NAUT tracks 58 companies in the Pantera Capital portfolio, across 66 funding rounds. The 63 rounds that disclose a size add up to $1.56B, the average one is $24.7M and the median is $11.5M, and infrastructure is the largest sector group with 15 companies.
Data note. Counted on 27 October 2026 from NAUT's own database: the company rows tied to the investment rows where NAUT records Pantera Capital as a backer. NAUT lists the fund under 2 rows, the canonical pantera-capital row with 66 rounds and a second ico-pantera row carrying 1 round from September 2021. Every count on this page comes from the canonical row, and the 2 rows are never merged, so the second row's single round sits outside the 58 companies and the $1.56B. The fund's own NAUT page stores a portfolio count of 62 and an average round of $25.07M; both are stored fields written by an earlier job, and the numbers here are recomputed from today's rows instead, which gives 58 companies and $24.7M.
48 of the 66 rounds carry an announcement date, from March 2017 to October 2026, and 18 carry none, so a date is shown only where NAUT holds one. 3 rounds disclose no amount at all, which is why the averages run across 63. Each company sits in exactly 1 sector group here, the first sector tag NAUT holds for it, so the groups add up to 58; a company often carries more tags than that, and a tag search on NAUT will surface it in each. A lead flag sits on 1 of the 66 backer rows and came in from an aggregator feed, so lead status is a gap in the data here and is not reported for any round on this page. A source check ran on the 11 largest rounds, against company announcements and named press reports. Written by NAUT Research.
What is in the Pantera Capital portfolio on NAUT?
Cos is companies. Avg and Median are the size of 1 round in that group, and Total is the disclosed sum.
| Sector | Cos | Rounds | Avg | Median | Total |
|---|---|---|---|---|---|
| Infrastructure | 15 | 18 | $17.8M | $11.6M | $319.8M |
| DeFi | 11 | 13 | $14.9M | $6.5M | $178.6M |
| L1, L2, L3 | 8 | 8 | $61.9M | $41.0M | $495.0M |
| AI | 4 | 5 | $29.7M | $20.0M | $148.7M |
| Gaming | 4 | 4 | $8.0M | $7.3M | $32.1M |
| Tools | 2 | 2 | $12.0M | $12.0M | $24.0M |
| DEXs | 2 | 2 | $10.9M | $10.9M | $21.9M |
| Other sectors | 5 | 5 | $65.6M | $28.8M | $262.5M |
| No sector tag | 7 | 9 | $9.3M | $6.5M | $74.1M |
The spread between the groups is the useful part. A base layer round in this set averages $61.9M and an infrastructure round $17.8M, while the 4 gaming companies average $8.0M, so the size of cheque a founder should expect depends more on the sector than on the fund. Counting every tag a company carries rather than only its first, 21 of the 58 carry the infrastructure tag, 18 carry DeFi and 13 carry a base layer tag. These Pantera Capital investments reach back to March 2017, so the mix reads as the fund's history rather than its position today.
Pantera Capital portfolio companies by sector
Every company below links to its NAUT page, which lists its team, its rounds and the other funds on its cap table. Disclosed adds every round in this set, so a company backed twice shows the sum of both, and a round with no stored amount shows a dash. Where the fund came back, the last column says how many rounds it holds.
Infrastructure (15 companies)
| Company | Disclosed | Latest round |
|---|---|---|
 Starknet |
$111.0M | Series B, Mar 2021 (3 rounds) |
 Morpho |
$50.0M | Strategic round, Aug 2024 |
 Jambo |
$30.0M | Series A, May 2022 |
 Humanity |
$20.0M | No date stored |
| Rialo | $20.0M | No date stored |
 Ankr |
$15.0M | Funding round, Jun 2018 |
 Obol Network |
$12.5M | Series A, Jan 2023 |
 Aurora |
$12.0M | Private round, Oct 2021 |
 raikucom |
$11.3M | No date stored |
 Altius |
$11.0M | No date stored |
 Handshake |
$10.2M | Seed, Aug 2018 |
 Audius |
$8.6M | Strategic round, Jul 2020 (2 rounds) |
 OpenGDP |
$3.3M | No date stored |
 API3 |
$3.0M | Private round, Nov 2020 |
 GEODNET |
$2.0M | Strategic round, Apr 2024 |
DeFi (11 companies)
| Company | Disclosed | Latest round |
|---|---|---|
 Ethena |
$100.0M | Private round, Feb 2025 (the stored date does not match the dated source found in the check) |
 Balancer |
$24.2M | Funding round, May 2021 |
 Avantis |
$12.0M | No date stored (2 rounds) |
 Chainflip |
$10.0M | Equity round, May 2022 |
 ECO |
$8.5M | Seed, Jan 2020 |
 aPriori |
$8.0M | Seed, Jul 2024 |
 Anvil |
$5.0M | OTC purchase, Oct 2026 |
 Ampleforth |
$4.8M | Funding round, Dec 2018 (2 rounds) |
 Hedge Labs |
$3.7M | Seed, Apr 2022 |
 Fluid |
$2.4M | Seed, Oct 2019 |
 Bounce Finance |
- | Funding round, Mar 2021 |
Layer 1, 2 and 3 (8 companies)
| Company | Disclosed | Latest round |
|---|---|---|
 Helium |
$200.0M | Series D, Feb 2022 (the stored date does not match the dated source found in the check) |
 Mina Protocol |
$92.0M | Funding round, Mar 2022 |
 ThunderCore |
$50.0M | Funding round, Feb 2019 |
 Oasis Network |
$45.0M | Funding round, Jul 2018 |
 Sahara AI |
$37.0M | No date stored |
 Nexus |
$25.0M | No date stored |
 Terra Luna Classic |
$25.0M | Strategic round, Jan 2021 |
 Mezo |
$21.0M | No date stored |
AI (4 companies)
| Company | Disclosed | Latest round |
|---|---|---|
 Sentient |
$85.0M | Seed, Jul 2024 (the stored date does not match the dated source found in the check) |
 NEAR Protocol |
$33.7M | Funding round, May 2020 (2 rounds) |
 OpenMind |
$20.0M | No date stored |
 Gradient |
$10.0M | No date stored |
Gaming (4 companies)
| Company | Disclosed | Latest round |
|---|---|---|
 Revolving Games |
$13.0M | No date stored |
 Perion |
$8.6M | Early access round, Dec 2021 |
 Zentry |
$6.0M | Seed, Nov 2021 |
 Moonfrost |
$4.5M | Seed, Jun 2022 |
Tools (2 companies)
| Company | Disclosed | Latest round |
|---|---|---|
 Braintrust |
$18.0M | Strategic round, Oct 2020 |
 Pontem Network |
$6.0M | Funding round, Jan 2024 |
Decentralized exchanges (2 companies)
| Company | Disclosed | Latest round |
|---|---|---|
 Based |
$11.5M | No date stored |
 ShapeShift |
$10.4M | Series A, Mar 2017 |
Other sectors (5 companies)
Social, insurance, payments, poker and money market teams, each the only company carrying its tag in this set.
| Company | Disclosed | Latest round |
|---|---|---|
 Decentralized Social |
$200.0M | Funding round, Sep 2021 |
 meanwhile |
$37.5M | Undisclosed round, Oct 2026 |
 Morph |
$20.0M | No date stored |
 Virtue Poker |
$5.0M | Funding round, Apr 2021 |
 Zircuit |
- | No date stored |
No sector tag (7 companies)
These 7 rows carry no sector tag at all, so a sector filter on NAUT will never return them. Work them from this list.
| Company | Disclosed | Latest round |
|---|---|---|
 Globe Derivative Exchange |
$21.0M | Funding round, Apr 2021 (2 rounds) |
 Nomina |
$19.6M | Funding round, Apr 2023 (2 rounds) |
 bloXroute |
$19.0M | Series A, May 2019 |
| Fission Labs | $10.0M | Series A, Oct 2026 |
 Defx |
$2.5M | No date stored |
 Parallel Finance |
$2.0M | Seed, Jun 2021 |
 Evernorth |
- | PIPE, Oct 2025 |
How big is a round in this portfolio?
The rounds in this set run from $1.6M to $200.0M. The average is $24.7M and the median $11.5M, so the average sits above the typical cheque by more than 2 times. 2 rounds explain most of that gap, and both are $200.0M: Helium's Series D and the round NAUT records for Decentralized Social (prev. Bitclout). Together they are 26% of the $1.56B.
The chart adds every round per company, so Starknet / Starkware shows all 3 of its rounds. 3 companies sit in no bar because no round NAUT holds for them discloses an amount: Evernorth, Bounce Finance and Zircuit.
What the source check found
The 11 largest rounds went to a source check against company announcements and named press reports. 3 rounds hold up on both the amount and the date. Mina Protocol published the $92.0M raise itself on 17 March 2022, through strategic and private sales. Morpho's $50.0M strategic round was reported on 1 August 2024 as a lending protocol raise led by Ribbit Capital. ThunderCore's $50.0M was reported in February 2019 and matches the stored row.
3 rounds carry a date NAUT stores that the dated source disagrees with, and those rows are marked in the tables above. The amounts are not in doubt in any of the 3, so they stay in the $1.56B, the average and the median.
| Company | Amount | Stored | What the check found |
|---|---|---|---|
| Helium |
$200.0M | Feb 2022 | A dated report puts the Series D later in 2022 |
| Ethena |
$100.0M | Feb 2025 | A dated report puts the private round earlier |
| Sentient |
$85.0M | Jul 2024 | The round closed before the date NAUT stores |
Every row above stays visible, because hiding a row is how a wrong number survives. The rounds outside the 11 largest were not checked one by one, so read this as the mismatches found in the rows that were, rather than the complete list.
Which companies did the fund back more than once?
7 of the 58 companies appear in more than 1 round, and 51 appear in 1. Starknet / Starkware is the only company here on 3 rounds, a seed in May 2018, a Series A in October 2018 and a Series B in March 2021. For a founder, those 7 rows are the evidence that a follow-on from this fund happens.
| Company | Disclosed | Round types |
|---|---|---|
| Starknet |
$111.0M | Series B, Series A, Seed |
| NEAR Protocol |
$33.7M | Funding round, Funding round |
| Globe Derivative Exchange |
$21.0M | Funding round, Strategic round |
| Nomina |
$19.6M | Funding round, Seed |
| Avantis |
$12.0M | Seed, Series A |
| Audius |
$8.6M | Strategic round, Series A |
| Ampleforth |
$4.8M | Funding round, Seed |
What this portfolio tells a BD team
- The median round is $11.5M. Half of the 63 rounds that disclose a size are $11.5M or smaller, so a pitch built on the $24.7M average aims at the wrong company size.
- 3 rounds in this set are dated October 2026. Fission Labs at $10.0M, meanwhile at $37.5M and Anvil at $5.0M are the freshest money in the list, and fresh money is the shortest sales cycle.
- 7 companies carry no sector tag. Screen by sector alone and those 7 rows never appear, so work from this page rather than a tag filter.
- 181 other firms sit in these rounds. NAUT records them as backers somewhere across the 66 rounds, and the fund's page links each round, so an introduction through 1 of them reaches the same table.
Any crypto VC portfolio list ages from the day it is published, so this page carries the date it was counted and links the NAUT row behind every number.
- Pick the sector groupInfrastructure holds 15 of the 58 companies and DeFi another 11, so take the group you sell into and work it from the top.
- Size the pitch to the medianHalf of these 63 rounds are $11.5M or smaller, so the $24.7M average is the wrong anchor.
- Start with the October 2026 roundsFission Labs, meanwhile and Anvil are the 3 most recent dated rounds in the set.
- Open the company page for the peopleEvery company above links to its NAUT page, which lists its team and the other funds on its cap table.
What this tells a founder raising a round
- Know which average your round sits against. A base layer round in this set averages $61.9M, infrastructure $17.8M and gaming $8.0M, so the sector sets the expectation before the pitch does.
- The fund sits in small rounds too. The smallest round in the set is $1.6M, 12 of the 63 are under $4.0M and 24 are under $10.0M, so an early team is in scope.
- A second round happens. 7 of the 58 companies took more than 1 round from this fund, and Starknet / Starkware took 3.
- The co-investors are the warmer door. 181 other firms appear across these 66 rounds, and each of their own NAUT pages lists the people to reach.
- Find your sector groupA base layer round here averages $61.9M against $8.0M in gaming, so check which number your raise sits against.
- Pick 5 comparable roundsTake the companies in your group whose disclosed round is closest to yours and read their NAUT pages.
- Trace the co-investorsNAUT records 181 other firms across these 66 rounds, each linked from the round it joined.
- Ask for the warm pathA company this fund already backs is a shorter route to it than a cold message.
How to reach Pantera Capital
Pantera Capital's NAUT page is the route for deal makers: it lists all 66 rounds it is recorded in, the people NAUT holds against the firm, and the companies above. The fund's own site is panteracapital.com, and its contact page links the X account @PanteraCapital, which carries a verified badge, so that handle is the one to trust over any lookalike.
Can you pull this data through the NAUT API?
Yes. Every company and round in this article is in NAUT's developer API as JSON, the same records the pages show. GET https://api.naut.so/v1/investors/pantera-capital returns that fund with its team and every portfolio round NAUT holds (company, round type, amount, date, and whether it led), for 5 credits a call. A key with no credits gets clearly marked sample data, so you can build against it first. Plans start at $49 a month for 3,000 credits (pricing), and the API docs list every endpoint. Verified Telegram, email and LinkedIn for the people on NAUT unlock on any paid plan: start a 7-day trial.
Pantera Capital portfolio FAQ
How many companies are in the Pantera Capital portfolio?
NAUT tracks 58 companies backed by Pantera Capital as of 27 October 2026, across 66 funding rounds dated between March 2017 and October 2026. The fund publishes no portfolio count of its own, and its NAUT page carries a stored count of 62 written by an earlier job, so read 58 as the part of the portfolio NAUT can tie to a round today.
What companies has Pantera Capital invested in?
The largest disclosed totals in NAUT's set went to Helium and Decentralized Social (prev. Bitclout) at $200.0M each, then Starknet / Starkware at $111.0M across 3 rounds, Ethena at $100.0M and Mina Protocol at $92.0M. By count the portfolio leans on infrastructure (15 companies), DeFi (11), base layers and rollups (8), AI (4) and gaming (4).
How much does Pantera Capital invest in a round?
Across the 63 rounds in NAUT's set that disclose a size, the average round was $24.7M and the median $11.5M, measured between March 2017 and October 2026. Those are the sizes of the whole round rather than the fund's own cheque, which is rarely disclosed.
Which sectors does Pantera Capital back most?
Infrastructure is the biggest group at 15 of the 58 companies, followed by DeFi at 11 and base layers at 8. Counting every sector tag a company carries rather than its first, 21 of the 58 carry an infrastructure tag and 18 carry DeFi, as of 27 October 2026.
Does Pantera Capital lead rounds?
This page does not report lead status for any of the 66 rounds, because NAUT holds a lead flag on only 1 of the fund's backer rows and that flag arrived from an aggregator feed rather than a company announcement. Treat the absence as a gap in the data as of 27 October 2026 rather than a fact about the fund, and read each round's own NAUT page for who announced leading it.
Which companies did Pantera Capital back more than once?
7 of the 58: Starknet / Starkware on 3 rounds, then NEAR Protocol, Globe Derivative Exchange, Nomina (prev. Omni Network), Avantis, Audius and Ampleforth on 2 each, as recorded on 27 October 2026.
Sources
- Mina Protocol's own blog post, 17 March 2022, for the $92.0M raise and the funds that led it.
- CoinDesk on Morpho's $50M strategic round, 1 August 2024.
- VentureBeat on ThunderCore's $50M, 27 February 2019.
- Pantera Capital's contact page and its X account, for the handle that belongs to the firm.
- NAUT's database, read on 27 October 2026. Every count, sum, average, median and sector group here is computed from those rows rather than copied from a tracker.