Once invested in star projects like #Coinbase ($COIN), #Circle ($CRCL), and obtained excess returns.

Comparable to the existence of Sequoia Capital in the Web3 and Crypto industries.

Launched the first Crypto Fund in 2013, when Bitcoin was only $65 each.

The top American investment institution Pantera Capital has made a fortune again in the wave of "crypto-stock linkage".

Pantera Capital has participated in multiple publicly listed companies in the "crypto-stock linkage" sector, including the SOL version Strategy—Defi Development ($DFDV), which peaked at 8 times; the ETH version Strategy—Sharplink Gaming ($SBET), which peaked at over 18 times; and the ETH version Strategy—BitMine ($BMNR), which peaked at over 10 times.

There are also unlisted ones, such as the BTC version Strategy—Twenty One Capital, which plans to go public via SPAC, co-invested by Pantera, Tether, and SoftBank of Japan.

Pantera's strategy mainly involves issuing scarce "crypto-stock" funds, investing in a portfolio of U.S. listed companies with Crypto reserve plans.

The fund invests at a price equal to or close to the net asset value (Net Asset Value, NAV) of 1, or invests before digital asset reserves are traded in the public market at a potential premium.

It seems the threshold starts at $500,000, and the currency can be in USD or Crypto assets.

The "crypto-stock linkage" trend is short-lived; given that the investment is in U.S. listed companies, the lock-up period is very short, so the fund's lifespan is not long, and returns can be seen soon.