The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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As of Oct 22, 2026
Pantera Capital's Blockchain Letter evaluates market dynamics across digital asset regulation, onchain real-world asset tokenization, and institutional indexing. While broader crypto benchmarks experienced protracted drawdowns, Pantera highlights that the productive blockchain economy showed resilience, with the fundamentally weighted S&P Pantera Digital Asset Index returning positive territory year-to-date through late September. To capture opportunities across the digital asset spectrum, Pantera launched subscriptions for Pantera Fund V, targeting $700 million across venture equity, private tokens, special opportunities, and liquid tokens. From a macroeconomic and regulatory perspective, legislative progress stalled as the CLARITY Act failed to pass the Senate, shifting the immediate regulatory focus to administrative agencies. The SEC and CFTC continue coordinated rulemaking, evidenced by the SEC's proposed Regulation Crypto Assets framework and conditional innovation exemptions permitting qualifying venues to trade tokenized versions of publicly listed equities under specified investor protection standards. Institutional adoption and tokenization infrastructure continue to accelerate despite legislative friction. Substantial activity in equity-perpetual trading and real-world asset tokens on platforms like Hyperliquid and Robinhood Chain highlights strong demand for onchain exposure. Tier-one asset managers including BlackRock, Franklin Templeton, and J.P. Morgan are advancing tokenized funds and cash equivalents, reinforcing Pantera's core thesis that institutional capital will increasingly concentrate in economically productive protocols generating verifiable cash flows and protocol fee buybacks.
Value in the digital asset ecosystem accrues to fundamentally productive protocols generating real cash flows and verifiable fees rather than speculative or economically inactive tokens.
Pantera expects agency-led rulemaking and expanding real-world asset infrastructure to drive institutional capital allocation toward digital assets generating sustainable fees and programmatic token buybacks.
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