Investor profile
Pantera Capital
VC
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Pantera Capital is the first U.S. institutional asset manager focused exclusively on blockchain technology. Since 2013, the firm has provided investors with full-spectrum exposure to digital assets across four strategies: venture equity (companies building products and services in the blockchain ecosystem), early-stage tokens (private-stage protocol tokens at a discount to listing price), liquid tokens (actively traded large-cap digital assets), and a hybrid Blockchain Fund combining all three. Pantera invests in thematic ideas and projects that are core infrastructure pieces of the blockchain ecosystem — exchanges, custodians, institutional trading tools, decentralized finance, next-generation payment systems, and more — and leads approximately half of its deals. A defining thesis for the firm is that 'tokens are a new form of capital formation and are replacing equity for a generation of businesses,' and that blockchain technology will blend into everyday life much as the internet did, with real-world asset tokenization, stablecoins, and DeFi driving the next wave of mainstream adoption.
Notable quotes
“The median institutional ownership of blockchain is zero. Most institutions have zero exposure and even the ones that are really progressive have only 1 or 2% of their allocation to blockchain. I think we still have a couple more decades to go. Bitcoin really has reached escape velocity.”
“In 10 years from now, bitcoin will massively outperform gold. That's very obvious. Paper money is being debased at 3% every year, and that's called stable money. Over your lifetime, that's 90%. So it's totally rational to invest in something with a fixed quantity, like gold or bitcoin.”
“A defining thesis for us is that tokens are a new form of capital formation and are replacing equity for a generation of businesses. We believe that certain assets represented as tokens may benefit greatly from living natively on blockchain-based rails — enhanced liquidity, democratized ownership, better security and transparency, and lower cost compared to legacy systems.”
Team
Dan Morehead
Founder, Managing Partner
Paul Veradittakit
Managing Partner
Mason Nystrom
Partner
Matt Gorham
Partner, CFA
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Circle | Venture | — | 2014-01-01 |
| Alchemy | Venture | — | 2020-01-01 |
| Arbitrum (Offchain Labs) | Series B | $120m | 2022-08-01 |
| Ondo Finance | Seed | — | 2022-01-01 |
| M^0 | Seed | — | 2023-01-01 |
| TON Foundation | Token | — | 2023-01-01 |
| OpenFX | Series A | $10m | 2026-03-31 |
| Based | Series A | $9m | 2026-02-23 |
| Morpho | Venture | — | 2023-01-01 |
| Bitso | Series C | $250m | 2021-05-01 |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Coinbase Ventures | 45 |
| Polychain Capital | 30 |
| Andreessen Horowitz (a16z crypto) | 25 |
| Alameda Research | 20 |
| Hashed | 19 |
| Dragonfly Capital | 15 |
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