Pantera Partner: Why is the 2025 Crypto VC Landscape Different from Previous Cycles?

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Written by Paul Veradittakit, Partner at Pantera Capital

Compiled by: Luffy, Foresight News

Brief

Crypto

  • companies have raised more than $16 billion and made more than 100 M&A deals so far this year. The industry is currently heading in a record direction, with total transactions exceeding full-year 2024 levels.

  • Driven by more transparent U.S. regulation and global growth momentum, the foundation of this cycle is more solid.

  • The wave of strategic mergers and acquisitions and IPOs will continue into the next cycle.

In 2025, record M&A and IPO activity is reshaping and driving the upgrading of the crypto industry, attracting new capital, institutions, developers, and users, and injecting impetus into blockchain innovation and applications. This pattern has also emerged in other major technological changes: decades of infrastructure construction often lead to explosive...

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