Pantera Capital's 2025 investment report reveals a record year with 31 investments and a lead investment ratio of 85%. The firm saw four portfolio companies go public, achieving a combined market capitalization of approximately $33 billion. Key focus areas included infrastructure and stablecoins, with significant investments in North America, Asia, Europe, and the Middle East. The report highlights the firm's strategic exits, such as Robinhood's acquisition of Bitstamp, and notes the high transaction volume in stablecoins, reaching $46 trillion. Pantera's investments spanned various sectors, including AI, robotics, and consumer solutions, reflecting a diverse approach to capital deployment. The firm anticipates continued growth in 2026, driven by regulatory clarity and market developments.