Author: Paul Veradittakit

Compile: Deep Tide TechFlow

The Tides of Depth:Pantera Capital released its 2025 investment report, completing 31 investments throughout the year, with a lead investment ratio of 85%, setting a new historical high for capital deployment. Four portfolio companies went public, with a combined market capitalization of approximately $33 billion.

The report provides a detailed disclosure of investment geographic distribution, sector preferences, and stage allocations, with infrastructure and stablecoins emerging as key focus areas. 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 within the sector.

I've been investing in the blockchain field for over a decade, and the best years are often not the smoothest ones.

2025 is a year marked by diverse elements: regulatory clarity, market volatility, and public market access to blockchain through exchange-traded funds (ETFs), digital asset trusts (DATs), and initial public offerings (IPOs). At Pantera, we have four portfolio companies successfully 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. The year was a rollercoaster of ups and downs, yet full of energy, exactly what the industry needs to distinguish real value from short-term hype.

High-performing companies are not chasing popular narratives—they are solving real problems. Stablecoin transaction volume has reached $46 trillion; infrastructure teams have delivered production-level layered sequencing and parallel execution frameworks; prediction markets are entering the mainstream; IBIT (BlackRock's Bitcoin ETF) has surpassed $100 billion in assets under management (AUM); and Coinbase has even made it onto the Fortune 500 list.

As we move full steam ahead toward 2026, let's take a moment to look back on 2025. Through this review, you will understand why we believe 2026 will be an even better year.

We would like to thank 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 in four regions:

North America (64.52%)

Asia (16.13%)

Europe (9.68%)

Middle East (9.68%)

Overview of investment areas in the past year: 31 investment deals across key industries

Infrastructure (accounting for 38.71%)

• AltiusA virtual-machine-agnostic parallel execution framework designed for layer-1 blockchains (L1s), rollups, and application-specific blockchains (appchains), aiming to achieve high-performance execution and multi-chain atomic composability.
• Arch Network: Bitcoin-native smart contract and settlement infrastructure that enables developers to build applications directly on Bitcoin, without the need for bridges.
• RadiusDecentralized ordering and blockspace networks, adopted by Rollups and L2 teams, are used to monetize blockspace, improve user experience, and achieve shared ordering infrastructure.
• RaikuA native Solana block space market and network scaling framework that provides guaranteed capacity and MEV capture capabilities for Solana application chains and high-throughput applications.
• RialoA modular, fully-chain programmable network that enables developers to achieve low-latency cross-chain execution, intelligent workflows, and autonomous interactions.
• SymbioticA universal shared security layer that provides sovereign security bootstrapping support for both emerging and existing decentralized networks, while preserving flexibility in governance and token design.
• Zama: Open-source cryptographic infrastructure that enables enterprises, developers, and governments to perform private computations, confidential smart contracts, and privacy-preserving AI using fully homomorphic encryption (FHE).

Internet capital market (accounting for 16.3%)

• ResponsibleA financial data and reporting infrastructure for privacy protection, helping institutional investors, issuers, and exchanges verify the returns, risks, and disclosures of crypto-native financial products.
• [Stealth]An institutionally supported cryptocurrency exchange that serves brokers, market makers, and large asset managers, adapting to the shift in market structure toward optimal execution across multiple venues.
• MeanwhileA 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 exchange 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, establish deep liquidity, and capture long-term trading fees through Uniswap v4 native mechanisms.

Stablecoins (accounting for 12.9%)

• CoinflowA unified fiat and crypto payment platform that provides compliant checkout services, embedded fraud protection, and chargeback insurance for high-risk and high-volume merchants.
• EndA 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 workflows.
• [Stealth]Decentralized monetary middleware connecting off-chain liquidity from institutions, protocols, and asset issuers to on-chain markets.
• [Stealth]Real-time cross-border foreign exchange settlement infrastructure, providing instant and transparent high-value payment services for fintech companies, payment companies, and global enterprises.
• RedotPayA consumer-centric stablecoin payment and card platform serving underbanked users and cryptocurrency holders who want to use stablecoins globally via the Visa network, with strong performance in African and Asian markets.

Consumer sector (accounting for 12.9%)

• [Stealth]A crypto-native casino and sports betting platform that provides players with a gaming experience centered on compliance, brand-driven engagement, and VIP services.
• [Stealth]A two-way sports prediction exchange that offers money line, point spread, parlay betting, and prop betting trading for retail bettors, professional traders, and liquidity providers, providing tighter pricing and a superior mobile-first experience through CLOB-style markets.

AI + Robotics (12.9%)

• OpenMindAn open-source AI and robotics infrastructure platform that builds software and physical reasoning layers for general-purpose robots, enabling scalable intelligent interaction with the real world through a global network of robots.
• Surf AIAn AI research and execution platform native to crypto, helping traders, analysts, exchanges, and KOLs generate on-chain supported insights in real-time, faster than general AI tools.
• VigilAn AI-driven trading and research platform that builds an autonomous hedge fund enhanced by proprietary reasoning systems, specifically designed 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]Institutional-grade custody and trading management platform for funds, DAOs, and enterprises to securely manage assets, tokenize, and execute DeFi workflows.
• TransCryptsBased 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%

• Iran's 780 Million Dollar Growth in the Cryptocurrency Ecosystem

A report released by Chainalysis shows that Iran's cryptocurrency ecosystem is growing rapidly, with on-chain activities accounting for about half of its crypto ecosystem in the fourth quarter of 2025, indicating its increasingly significant role in Iran's economy.

• Avalanche Helps Galaxy Digital Debut $75 Million Tokenized CLO

Galaxy Digital (NASDAQ: GLXY) has completed its first tokenized collateralized loan obligation (CLO), aiming to bring private credit into the blockchain. The tokens are expected to be listed on INX's ATS platform.

• CoinGecko CEO Responds to Rumors of $500 Million Sale

CoinGecko is evaluating "strategic opportunities" and has hired the U.S. investment bank Moelis as a sales advisor. Moelis has participated in transactions amounting to over $5 trillion across various industries.

• Miami Sets New Record with Encrypted Settlement in Real Estate Transactions, $14 Million USDT in Deals

Driven by Propy and Ciprés, Rilea Group, real estate purchases secured by cryptocurrency are gradually becoming a trend and an alternative to wire transfers.

• Algorand Foundation Returns to the U.S. Amid Shift Toward Crypto-Friendly Policies

After operating for many years in Singapore, the foundation announced its return to the United States and appointed an entirely new board of directors. Similarly, the Jito Foundation also returned to the U.S. from the Cayman Islands, citing its crypto-friendly environment.

• U.S. Senate Banking Committee Postpones Vote on Cryptocurrency Regulation

The vote originally scheduled for January 15 has been postponed, as Coinbase expressed concerns about its potential impact, including stifling innovation, subordinating the CFTC to the SEC, and possibly eliminating stablecoin rewards. A new voting date has yet to be determined.

• The Dubai International Financial Centre (DIFC) cryptocurrency token regulations are about to take effect.

The Dubai International Financial Centre updated its regulations after public consultation last year, and now financial service companies engaged in cryptocurrency businesses will be directly responsible for determining whether tokens comply with national standards.

• Tennessee has banned Kalshi, Polymarket, and Crypto.com from providing sports betting services.

The state sent letters to these companies, accusing them of providing related services without obtaining a license from the sports betting commission.

• Russia Promotes Cryptocurrency as "Everyday Finance"

If the legislation is passed, 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.

• CME Group Launches ADA, LINK, and XLM Futures to Expand Cryptocurrency Derivatives Offerings

After obtaining regulatory approval, CME Group is preparing to launch futures contracts, further advancing the institutionalization of U.S. altcoin investments.

• BitMine Supports MrBeast, Invests $200 Million

BitMine Immersive Technologies announced equity investments, continuing to deploy capital beyond traditional blockchain projects.

• London Stock Exchange Launches Digital Settlement Platform to Promote Blockchain Applications

The London Stock Exchange has launched a digital settlement hub to facilitate fund transfers between independent payment systems, using underlying technology that supports cryptography. This technology can be applied to both blockchain and traditional finance.

• State Street Joins the Cryptocurrency Craze, Launches Digital Asset Products

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

• State of the Stateful: Bitcoin and Gold—Why 2025 Is Different

Key discussion points include why Bitcoin's $2 trillion market cap is not yet prepared 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 Preparing for the 2026 New York City Ondo Summit

Pantera CEO and founder Dan Morehead 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 the Nexus chat and discuss 2026 cryptocurrency predictions.

In the January 15th program, Pantera's research and investment expert Jay Lu shared his insights with Nexus CEO and co-founder Daniel Martin.

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