| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Pantera Capital argues that perpetual futures (perps) are evolving from a crypto phenomenon into a dominant global trading instrument, with Hyperliquid leading the decentralized exchange revolution at $250B monthly volume and $800M annualized revenue. Perps offer superior execution, simpler risk management, and 24/7 trading compared to dated futures, making them the natural instrument for directional leveraged exposure. Hyperliquid has demonstrated remarkable price discovery capability, trading within 3% of Cerebras' IPO price and becoming the venue where traditional markets look for pricing when closed. The CFTC's recent regulatory approvals mark an inflection point for US adoption. Separately, tokenized startups are emerging to restore public investor access to pre-IPO companies, addressing the decade-long trend of companies staying private longer. Platforms using SPV structures, closed-end funds, and pure perps are competing to provide exposure to names like SpaceX, OpenAI, and Anthropic. While challenges around founder alignment, price discovery, and regulatory clarity remain, the convergence of SPV proliferation, RWA tokenization growth to $320B, and the breakdown of the token-equity consensus suggests tokens may re-architect the traditional IPO model for broader access.
Perpetual futures represent a fundamental shift in market structure that is expanding from crypto-native origins into traditional finance, with Hyperliquid emerging as the dominant decentralized venue capturing $250B monthly volume and demonstrating superior price discovery for assets ranging from commodities to pre-IPO equities, while tokenized startup platforms are converging to restore broad investor access to high-growth companies during their venture-scale years.
Perps are moving from crypto's edge toward the center of global finance. The question is no longer whether perps can matter outside crypto; the market is already answering that. The question is whether the blockchain infrastructure built first can become the place where the rest of finance increasingly prices risk, trades, and discovers. For tokenized startups, the convergence of SPV proliferation, RWA growth, and the token-equity consensus breakdown may pave the way for tokens to become a re-architecturing of the traditional IPO, allowing broader public access to generational companies the way public markets used to.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 1 2026 | 2026 Q2 | - | crypto, Decentralized exchange, market structure, Perpetual futures, Pre-IPO, regulation, Tokenization | - | Perpetual futures are becoming the dominant trading instrument across asset classes, with Hyperliquid capturing $250B monthly volume as the leading decentralized venue. The platform has proven superior price discovery for pre-IPO equities and 24/7 commodity trading, with recent CFTC approvals opening US adoption. Separately, tokenized startup platforms are converging to restore public access to venture-scale growth, though founder alignment and regulatory clarity remain key challenges. |
| May 28 2026 | 2026 Q1 | AMZN, BTC-USD, GOOGL, META, MSFT | AI, Bitcoin, Blockchain, Convergence, crypto, infrastructure, technology, Valuations | - | Pantera sees crypto as dramatically undervalued relative to AI, with Bitcoin trading at a 42% discount to trend while AI companies trade at 50% premiums. The firm advocates aggressively buying crypto assets as AI and blockchain converge, with blockchain becoming the natural monetary infrastructure for AI agents. |
| Jan 21 2026 | 2025 Q4 | 3662.T, COIN, HOOD, JPM | AI, Bitcoin, Blockchain, crypto, ETFs, Institutional, Prediction Markets | - | Crypto endured a challenging 2025 with Bitcoin down 6% and broader tokens declining 60%, driven by macro volatility rather than fundamentals. Despite headwinds including value accrual issues and capital rotation, institutional adoption accelerates and product-market fit emerges. With sentiment washed out and significant repricing complete, 2026 setup appears asymmetric favoring consolidation over speculation. |
| Oct 10 2025 | 2025 Q3 | BTC-USD, ETH-USD, HSDT, SOL-USD | AI, Blockchain, crypto, Fund, IPO, Solana, Treasury | HSDT US | Pantera's hybrid structure delivered 850% Solana returns through strategic FTX estate purchases and PIPE transactions, demonstrating value creation power. Post-election regulatory tailwinds unlock blockchain innovation while fundamentally sound tokens outperform speculation. Fund V launches into expanding opportunity set with crypto-AI convergence and IPO geyser creating new liquidity paths for permanent capital deployment. |
| Jun 30 2025 | 2025 Q2 | COIN, CRCL, MSTR | Bitcoin, Capital markets, crypto, DATs, Digital assets, inflation, IPOs, Stablecoins | - | Pantera launches $100mm DAT Fund targeting Digital Asset Treasury companies at inception near 1.0x NAV before potential premium trading. Asymmetric opportunity driven by frustrated public market demand for crypto exposure, regulatory clarity, and early positioning in emerging category. Downside protected by underlying token exposure while upside comes from sustained NAV premiums as institutional adoption accelerates. |
| Mar 31 2025 | 2025 Q1 | BEN, BLK, COIN, HOOD, IBM, SOFI | AI, Blockchain, Capital markets, crypto, Digital assets, regulation, Tokenization, venture | - | Pantera Capital advocates for capital-structure agnostic blockchain investing across venture equity, private tokens, liquid tokens, and special opportunities. Recent SEC case dismissals and pro-crypto policy developments create favorable regulatory environment, yet markets remain underpriced relative to positive changes. The firm maintains major positions in Solana and TON ecosystem, positioning for asymmetric returns as blockchain becomes foundational digital infrastructure. |
| Jan 13 2025 | 2024 Q4 | AAPL, AMZN, BLK, COIN, GOOGL, HOOD, JPM, NVDA, PYPL, SNE | AI, Bitcoin, Blockchain, crypto, DeFi, ETFs, gaming, Stablecoins | - | Pantera Capital sees 2025 as crypto's mainstream adoption inflection point. Three mega-trends converge: gateways bringing legacy finance onchain with 300x growth potential, developer tools enabling 10 million developers, and applications shifting from Wall Street to Main Street. Regulatory clarity emerges with pro-crypto leadership. Bitcoin ETFs achieve record success. The path to adoption is finally unblocked. |
| Oct 22 2024 | 2024 Q3 | COIN, NVDA | Agents, AI, Blockchain, crypto, Decentralization, infrastructure, Value Accrual | - | Crypto acts as essential infrastructure for AI's distributed future, providing programmable money for autonomous AI agents and coordination layers for decentralized AI development. Rather than a high-beta AI play, crypto represents a conservative picks and shovels investment as AI commoditizes. The Fat App Thesis drives value capture through application-specific blockchains and maturing token economics. |
| Jul 23 2024 | 2024 Q2 | HOOD, TSLA | AI, Blockchain, crypto, ETF, Politics, regulation, venture | - | Crypto experiences massive political pivot with Trump's pro-crypto stance and ethereum ETF approval ending regulatory hostility. Pantera positions for Phase 2 bull market where fundamentally strong altcoins outperform bitcoin. Clean positioning, bear market sentiment, and expected Fed cuts create attractive setup. Major Sentient AI investment reflects conviction in decentralized technology convergence. |
| May 23 2024 | 2024 Q1 | BTC-USD, ETH-USD | Bitcoin, Blockchain, crypto, DeFi, Telegram, Tokenization, TON | - | Pantera made its largest investment in TON, leveraging Telegram's 930 million users for crypto adoption. Fund V launches 2025 targeting $1 billion. Bitcoin halving cycle suggests $117,000 target by August 2025. Traditional finance tokenization accelerates with BlackRock leading. Blockchain will transform billions of lives within a decade while generating outsized returns. |
| Jan 16 2024 | 2023 Q4 | BRK-A, META | AI, Bitcoin, Blockchain, crypto, DeFi, Predictions, Web3 | - | Pantera Capital sees 2024 as blockchain's inflection point beyond financialization. Bitcoin renaissance driven by halving, ETF approvals, and Layer 2 growth. AI-Web3 integration optimizes human-computer interaction through knowledge graphs and digital twins. Venture funding recovering with reasonable valuations. Blockchain ecosystems consolidating while specialized appchains emerge in verticals like gaming and social. |
| Oct 31 2023 | 2023 Q3 | - | Bitcoin, crypto, equities, Fed policy, inflation, interest rates, Stablecoins, valuation | - | Pantera's Dan Morehead forecasts a 23% equity decline as the 40-year falling rate cycle ends, with earnings yields now below treasury yields. Core inflation at 4.4% requires continued Fed tightening, potentially keeping rates elevated for years. Bitcoin and crypto offer attractive alternatives uncorrelated to rates, with stablecoins poised for mass adoption. |
| Aug 22 2023 | 2023 Q2 | XRP-USD | Bitcoin, Blockchain, crypto, gaming, regulation, Web3, XRP | - | The XRP ruling represents a positive black swan for crypto, providing regulatory clarity that could reshape the industry. Combined with Bitcoin's upcoming halving and the end of its longest bear market in history, conditions are aligning for the next bull cycle. Web3 gaming opportunities and infrastructure solutions like Omni Network address key market needs. |
| Apr 20 2023 | 2023 Q1 | COIN | Blockchain, crypto, DeFi, NFTs, venture | - | Pantera sees blockchain infrastructure maturing through Arbitrum's success and Coinbase's BASE launch validating DeFi effectiveness. Venture valuations show 30% discounts from peak levels. NFTs are creating an object-first metaverse through interoperable virtual assets. New investments focus on institutional DeFi infrastructure and capital efficiency solutions despite regulatory headwinds. |
| Feb 2 2023 | 2022 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
CryptoPerpetual futures (perps) are evolving from crypto-native instruments to fundamental shifts in global market structure. Hyperliquid has emerged as the largest decentralized perps exchange with $250B monthly volume and $800M annualized revenue, capturing 40% of on-chain perp volume. The platform is expanding from crypto into traditional assets including commodities, equities, and pre-IPO companies, becoming a venue for price discovery when traditional markets are closed. |
Perpetual futures Hyperliquid Decentralized exchange Trading volume Price discovery |
Capital MarketsTraditional market structure is being disrupted by 24/7 always-on trading venues. Perps are becoming dominant trading instruments with $62 trillion in 2025 CEX volume, representing the majority of derivatives trading. Major exchange operators like ICE and CME are acknowledging Hyperliquid as a competitive threat, while the CFTC has begun formally accommodating perps through recent regulatory approvals for Kalshi and Coinbase. |
Market structure Derivatives Exchange competition Regulatory approval 24/7 trading | |
ETFsTokenized venture assets and digital asset treasuries (DATs) are emerging as new investment vehicles. Hyperliquid Strategies Inc. (NASDAQ: PURR) has traded up over 200% year-to-date and is one of the few DATs sustainably trading at a premium to NAV. The vehicle provides traditional investors exposure to HYPE token through a regulated public equity wrapper with credibility from former Barclays CEO Bob Diamond. |
Digital asset treasury Premium to NAV Tokenized exposure Public equity wrapper | |
SPACsSPVs have exploded as the de facto liquidity mechanism for pre-IPO companies, with secondary SPVs growing 545% over two years and 10x in capital raised. Platforms like PreStocks and Jarsy are tokenizing SPV structures to provide fractional exposure to late-stage companies like SpaceX, OpenAI, and Anthropic. However, these structures face challenges around equity transfer consent, founder alignment, and legal uncertainty. |
SPV growth Tokenized equity Pre-IPO access Secondary markets | |
Private CreditTokenized real-world assets (RWAs) have reached $320B in Q1 2026, with expansion beyond US Treasuries into asset-backed credit like Figure's home equity loans (HELOCs). The tokenization supply chain is maturing from issuers to custodians to regulatory frameworks, enabling broader access to private credit instruments on-chain. |
Tokenization Real-world assets Asset-backed credit On-chain lending | |
CommoditiesHyperliquid has become a parallel always-on derivatives venue for commodities trading, particularly during weekends and holidays when traditional markets are closed. When gold and silver prices surged in late 2025, Hyperliquid was the only tradeable venue on weekends. During the Iran conflict on a Saturday, oil trading on Hyperliquid surged to $3.7B. Traditional assets have reached as much as 40% of Hyperliquid's volume. |
Weekend trading Gold Silver Oil Always-on markets | |
SemiconductorsThe Cerebras IPO demonstrated Hyperliquid's price discovery capability for pre-IPO equities. Banks underwriting the IPO monitored Hyperliquid prices, and the platform's CBRS perp traded within 3% of the actual IPO price at $340, roughly 84% above the $185 banker pricing and far more accurate than secondary brokers like Hiive ($225) and Forge ($113.50). |
Cerebras IPO pricing Price discovery Pre-IPO trading | |
Trade PolicyUS regulatory stance on decentralized finance previously pushed innovation offshore, with Hyperliquid relocating to Singapore in Spring 2024. However, the CFTC's recent approval of bitcoin-referenced perpetual futures for Kalshi and clearing Coinbase to offer crypto perpetuals through foreign affiliates marks an important regulatory shift. The US is beginning to accommodate perps rather than dismiss them, though questions remain around permissionless on-chain protocols. |
Regulatory shift CFTC approval Offshore migration Permissionless protocols | |
| 2026 Q1 |
AIAI companies are trading at a 50% premium to their four-year trend while crypto has fallen 50% and trades at a 42% discount to its long-term trend. This represents a record divergence between the two technologies. AI-related capital expenditure will account for roughly 30% of all S&P 500 capital expenditures in 2026. |
Artificial Intelligence Valuations Technology Infrastructure Convergence |
CryptoCrypto appears very cheap relative to AI and its own long-term trend. Bitcoin is trading at a 42% discount to its long-term trend. The manager advocates buying crypto assets now, stating whatever you do, don't sell. Institutional investment has yet to come, representing a major opportunity. |
Bitcoin Blockchain Digital Assets Institutional Adoption | |
Data CentersMonthly construction spending on data centers has dramatically increased relative to office buildings, reflecting the massive AI infrastructure buildout. Four tech CEOs are projected to spend a combined $650 billion in 2026 on AI infrastructure including data centers and chips. |
Infrastructure Construction Technology Capital Expenditure | |
| 2025 Q4 |
AIManager views AI as a classic capital cycle bubble comparable to past infrastructure manias. Sees massive capital spending with improbable returns, creative financing, and circular dynamics among hyperscalers. Expects this to end badly for early investors despite potential societal benefits. |
Artificial Intelligence Data Centers Capital Cycle Bubble Infrastructure |
CloudCloud infrastructure spending is characterized as delusional with unsustainable capital requirements. Manager notes the transformation of formerly capital-light tech companies into capital-intensive operations through the AI arms race. |
Cloud Infrastructure Data Centers Capital Intensity Tech Companies | |
ValuePortfolio remains undervalued both absolutely and relative to the S&P 500, trading at 12.2x earnings versus 26.0x for the index. Active value management through trimming expensive positions and adding to undervalued ones continues to drive outperformance. |
Value Investing Undervalued Active Management Earnings Yield | |
GoldGold reached $5,000 per ounce driving mining profitability through the roof. Portfolio's gold mining companies saw margins surge dramatically with Kinross and Newmont achieving 30%+ net margins. Manager remains constructive on long-term gold prices for various unfortunate reasons. |
Gold Mining Precious Metals Inflation Hedge Commodity Cycle | |
BuybacksShare repurchases are discussed in context of capital allocation analysis, particularly regarding the S&P 500's capital expenditure patterns and how buybacks compare to reinvestment needs across the market. |
Share Repurchases Capital Allocation Capital Expenditures | |
| 2025 Q3 |
CryptoThe industry's headwinds have become tailwinds following the US presidential election. The market is increasingly focusing on tokens with sound fundamentals, particularly those with revenue and cash flows, which have outperformed speculative tokens. New regulations and blockchain company IPOs have opened traditional routes to liquidity like IPOs and M&A. |
Blockchain Tokens Regulation IPO |
AICrypto is converging with AI and robotics through platforms like OpenMind's OM1 + FABRIC stack for robotics coordination, Worldcoin's iris-scanning identity verification for AI agents, and decentralized AI platforms like Sahara AI and Sentient. This convergence is creating new market structures through onchain agents and trading infrastructure. |
Robotics Identity Decentralized Agents | |
| 2025 Q2 |
CryptoDigital Asset Treasury companies represent a new frontier for public market crypto exposure, benefiting from broader secular tailwinds as traditional investors embrace digital assets through ETFs, IPOs, and DATs. The inclusion of Coinbase into the S&P 500 has forced every manager globally to include digital assets and pay attention to the space. |
Bitcoin Ethereum Stablecoins Digital Assets Blockchain |
Capital MarketsThere is tremendous frustrated demand for people in public markets to get exposure to bitcoin and other crypto assets. DATs allow equity market investors to get crypto exposure through familiar instruments and intermediaries, with strong investor demand evidenced by Circle's 168% first-day trading jump. |
IPOs Public Markets ETFs Treasury Companies Institutional Access | |
InflationAll roads lead to inflation as governments face unsustainable debt trajectories. The playbook to get out of fiscal crisis is to inflate away debts by running interest rates below inflation and nominal growth above inflation, making hard assets like bitcoin and gold attractive stores of wealth. |
Monetary Policy Debt Hard Assets Currency Debasement Fed Policy | |
| 2025 Q1 |
CryptoBlockchain represents a paradigm shift in how value is created, stored, and transferred, offering one of the most asymmetric investment opportunities available today. The asset class features unique capital structures through tokens rather than traditional equity, with early liquidity through token generation events creating venture-style returns in public markets. |
Blockchain Tokens Digital Assets Venture Returns Liquidity |
Capital MarketsTokenization and real-world assets are reshaping finance and capital markets by bringing financial markets onchain. The rise of stablecoins and yield-bearing stablecoins as mainstream payment tools will lead to significant migration of funds out of traditional bank accounts, disrupting credit markets as banks lose deposit-based funding. |
Tokenization RWAs Stablecoins Credit Markets Banking | |
AIDecentralized AI represents one of the key investment categories within blockchain protocols, alongside DeFi and DePIN networks. The convergence of AI applications with blockchain technology creates new opportunities for network-based business models. |
Decentralized AI DeFi DePIN Networks Protocols | |
| 2024 Q4 |
Crypto2025 marks a turning point for crypto adoption with regulatory clarity emerging. The convergence of gateways, developer tools, and applications will unlock mainstream adoption. Blockchain networks secure $3 trillion in crypto assets with potential for 300x growth as global financial assets migrate onchain. |
Blockchain Adoption Tokenization DeFi Stablecoins |
AIAI is transforming blockchain development with tools making zero-knowledge implementations easier. Web development evolution from raw coding to no-code solutions with AI taking the wheel is expected in blockchain development, potentially making building onchain applications as simple as a conversation with ChatGPT. |
Development Tools Automation ChatGPT Zero-knowledge | |
Gaming2025 will be crypto's FarmVille moment for mainstream adoption. Gaming studios like InfiniGods are creating first-time onchain users with mobile casual games. Onchain gaming comprises approximately 50% of today's unique active wallets, driving the shift from Wall Street to Main Street adoption. |
Mobile Onchain Adoption Casual Mainstream | |
ETFsBitcoin ETFs have been extraordinarily successful since launch, with bitcoin up 103% since their introduction. BlackRock's bitcoin ETF surpassed its 20-year-old gold ETF in total assets in just eleven months, breaking records as the greatest launch in ETF history after surpassing $50 billion in assets. |
Bitcoin BlackRock Records Assets Success | |
| 2024 Q3 |
AIAI is becoming commoditized as models reach human-level performance, creating diminishing returns for consumers. The intersection of crypto and AI represents a pragmatic value capture mechanism for AI's distributed future, with crypto acting as picks and shovels for the AI gold rush rather than a high-beta bet on AI growth. |
Artificial Intelligence Machine Learning LLMs Commoditization Value Capture |
CryptoCrypto provides essential infrastructure for AI agents through programmable money, decentralized coordination, and autonomous economic activity. AI agents need crypto for transactions since they cannot have traditional bank accounts, while crypto benefits from improved user experience through AI interfaces. |
Blockchain Digital Assets Decentralized Finance Smart Contracts Infrastructure | |
| 2024 Q2 |
CryptoPolitical pivot toward crypto with Trump's pro-crypto stance changing market dynamics. SEC approved ethereum ETF, effectively admitting ethereum is not a security. Regulatory shift from hostile to supportive creating massive opportunity for US blockchain industry growth. |
Regulation ETF Politics SEC Ethereum |
AIInvestment in Sentient, a decentralized AGI platform merging web3 financial incentives with AI development. Addresses AI centralization issues by enabling community ownership of AI models. Generative AI market expected to grow from $40 billion to $1.3 trillion over next decade. |
Decentralization AGI Web3 Centralization Growth | |
| 2024 Q1 |
CryptoTON blockchain represents a unique approach where a community integrates blockchain technology rather than creating community from scratch. Telegram's 930 million users provide massive distribution advantage with 14 million daily active users already exceeding Bitcoin and Ethereum. The platform enables seamless crypto onboarding through Wallet in Telegram and supports mini-apps ecosystem. |
TON Telegram Blockchain Mini-apps Stablecoins |
AIBlackRock's tokenization of financial assets represents convergence of traditional and decentralized finance. BUIDL fund demonstrates practical benefits including 24/7 liquidity, instant settlement, and reduced operational friction. This technological transformation could enhance financial inclusivity and deepen markets. |
Tokenization BlackRock BUIDL RWA DeFi | |
| 2023 Q4 |
CryptoBitcoin dominance rose from 38% to 52% in 2023, with three major catalysts for 2024: the fourth Bitcoin halving, expected bitcoin spot ETF approvals, and increased programmability features. The letter analyzes bull market phases where bitcoin outperforms early, then altcoins outperform later. Current cycle shows bitcoin up 2.8x versus altcoins up 1.7x. |
Bitcoin Altcoins ETFs Halving DeFi |
AIExtensive discussion of AI x Web3 integration focusing on human-computer interaction optimization. Key areas include crowdsourced knowledge graphs for reasoning, ML tracing for AIGC royalties, and digital twins for advertising. Web3 provides payments, crowdsourcing mechanisms, and data control solutions for AI systems. |
Machine Learning Knowledge Graphs Digital Twins Privacy | |
BlockchainPredictions for 2024 include Bitcoin L2 proliferation, tokenized social experiences, increased TradFi-DeFi bridges through stablecoins, modular blockchain and ZK proof integration, and computationally intensive applications moving on-chain. Consolidation expected in public blockchain ecosystems with hub-and-spoke model for appchains. |
Layer 2 Stablecoins Modular Zero Knowledge | |
| 2023 Q3 |
InflationCore inflation remains at 4.4%, more than double the Fed's 2% target, with wage inflation at 4.5% and increasing. Housing inflation continues to drive overall price increases, with the median home price rising 46% from February 2020 to September 2023. The Fed faces persistent inflationary pressures requiring continued monetary tightening. |
Core Inflation Wage Growth Housing Prices Monetary Policy Fed Policy |
RatesInterest rates are in a rising regime after 40 years of decline, with the 10-year treasury expected to reach 5%. The Fed must continue raising rates to combat inflation, potentially keeping rates elevated for several years. This represents a fundamental shift from the previous four decades of falling rates. |
Interest Rates 10-Year Treasury Fed Funds Rising Rates Term Premium | |
CryptoBitcoin and blockchain technology offer unique advantages as assets not tied to interest rates, making them attractive in a rising rate environment. Stablecoins represent the next evolution toward mass adoption, potentially fulfilling crypto's original promise of peer-to-peer electronic cash. The crypto market cap of $1 trillion deserves institutional allocation. |
Bitcoin Blockchain Stablecoins Digital Assets Institutional Adoption | |
| 2023 Q2 |
CryptoThe XRP ruling represents a positive black swan for crypto, with the court determining that XRP sales on exchanges are not securities. This provides regulatory clarity and could significantly impact the broader crypto industry, slowing down SEC enforcement efforts against exchanges and other crypto companies. |
XRP SEC Regulation Securities Exchanges |
GamingWeb3 gaming is now officially under-hyped according to the analysis. Two key applications show promise: NFTs for e-sports memorabilia to create digital property rights, and using market information to inform game design through Shapley Value calculations for better item pricing and balance. |
Web3 NFTs E-sports Memorabilia Markets | |
| 2023 Q1 |
CryptoArbitrum token launch represents significant milestone for layer-2 scaling solutions. DeFi has proven successful, evidenced by centralized exchanges launching their own chains like Coinbase's BASE. The space faces regulatory challenges but continues innovation in infrastructure and applications. |
DeFi Layer2 Arbitrum BASE Regulation |
AINFTs represent the object-first metaverse where virtual objects force interoperability across shared spaces. The metaverse is arriving through NFTs rather than one big shared virtual world, creating new forms of digital ownership and interaction. |
NFTs Metaverse Digital Ownership Virtual |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 1, 2026 | Fund Letters | Pantera Capital | - | Hyperliquid | Other | Financial Exchanges & Data | Bull | - | 24/7 Markets, Commodities, Crypto, Decentralized Exchange, DeFi, Derivatives, Financial infrastructure, FX Derivatives, Layer 1 Blockchain, Perpetual futures, Price Discovery, Token Buyback, Trading Platform | Login |
| Jul 1, 2026 | Fund Letters | Pantera Capital | - | Hyperliquid Strategies Inc. | Capital Markets | Asset Management & Custody Banks | Bull | NASDAQ | crypto exposure, Digital Asset Treasury, Equity, HYPE Holdings, NASDAQ, premium to NAV, Public Markets, Traditional Finance | Login |
| Oct 10, 2025 | Fund Letters | Dan Morehead | HSDT US | Solana Company (formerly Helius Medical Technologies) | Financials | Blockchain Infrastructure | Bull | NASDAQ | Blockchain, Crypto, Depin, Fintech, growth, infrastructure, Solana, Tokens | Login |
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