Pantera Capital delivers its 2025 investment report.

Since the beginning of this year, this well-known crypto fund has completed a total of 31 investments, including 21 new investments and 10 follow-on investments. Among the new investments, Pantera led 85% of the deals, demonstrating its strong influence in project selection. The total number of portfolio companies has expanded to 265, covering multiple key areas of the Web3 ecosystem.

More notably, four companies supported by Pantera—Circle, Amber Group, Figure, and Gemini—went public in 2025. These companies have a combined market value of approximately $33 billion, further validating Pantera's foresight in early project assessment.

In terms of investment focus, Pantera's capital continues to be concentrated on growth-stage projects, mainly in Series A and Series B funding rounds. Regarding sector distribution, infrastructure projects received the most attention, accounting for 33.9%, reflecting the market's emphasis on underlying technological innovation.