What does Pantera Capital do?

Pantera Capital is a venture capital and hedge fund firm based in San Francisco, California, specializing in digital assets. Founded in 2003 by Dan Morehead, it is recognized as one of the largest digital asset funds globally, managing $4.0 billion in assets as of November 30, 2025. The firm was the first U.S. institutional asset manager to focus exclusively on blockchain technology. Pantera Capital invests across three main categories: Venture Equity, which involves equity in blockchain companies; Early-Stage Tokens, which includes private-stage token investments; and Liquid Tokens, focusing on trading the largest digital assets. The firm has a diverse portfolio, having sponsored over 80 blockchain startups and made more than 200 strategic investments since 2014. Notable companies in its portfolio include Circle, Coinbase, and Ripple. With a global reach, Pantera invests in various regions, including the USA, Europe, and Asia-Pacific, and operates offices in San Francisco, Menlo Park, and New York.