BitMine, an immersive tech company, announced an equity investment to continue deploying capital beyond traditional blockchain projects.

· London Stock Exchange Launches Digital Settlement Platform, Driving Blockchain Applications

The London Stock Exchange has introduced a digital settlement center to facilitate fund transfers between independent payment systems, leveraging underlying technology supporting encryption for use in blockchain or traditional finance.

· State Street Joins Crypto Craze, Unveils Digital Asset Products

This custody bank will develop products like stablecoins and tokenized deposits, collaborating with asset managers and clients.

Pantera This Week Highlights

· Stateful's Latest Issue Explores Bitcoin vs. Gold: What Sets 2025 Apart

The discussion focuses on why Bitcoin's $2 trillion market cap is not yet ready to handle national-level fund flows; how Gold's $20 trillion market cap is absorbing central bank diversification; and why nations are the last, not the first, to adopt Bitcoin.

· Pantera Prepares for 2026 New York City Ondo Summit

Pantera CEO and Founder Dan Morehead will be speaking at the Ondo Summit on February 3, 2026. The summit brings together the most influential executives, founders, and leaders shaping the intersection of blockchain and finance.

· Engage in Nexus Chat to Explore 2026 Crypto Predictions

In the January 15 episode, Pantera's Research and Investment Specialist Jay Lu and Nexus CEO and Co-Founder Daniel Martin shared their insights.

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