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Crypto co-investors: 3 steps, 168 on 66 rounds for 1 fund

By NAUT Research · · 8 min read

168 Crypto co-investors on the 66 rounds NAUT holds for 1 fund, and the 9 firms that share 5 or more. Logos: Pantera Capital, Coinbase Ventures, Polychain Capital, The Spartan Group, Hashed, Founders Fund, Digital Currency Group, Jump Crypto, Multicoin Capital, Electric Capital.

Crypto co-investors are the other funds sitting on a VC's own rounds, and you find them in 3 steps: open the fund's page, list every other investor on the rounds it backed, then rank those firms by shared rounds. NAUT tracks 66 funding rounds for Pantera Capital across 58 companies, and 168 other investor pages appear beside it on those rounds, with Coinbase Ventures sharing the most at 16 joint deals, read from NAUT's database on 2 November 2026.

Data note. Every count here was read from NAUT's own database on 2 November 2026, read-only, and recomputed from the round rows rather than taken from a stored total. The scope is the 66 live funding rounds NAUT holds with Pantera Capital attached, covering 58 distinct companies, with no archived or merged rows. Those 66 rounds carry 313 other investor rows: 297 resolve to 168 distinct NAUT investor pages, 9 of which are individual angels rather than firms, and 16 rows belong to 10 co-investors that sit on NAUT as company pages rather than investor pages, so they are counted separately and left out of the 168. Pantera Capital's NAUT page counts 66 investments, 1 for each round row, and those rows resolve to 58 distinct companies, so every count below says which of the 2 it means. 48 of the 66 rounds carry an announced date, from 29 March 2017 to 15 October 2026, and 63 carry an amount, so any "most recent" figure below ranks the 48 dated rounds. Electric Capital's live NAUT route reads /investors/electric-sapital, a typo in the stored slug, and that is the address that opens, so it is the one linked here. 1 round was checked against an outside report: Morpho's $50M round of 1 August 2024. A co-investor count is NAUT's record of who was in a round, never the world's. NAUT Research wrote it.

How to find crypto co-investors in 3 steps

The 3 steps below work on any fund with a NAUT page. They were run here on 1 fund so the numbers in each step are real.

  • Step 1 is the fund page. It lists the rounds NAUT holds for the fund, each with the company, the round type, the amount and the date.
  • Step 2 is the other names on those rounds. A co-investor is a firm that appears on a round the fund also backed, which is what makes it reachable through a shared deal.
  • Step 3 is the ranking. A firm that shows up once is a coincidence. A firm that shows up 5 or more times out of 66 is a pattern you can open a conversation with.
How to find a crypto VC's co-investors in 3 steps
  1. Open the fund's NAUT pagePantera Capital carries 66 tracked rounds across 58 companies, read on 2 November 2026.
  2. List everyone else on each roundThose 66 rounds carry 297 other investor rows, which resolve to 168 distinct NAUT investor pages.
  3. Rank by shared roundsCoinbase Ventures shares 16 rounds, 4 firms share 6 each and 4 more share 5.

Step 1: read the fund's round rows, not just the headline count

A round count and a company count answer 2 different questions, and the gap matters when you are about to cite a number. Pantera Capital's NAUT page counts 66 investments, 1 for each round row, and those 66 rows name 58 distinct companies, because 7 of them raised more than once with the fund and 1 raised 3 times. The round rows are the ones that carry the other investors, so they are what a co-investor search runs on.

Round types on those 66 rows are mixed: 18 seed rounds, 14 generic funding rounds, 7 Series A and 7 strategic rounds, plus smaller counts of private, PIPE, OTC and later-stage labels. A BD team sorting by round type gets a cleaner shortlist than one sorting by date, because 18 of the 66 rounds carry no announced date on NAUT's record.

Step 2: list every other investor on each round

This is the step that produces the co-investor set. On Pantera Capital's 66 rounds there are 313 other investor rows. 297 of them resolve to 168 distinct investor pages on NAUT, and the remaining 16 rows belong to 10 co-investors that NAUT holds as company pages rather than investor pages, which is normal for an exchange or a studio that invests from its balance sheet.

9 of the 168 are individual angels rather than firms. Keep them in the count and out of the fund ranking, because an angel who shares 2 rounds with a fund is a different kind of introduction from a firm that shares 6.

Step 3: rank by shared rounds and open the top pages

Ranking turns 168 names into a working list, because crypto VC co-investment is only worth acting on where it repeats. 9 firms share 5 or more of Pantera Capital's 66 rounds, 7 more share 4 each, and the long tail below that shares 1 or 2. The 9 are the table in the next section, and each one has a NAUT investor page with its team on it, which is where a co-investor list turns into a person to write to.

Which crypto co-investors share the most rounds with Pantera Capital?

9 firms share 5 or more rounds. The table is ranked by joint tracked rounds, highest first, and ties are listed alphabetically; the last column is each firm's most recent joint round that carries a date. For 5 of the 9 the number of companies in common runs lower than the round count, because the firm joined the same company twice.

Co-investor Rounds Latest round
16 , $50M, 1 Aug 2024
6 , $5M, 6 Oct 2026
6 , $18M, 26 Apr 2023
6 , $100M, 24 Feb 2025
6 , $18M, 26 Apr 2023
5 , $3M, 12 Nov 2020
5 , $12M, 14 Oct 2021
5 , $18M, 26 Apr 2023
5 , $18M, 1 Oct 2020

Coinbase Ventures is 1 firm in a class of its own here: 16 joint rounds against 6 for the next 4 firms, and 16 different companies, so it never doubled up on the same team alongside Pantera Capital. The largest joint round in the set is Decentralized Social (prev. Bitclout) at $200M, announced 21 September 2021, which carries both Coinbase Ventures and Polychain Capital on NAUT's record.

Joint tracked rounds with Pantera Capital, the 9 co-investors with 5 or more
  1. Coinbase Ventures16
  2. Founders Fund6
  3. Hashed6
  4. Polychain Capital6
  5. The Spartan Group6
  6. Digital Currency Group5
  7. Electric Capital5
  8. Jump Crypto5
  9. Multicoin Capital5

The drop after 16 is the useful shape. 1 firm shares a quarter of Pantera Capital's tracked rounds, and the rest of the top 9 sit in a band of 5 to 6, which is 8 firms with roughly the same claim on a warm introduction.

Where do the top crypto co-investors overlap on 1 round?

15 of the 66 rounds carry 2 or more of those 9 firms, and 1 round carries 4 of them. Nomina (prev. Omni Network) raised $18M announced 26 April 2023, and NAUT's record puts 6 investor rows on it, including Pantera Capital, Hashed, Coinbase Ventures, The Spartan Group and Jump Crypto. That single round is why 3 separate firms in the table show the same date in their last column.

A round like that is the best starting point in the whole data set for a founder, because 5 of the firms you want already sat at 1 table together and the company in the middle is a reference either of them can check in an afternoon. ThunderCore is a smaller version of the same pattern: a $50M round announced 19 February 2019 holding Electric Capital and Hashed alongside Pantera Capital.

How many of these rounds name a lead investor?

Very few, and this is a limit of the data rather than a finding about the deals. NAUT's record flags a lead investor on 3 of Pantera Capital's 66 rounds: 1 where the flagged lead is Pantera Capital itself, 1 where it is a firm that sits outside the 9 in the table, and 1 where it is Founders Fund, on the Anvil round of 6 October 2026. So among the 9 co-investors in the table, Founders Fund is the only one carrying a lead flag at all. An unflagged round means NAUT holds no lead for it, never that no firm led it.

Morpho's $50M round shows the gap directly. crypto.news's report of the round lists "Coinbase Ventures, Pantera Capital" among the investors and names a separate firm as having led it, and NAUT's record carries no lead flag on that round at all. So treat a co-investor list as proof of who was in a round, and check the lead against the company's own announcement before you put it in an email.

What this tells a BD team and a founder raising

  • A shared round is the cheapest warm introduction there is. The 9 firms in the table share 5 or more rounds with Pantera Capital, so a conversation with any of them starts with a company both sides already funded.
  • Rank before you write. 168 co-investor pages is a list nobody works through; 9 firms is a week of outreach.
  • Recency changes the pitch. Founders Fund's most recent dated joint round is Anvil on 6 October 2026 and Multicoin Capital's is Braintrust on 1 October 2020, which are 2 very different opening lines about the same relationship.
  • The round, not the firm, is the reference. Name the company and the date in the first sentence, because that is the fact the other side can confirm.
How a BD team works a co-investor list
  1. Start at the top of the ranking9 firms share 5 or more of Pantera Capital's 66 tracked rounds, and 7 more share 4 each.
  2. Pick the round you can both nameNomina (prev. Omni Network), $18M on 26 April 2023, holds 4 of those 9 firms alongside Pantera Capital.
  3. Open the firm's NAUT page for a personEach of the 9 has an investor page on NAUT carrying its team.
  4. Check the lead before you claim itNAUT flags a lead on 3 of the 66 rounds, so confirm it against the company's own announcement.

Related reading on NAUT: Pantera Capital portfolio: 58 companies, average round $24.7M and How to find the lead investor: 3 ways, tested on 20 rounds.

Can you pull this data through the NAUT API?

Yes, with the investor endpoint that returns the rows this article counted: GET https://api.naut.so/v1/investors/pantera-capital returns the fund with its team and its portfolio, each portfolio row carrying the company, the round type, the amount in USD, the announce date and whether the firm was lead. Run the same call for each candidate co-investor and the companies that appear in both responses are the overlap, at 5 credits a call, with the key sent as $NAUT_KEY in an Authorization: Bearer header. Documented parameters and credit prices are at naut.so/docs/api and the plans at naut.so/pricing. Verified Telegram, email and LinkedIn for the people at these funds unlock on any paid NAUT plan, so you can start a 7-day trial and open the channels.

Crypto co-investors FAQ

How do I find which funds co-invest with a crypto VC?

Open the fund's NAUT investor page, list the other investors on every round it backed, then rank those firms by shared rounds. On Pantera Capital that produced 168 other investor pages across 66 tracked rounds as of 2 November 2026, of which 9 firms share 5 rounds or more.

Who co-invests most with Pantera Capital?

Coinbase Ventures, on 16 of the 66 rounds NAUT tracks for Pantera Capital, covering 16 different companies, read on 2 November 2026. The next 4 firms are Founders Fund, Hashed, Polychain Capital and The Spartan Group, with 6 joint rounds each.

Where can I find these crypto co-investors and their contact channels?

Each of the 9 firms has its own NAUT investor page carrying its team and its portfolio, and GET https://api.naut.so/v1/investors/<fund-slug> returns the same fund, team and portfolio rows in 1 call. Verified Telegram, email and LinkedIn for those people unlock on any paid NAUT plan, so you can start a 7-day trial and open the channels.

Does a co-investor list tell me who led the round?

No. NAUT's record flags a lead investor on just 3 of Pantera Capital's 66 tracked rounds, 1 of the 3 being the fund itself, and an unflagged round means NAUT holds no lead for it rather than that no firm led. Check the lead against the company's own announcement, as with Morpho's $50M round of 1 August 2024.

How current is the co-investor data in this article?

It was read from NAUT's database on 2 November 2026. The 48 dated rounds in the set run from 29 March 2017 to 15 October 2026, and 18 of the 66 rounds carry no announced date on NAUT's record.

Sources

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