Author: Paul Veradittakit

Translation: TechFlow

TechFlow Editorial: Pantera Capital has released its 2025 annual investment report, completing 31 investments throughout the year with an 85% lead investment rate—the highest capital deployment in its history. Four portfolio companies went public, collectively valued at approximately $33 billion.

The report details geographic distribution, sector preferences, and stage allocation, with infrastructure and stablecoins emerging as key focus areas. As one of the longest-standing venture capital firms in the crypto industry, Pantera's annual data offers a critical window into capital flows within the sector.

I've been investing in blockchain for over a decade, and the best years are rarely the smoothest ones.

2025 was a year of diverse dynamics: regulatory clarity, market volatility, and expanded public market access to blockchain via exchange-traded funds (ETFs), digital asset trusts (DATs), and initial public offerings (IPOs). At Pantera, we had four portfolio companies go public, with a combined market capitalization of approximately $33 billion as of January 2026. Additionally, we completed a strategic exit (Robinhood’s acquisition of Bitstamp), and 2025 became the year with the highest capital deployment in Pantera’s history—leading 85% of our new investments. It was a rollercoaster year, full of energy and momentum—exactly what this industry needs to separate real value from short-term hype.

The standout companies weren’t chasing narrative trends—they were solving real problems. Stablecoin transaction volume reached $46 trillion; infrastructure teams delivered production-grade rollup sequencing and parallel execution frameworks; prediction markets entered the mainstream; IBIT (BlackRock’s Bitcoin ETF) surpassed $100 billion in assets under management (AUM); and Coinbase joined the Fortune 500.

As we accelerate into 2026, let’s pause briefly to reflect on 2025. Through this review, you’ll 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.

Below are some key highlights from 2025:

Last year, our investments spanned eight countries across four regions:

North America (64.52%)

Asia (16.13%)

Europe (9.68%)

Middle East (9.68%)

Overview of Investment Areas: Distribution of 31 Investments Across Key Sectors

Infrastructure (38.71%)

• Altius: A virtual machine-agnostic parallel execution framework built for Layer 1 blockchains (L1s), Rollups, and Appchains, designed for high-performance execution and multi-chain atomic composability.
• Arch Network: Bitcoin-native smart contract and settlement infrastructure enabling developers to build applications directly on Bitcoin without bridges.
• Radius: A decentralized sequencing and blockspace network adopted by Rollup and L2 teams to monetize blockspace, improve user experience, and enable shared sequencing infrastructure.
• Raiku: A Solana-native blockspace marketplace and network scaling framework providing guaranteed blockspace and MEV capture for Solana appchains and high-throughput applications.
• Rialo: A modular omnichain programmable network allowing developers to achieve low-latency cross-chain execution, intelligent workflows, and autonomous interactions.
• Symbiotic: A universal shared security layer that enables emerging and existing decentralized networks to launch with sovereign security while retaining flexibility in governance and token design.
• Zama: Open-source cryptographic infrastructure enabling 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: Privacy-preserving financial data and reporting infrastructure helping institutional investors, issuers, and exchanges verify returns, risks, and disclosures of crypto-native financial products.
• [Stealth]: An institution-backed crypto exchange serving brokers, market makers, and large asset managers, adapting to the market structure shift toward multi-venue best execution.
• Meanwhile: A crypto-native life insurance and annuities platform for Bitcoin holders, focused on regulated downside protection and long-term Bitcoin-denominated financial products.
• [Stealth]: A decentralized exchange and liquidity protocol offering permissionless token trading and on-chain price discovery for traders, developers, and liquidity providers.
• [Stealth]: Token liquidity launch and capital formation infrastructure helping token issuers and on-chain projects launch assets, establish deep liquidity, and capture long-term trading fees through native Uniswap v4 mechanisms.

Stablecoins (12.9%)

• Coinflow: A unified fiat and crypto payment platform offering compliant checkout services, embedded fraud protection, and chargeback insurance for high-risk, high-volume merchants.
• Fin: A payments platform enabling individuals, creators, and businesses to send and receive stablecoins, NFTs, and cryptocurrencies instantly with minimal friction, designed for payments, peer-to-peer transfers, and embedded payment flows.
• [Stealth]: Decentralized monetary middleware connecting off-chain liquidity from institutions, protocols, and asset issuers to on-chain markets.
• [Stealth]: Real-time cross-border FX settlement infrastructure providing instant, transparent, high-value payment services for fintech companies, payment providers, and global enterprises.
• RedotPay: A consumer-focused stablecoin payments and card platform serving underbanked users and crypto holders who want to use stablecoins globally via the Visa network, with strong traction in African and Asian markets.

Consumer (12.9%)

• [Stealth]: A crypto-native casino and sports betting platform offering players a compliance-first, brand-driven, VIP-centric gaming experience.
• [Stealth]: A two-way sports prediction exchange offering moneyline, spread, parlay, and prop bets for retail bettors, professional traders, and liquidity providers, delivering tighter pricing and superior mobile-first experience through CLOB-style markets.

AI + Robotics (12.9%)

• OpenMind: An open-source AI and robotics infrastructure platform building software and physical reasoning layers for general-purpose robotics, enabling scalable intelligent real-world interaction via a global robot network.
• Surf AI: A crypto-native AI research and execution platform helping traders, analysts, exchanges, and KOLs generate on-chain-supported intelligence in real time, faster than general AI tools.
• Vigil: An AI-powered trading and research platform building an autonomously operating hedge fund enhanced by proprietary inference systems, designed for active traders, hedge funds, and other market participants.
• [Stealth]: Formal reasoning and verification infrastructure used by blockchain foundations, enterprises, and government-related organizations to mathematically verify code correctness and eliminate erroneous inferences in critical systems.

Enterprise Solutions (6.45%)

• [Stealth]: An institutional-grade custody and trade management platform enabling funds, DAOs, and enterprises to securely manage assets, tokenization, and DeFi workflows.
• TransCrypts: Based on self-sovereign identity and data validation protocols, enterprises can verify revenue, employment, and financial data via zkTLS while preserving user ownership and privacy.

Funding Deployment by Stage (31 Investments):

• Series A: 48.4%
• Seed: 25.8%
• Series B: 25.8%

Business

• Iran’s Crypto Ecosystem Grows by $780 Million

A Chainalysis report shows Iran’s crypto ecosystem is growing rapidly, with on-chain activity accounting for nearly half of its crypto ecosystem in Q4 2025, highlighting its increasing role in the country’s economy.

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

Galaxy Digital (NASDAQ: GLXY) completed its first tokenized collateralized loan obligation (CLO), aiming to bring private credit onto the blockchain. The tokens are expected to list 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 participated in transactions totaling over $5 trillion across industries.

• Miami Sets Record with $14M USDT Real Estate Deal

Propelled by Propy, Ciprés, and Rilea Group, crypto-backed real estate purchases are becoming a trend, emerging as an alternative to wire transfers.

• Algorand Foundation Returns to U.S. Amid Pro-Crypto Policy Shift

After years of operations in Singapore, the foundation announced its return to the United States and appointed a new board. Similarly, Jito Foundation relocated from the Cayman Islands back to the U.S., citing its pro-crypto environment.

Regulation

• U.S. Senate Banking Committee Delays Crypto Vote

The vote originally scheduled for January 15 was postponed. Coinbase expressed concerns about potential impacts that could stifle innovation, subordinate the CFTC to the SEC, and possibly eliminate stablecoin yield. The new voting date remains undetermined.

• DIFC’s New Crypto Token Rules Set to Take Effect

After a public consultation last year, Dubai International Financial Centre (DIFC) updated its regulations, now requiring financial service firms engaged in crypto activities to independently determine whether tokens meet national standards.

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

The state sent letters to these companies, accusing them of offering sports betting services without approval from the state’s sports betting commission.

• Russia Pushes to Make Crypto Part of "Daily Finance"

If passed, digital assets would no longer fall under a special regulatory category, allowing retail investors to participate more broadly within a limit of around $3,800.

New Products & Deals

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

Following regulatory approvals, CME Group is set to launch futures contracts, further advancing institutional altcoin adoption in the U.S.

• BitMine Backs 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, Advancing Blockchain Use

The London Stock Exchange launched a digital settlement hub to facilitate fund transfers between independent payment systems, leveraging underlying cryptography-enabled technology applicable to both blockchain and traditional finance.

• State Street Joins Crypto Surge, Launching Digital Asset Products

The custodial bank will develop products such as stablecoins and tokenized deposits, working with asset managers and clients.

Pantera This Week

• Stateful New Episode Explores Bitcoin vs. Gold: Why 2025 Is Different

Discussion highlights include why Bitcoin’s $2 trillion market cap isn’t yet ready for nation-state capital flows; how gold’s $20 trillion market absorbs central bank diversification; and why nations are late, not early, adopters of Bitcoin.

• Pantera Prepares for 2026 Ondo Summit in NYC

Dan Morehead, Pantera’s CEO and founder, will speak 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.

• Join Nexus Chat on 2026 Crypto Predictions

On January 15, Jay Lu, Pantera’s research and investment expert, shared insights with Daniel Martin, CEO and co-founder of Nexus.

In-Person Meetup Schedule

• New York City: January 28–30
• Hong Kong: February 10–11
• Singapore: February 12
• New York City: February 26