Pantera Capital Opens Subscriptions for Blockchain Fund V, Targeting $1 Billion in Fundraising

Pantera Capital, a pioneer in blockchain-focused institutional asset management, has officially opened subscriptions for its fifth blockchain fund, Pantera Blockchain Fund V, as of March 31, 2025. The fund aims to raise $1 billion, with its first closing date set for June 30, 2025. This new initiative builds on the strategy of Pantera's previous fund, Pantera Blockchain Fund IV, which raised $1.3 billion in 2021.

A Full-Spectrum Approach to Blockchain Investment

Pantera Capital's Full-Spectrum Investing Approach remains the cornerstone of its strategy, targeting four key verticals:

1. Venture Equity: Focused on investments from seed to Series B stages in blockchain infrastructure, exchanges, wallets, and scalable businesses. Pantera often acts as a lead investor, establishing relationships early in a company's lifecycle.

2. Private Tokens: Investments in blockchain protocols, DeFi platforms, and decentralized AI initiatives. These typically achieve liquidity faster and involve smaller investment sizes, with a target ownership of about half that of equity investments.

3. Liquid Tokens: Long-term investments in public markets based on fundamental analysis, combining the return potential of venture capital with the liquidity of public markets.

4. Special Opportunities: Exploiting market dislocations, structured private token deals, and distressed situations, leveraging Pantera's expertise across public and private markets.

Through this diversified strategy, Pantera seeks to capitalize on blockchain's full lifecycle, from early-stage innovation to liquid market opportunities.

Source: Pantera Capital

Flexible Investment Options for LPs

Fund V offers investors flexibility in choosing their investment focus. Limited Partners (LPs) can opt to invest in:

• Venture Equity (V Class): Targeting equity investments in blockchain startups.

• Private Tokens and Treasury-Locked Tokens (P Class): Concentrating on private token opportunities.

• All-Inclusive Investments (A Class): Covering the entire spectrum of Pantera's investment strategy.

Source: Pantera Capital

For LPs committing $25 million or more, Pantera provides additional benefits, including participation in at least 10% of large co-investment opportunities (valued at over $10 million) without management fees or carried interest. Other LPs also gain access to co-investment opportunities with a nominal 0.1% fee.

A Legacy of Blockchain Investment Leadership

Founded in 2013, Pantera Capital was the first U.S.-based institutional asset manager dedicated to blockchain technology. Over the years, it has built a robust portfolio, backing high-profile projects such as The Open Network (TON), Morpho, and Ondo Finance. Its track record demonstrates a deep understanding of the blockchain ecosystem and an ability to identify promising opportunities early.

In its recent statement, Pantera emphasized the importance of its Full-Spectrum Investing Approach, which has been refined to adapt to the rapidly evolving blockchain landscape. The firm’s strategy not only covers a wide range of blockchain opportunities but also offers tailored investment options to meet the diverse needs of its LPs. With its ambitious $1 billion target and a proven investment framework, Pantera is poised to remain at the forefront of blockchain innovation.