In 2013, when most institutions treated Bitcoin like a sideshow, Dan Morehead treated it like a macro position with structural asymmetry. Pantera Capital was founded in 2003, but the 2013 pivot into blockchain defined its trajectory. While traditional asset managers debated whether digital assets belonged in portfolios, Dan Morehead launched one of the earliest institutional Bitcoin funds in the United States. That decision positioned Pantera Capital not as a commentator on crypto markets, but as a capital allocator inside them. In today’s startup ecosystem, that distinction separates spectators from architects.
Pantera Capital operates as a specialist investment firm across venture equity, early stage tokens, and liquid tokens. The thesis is consistent: blockchain technology will reshape financial infrastructure and digital value transfer at scale. The structure is deliberate. Venture equity targets companies building infrastructure and applications. Early stage tokens provide exposure to emerging protocols before broad market access. The Pantera Liquid Token Fund concentrates on major digital assets with active portfolio management. Three strategies, aligned around one secular conviction.
The firm has backed more than 100 venture investments and over 100 early stage token deals, spanning exchanges, custody providers, DeFi protocols, developer tooling, and application-layer platforms. That breadth offers a system-level view of market structure across the crypto startup ecosystem. Rather than isolating single trends, Pantera Capital builds exposure across foundational layers and user-facing innovation, positioning capital where network effects compound.
Leadership reflects institutional discipline. Dan Morehead brings a macro and fixed income background shaped by traditional markets. Marc Selfon, CFO, anchors financial oversight with large-scale asset management experience. Katrina Paglia, GC & CCO, reinforces regulatory and compliance infrastructure critical for institutional LPs. Kerry Wong, Head of Investor Relations, manages capital relationships across cycles defined by volatility and liquidity shifts. Mason Nystrom focuses on venture and growth investments, identifying founders building durable blockchain infrastructure. The operating model blends traditional financial controls with crypto-native pattern recognition.
Pantera Capital’s differentiation is time in market and structural focus. Since 2013, the firm has invested exclusively in blockchain and digital assets, operating through bull markets, drawdowns, and regulatory resets. That continuity provides institutional memory in an industry often defined by short cycles. In the evolving startup ecosystem, capital that understands market structure, token design, liquidity dynamics, and governance frameworks carries strategic weight beyond the check size.
For founders building blockchain infrastructure, DeFi platforms, or application-layer networks, Pantera Capital offers flexibility across equity and token structures. For LPs seeking calibrated exposure to digital assets, the firm provides multi-strategy access under institutional governance standards. Pantera Capital functions as connective tissue between institutional capital and crypto-native builders, reinforcing the capital stack that underpins the modern startup ecosystem.
If you are building in blockchain, study how Pantera Capital structures capital across equity and tokens. If you are looking to work at the center of digital assets, explore roles at Pantera Capital and across its portfolio companies. They are hiring.
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