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Pantera Capital is a U.S.-based investment firm founded in 2003 by Dan Morehead. Initially established as a global macro hedge fund, the firm pivoted to focus exclusively on blockchain technology and digital assets in 2013, coinciding with Bitcoin's rise to prominence. Recognized as the first institutional asset manager dedicated to this sector, Pantera has since launched several funds, including the first cryptocurrency fund in the U.S. and the first blockchain-focused venture fund.
As of January 31, 2026, Pantera Capital manages approximately $3.8 billion in assets under management (AUM) and has invested in over 266 companies, including 16 unicorns and 15 IPOs. The firm operates from offices in San Francisco, New York, and San Juan, with a significant portion of its capital—47%—allocated outside the United States. This global investment strategy positions Pantera as a key player in the digital asset landscape.
Pantera Capital employs a multifaceted investment strategy centered on blockchain technology and digital assets. The firm invests in venture equity, early-stage tokens, and liquid tokens, aiming to capitalize on the growth of the blockchain ecosystem. Its venture equity investments target companies developing innovative products and services within the blockchain space. Pantera leads approximately 75% of its blockchain fund investments, demonstrating its commitment to driving value in the sector.
In addition to venture equity, Pantera engages in early-stage token investments, acquiring tokens during their private stages at discounted rates. This strategy allows the firm to gain exposure to emerging blockchain protocols before they enter public markets. Furthermore, Pantera actively trades liquid tokens, leveraging its market expertise to identify inefficiencies and capitalize on trading opportunities. The firm’s global investment strategy ensures that it remains at the forefront of blockchain innovation.
Pantera Capital has built a diverse portfolio of over 266 companies, with notable investments spanning various sectors within the blockchain ecosystem. Key portfolio companies include:
In addition to these companies, Pantera has achieved significant exits, including investments in Coinbase, Bitso, and TON. The firm has also backed 16 unicorns and facilitated 15 IPOs, showcasing its ability to identify and support high-potential blockchain ventures.
Dan Morehead: Founder and Managing Partner. Dan has extensive experience in macro trading and was previously a partner at Tiger Management. He has been a pioneer in the blockchain space since 2013.
Paul Veradittakit: Managing Partner. Paul specializes in venture capital and has a background in technology investments. He has led numerous successful investments in the blockchain sector.
Cosmo Jiang: General Partner. Cosmo focuses on blockchain infrastructure and has a strong background in technology and finance.
Franklin Bi: General Partner. Franklin has expertise in digital assets and has been involved in various successful blockchain projects.
Scott Lawin: President. Scott oversees operations and strategy at Pantera Capital, bringing a wealth of experience in investment management.
Marc: Chief Financial Officer. Marc manages the financial operations of the firm, ensuring compliance and financial integrity.
To pitch Pantera Capital, founders should send their proposals to pitch@panteracapital.com. The pitch deck should include a clear business plan, market analysis, and details about the founding team. It is recommended to highlight any traction or milestones achieved. Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are preferred but not mandatory.
In January 2026, Pantera Capital announced the first close of its Pantera Fund V, targeting $1 billion in commitments. This fund focuses on venture equity, early-stage tokens, and liquid tokens.
In December 2025, the firm published its annual Blockchain Letter, providing insights into market trends and investment strategies in the blockchain space.
Pantera Capital hosted the Pantera Blockchain Summit in November 2025, gathering industry leaders to discuss the future of cryptocurrency and blockchain technology.
What are Pantera Capital's investment criteria?
Pantera Capital focuses on blockchain technology and digital assets, investing in venture equity, early-stage tokens, and liquid tokens. The firm seeks companies that demonstrate innovative solutions within the blockchain ecosystem and have the potential for significant growth.
How can I pitch to Pantera Capital?
Founders can submit their pitch via email at pitch@panteracapital.com. It is advisable to include a detailed business plan, market analysis, and information about the founding team in the pitch deck.
What makes Pantera Capital different from other VCs?
Pantera Capital is the first institutional asset manager focused exclusively on blockchain technology and digital assets. Its deep industry expertise and extensive portfolio of innovative companies set it apart from traditional venture capital firms.
What is the geographic scope of Pantera Capital's investments?
Pantera Capital has a global investment strategy, with approximately 47% of its capital allocated outside the U.S. This allows the firm to tap into emerging markets and diverse blockchain opportunities worldwide.
What is the typical check size for investments?
Pantera Capital invests between $1 million and $1 billion, depending on the stage and potential of the company. This flexibility allows the firm to support startups at various stages of growth.
What kind of support does Pantera Capital provide to portfolio companies?
Pantera Capital adds value through deep industry expertise, strategic guidance, and access to a vast network within the blockchain and digital asset space. The firm also publishes insights through its Blockchain Letter newsletter and hosts events to connect industry leaders.
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