Pantera Capital, one of the first movers in the cryptocurrency space, continues its active investments and adapts to changes in the market.
Pantera's Betting Story
Pantera Capital started betting on crypto in 2013, becoming one of the first crypto VCs. Between 2013 and 2015, the fund purchased about 2% of all Bitcoin, resulting in returns of over 1000x. However, Pantera's success was not solely due to a lucky bet, but rather its ability to adapt to changes in market structure. For example, when the ICO boom occurred, the fund launched an early-stage token fund and later established the Pantera Blockchain Fund during DeFi Summer for comprehensive exposure to crypto and blockchain. Currently, Pantera manages five main funds: a venture fund, a Bitcoin fund, an early-stage token fund, a liquid token fund, and the Pantera Fund, with assets under management exceeding $4.2 billion.
New Battlefield: The Rise of Crypto Stocks and Pantera's Strategy Shift
As of 2025, Pantera Capital began exploring the 'crypto-stock' market. With the cooling of the primary market, the fund analyzed over 50 public companies focused on 'raising capital + buying tokens'. Consequently, the 'DAT Fund' was launched, expecting to invest over $100 million across various projects. Partner Cosmo Jiang described the structure of these investments as a 'heads we win, tails we don’t lose much' strategy. Pantera has strengthened its position in this emerging market.
Dan Morehead: A Macro Player's Turn to Crypto
Dan Morehead, the founder of Pantera Capital, has a traditional background, graduating from Princeton and working for Goldman Sachs and Deutsche Bank. In 2003, he founded Pantera Capital as an investment firm but soon pivoted to cryptocurrencies. In 2013, he made a bold move by selling all his Tesla shares to invest heavily in Bitcoin, leading to Pantera's initial success. Morehead emphasizes the importance of finding opportunities with high potential returns and low risks. Although he rarely appears in public, his influence on the company remains significant.
Pantera Capital continues to seek opportunities in changing market structures, adapting to new challenges as it remains at the forefront of the cryptocurrency industry.
