Stateful

Pantera Capital
  • 5.0 (1)
  • INVESTING

On Stateful, we go deep into blockchain venture capital: investing in DeFi, digital asset treasuries, Solana, and the frontier of Web3 infrastructure. Each episode unpacks Pantera’s new investments, explores the dynamics of asymmetric returns, and provides insights into the projects and protocols shaping the next generation of finance. Whether you’re a founder, investor, or simply blockchain-curious, Stateful brings you behind the curtain with the team that’s been first to nearly every milestone in the space. Pantera Capital was the first U.S. institutional asset manager exclusively focused on blockchain technology, launching the first U.S. crypto fund when bitcoin traded at $65. Since 2013, Pantera has pioneered venture equity, early-stage tokens, and liquid digital asset strategies—backing more than 100 blockchain companies and 110 token projects globally.

Episodes

  1. MAR 19

    Prediction Markets and the Disruption of Sports Betting

    Mason Nystrom sits down with Jacob Fortinsky (Novig) to explore why sports betting is broken, how prediction markets are replacing the casino model, and why the $2T global sports market is ripe for disruption.Website: https://novig.com/Careers: https://novig.com/careersNovig X: https://x.com/NovigThe problem: sports books take ~10% of every bet, ban profitable users, and offer no price competition. Novig introduces peer-to-peer sports markets. A free-market exchange where users get 5% better odds on average and even the chance to be the house.Key Topics:- Why sports books are broken: 10% vig, banning winners, zero price competition- Prediction markets vs. sportsbooks: introducing a peer-to-peer bid/ask model to sports- The CFTC regulatory shift: sports event contracts as financial products, nationwide liquidity- Commission-free for retail: Novig charges only institutional/algorithmic market makers- Being your own house: market makers, order books, and collecting the spread on sports- Consumer behavior shift: sports bettors now think like traders (crypto, options, meme coins)- The BetFair lesson: why European exchanges failed and why the US is different- North Star: building the most liquid, efficient global sports exchange- Founder advice: stay alive, don't chase what's hot, invest in slope over intercept- Hiring: cultural fit, team mentality, and why Novig requires NYC in-personThe views expressed in the podcast are those of the individual personnel quoted and are not the views of Pantera Capital Partners LP or its affiliates ("Pantera"). The podcast is provided for informational purposes only to provide market commentary and for general educational purposes, and should not be relied upon as legal, business, investment, or tax advice. The podcast is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest. Please see additional important disclosures related to the content discussed in the podcast here.

    30 min

  2. MAR 13

    The Future of Onchain Capital Markets

    ason Nystrom sits down with Austin Adams (Doppler Protocol) to explore why token launches are broken, how traditional IPOs died, and what onchain capital markets can fix. The problem: 20% of all token launches in 2025 traded below their issue price. Traditional IPOs now happen at terminal valuations. OpenAI and SpaceX go public where they used to peak. Amazon IPO'd under $1B and went up 1000x in public markets. Apple went public in their second year. That doesn't happen anymore. Key Topics: • Why token launches fail: extractive pricing, poor liquidity, delayed price discovery • The death of the IPO: companies now go public at $1T+ instead of early-stage • How Circle's IPO popped 40%+ due to 3-month-old pricing (Genius Act repriced everything) • One size fits none: why custom capital markets beat cookie-cutter token launchers • Bundling price discovery with liquidity: the only way to prevent chart disasters • Why coding stops being the moat (AI can write Solidity/Rust, but can't generate novel ideas) • Ethereum vs Solana: go where the users are, the chain doesn't matter • The future: solo unicorns and micro-companies with tokenized equity The views expressed in the podcast are those of the individual personnel quoted and are not the views of Pantera Capital Partners LP or its affiliates ("Pantera"). The podcast is provided for informational purposes only to provide market commentary and for general educational purposes, and should not be relied upon as legal, business, investment, or tax advice. The podcast is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest. Please see additional important disclosures related to the content discussed in the podcast here.

    34 min

  3. JAN 30

    The Convergence of AI and Crypto

    Mason Nystrom sits down with Sam Lehman (Pantera Capital) and Rishin Sharma (Solana Foundation) to explore the convergence of AI and crypto—where $211B in AI funding meets blockchain innovation. AI attracted $211 billion in VC funding in 2025 while crypto AI got just 1-3%. But the intersection is heating up.  Key Topics: • Text-to-trade: AI replacing traditional crypto UX ("talk to your phone instead of navigating menus") • AI-powered wallets as the first $5B+ crypto AI consumer app • Smart contract auditing and formal verification with AI • Private AI: FHE, TEEs, and ZK proofs for enterprise • Agentic payments and X.402 enabling micropayments at scale • Why we're in an LLM bubble, not an AI bubble • Agent-to-agent commerce and the new internet economy The views expressed in the podcast are those of the individual personnel quoted and are not the views of Pantera Capital Partners LP or its affiliates ("Pantera"). The podcast is provided for informational purposes only to provide market commentary and for general educational purposes, and should not be relied upon as legal, business, investment, or tax advice. The podcast is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest. Please see additional important disclosures related to the content discussed in the podcast here.

    44 min

  4. JAN 14

    Bitcoin vs Gold: What 2026 Holds for Investors

    Mason Nystrom sits down with Mike Kremer (Tulip King, CounterpartyTV) and Brian Breslow (No Limit Holdings) to break down Bitcoin's 2025 underperformance vs gold and what's next for crypto. 2025 Reality Check: Bitcoin went negative while gold rallied 60%. De-dollarization happened—but nations chose gold over Bitcoin. Why? Bitcoin's $2T market cap wasn't ready to absorb central bank-scale flows. Gold's $20T was.Key Topics: Bitcoin's bottoms-up adoption: Nations will be last, not first Crypto's "Amazon bottom" moment and finding winners Tether flipping Ethereum at $500B valuation (and why it's bullish) DEXs vs CEXs: Hyperliquid's path to taking down Binance Equity perps: 20-30% of perp volume by year-end Bold Take: Losing L1 monetary premium destroys $500B of "fake" market cap but creates $50B in real businesses. The views expressed in the podcast are those of the individual personnel quoted and are not the views of Pantera Capital Partners LP or its affiliates (“Pantera”). The podcast is provided for informational purposes only to provide market commentary and for general educational purposes, and should not be relied upon as legal, business, investment, or tax advice. The podcast is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest. Please see additional important disclosures related to the content discussed in the podcast here.

    57 min

  5. 12/23/2025

    Crypto Is Getting Tough Again: Who Wins & Loses

    Mason Nystrom sits down with Hootie Rashidifard (Hash3) and Alana Levin (Variant) to break down 2025's winners and losers—plus bold predictions for 2026. 2025 Winners: Stablecoins ($30M→$1T volume), prediction markets, Robinhood, Stripe, Base 2025 Losers: Gaming (down 96%), MetaMask, Biden-era SEC, restaking, DePIN 2026 Predictions:  • Crypto gets hard again (capital constrained, mission-driven founders emerge)  • More crypto IPOs and M&A • Gemini likely gets acquired  • Bitcoin dominance increases Topics: Coinbase expansion, distribution moats, will incumbents win everything, prediction market volume doubling. The views expressed in the podcast are those of the individual personnel quoted and are not the views of Pantera Capital Partners LP or its affiliates (“Pantera”). The podcast is provided for informational purposes only to provide market commentary and for general educational purposes, and should not be relied upon as legal, business, investment, or tax advice. The podcast is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest. Please see additional important disclosures related to the content discussed in the podcast here.

    57 min

  6. 12/16/2025

    State of Crypto VC : $34B Raised, 50% Fewer Deals

    Welcome to Stateful, the Pantera Podcast. In our inaugural episode, host Mason Nystrom sits down with two of crypto's most experienced investors: Paul Veradittakit, Managing Partner at Pantera Capital with 11 years investing in the space, and Franklin Bi, General Partner who founded JP Morgan's blockchain team before joining Pantera seven years ago. What We Cover: The venture landscape has transformed dramatically since the metaverse mania of 2021-22. While total fundraising hit an all-time high of $34 billion this year, deal count has dropped nearly 50%. We break down what this flight to quality means for the industry and why later-stage rounds are dominating the market. Paul and Franklin discuss the catalysts reshaping crypto venture – from Circle's IPO finally completing the exit story for VCs, to Bitcoin ETFs opening institutional floodgates, to the explosive rise (and recent cooling) of Digital Asset Treasuries. We explore why DATs represent a fundamental shift in how markets capture value from digital assets, and where this new vehicle class goes from here. Investment Themes for the Next Cycle: Tokenization: Why this multi-decade play is still in its first inning, and how it compares to newspapers going online in the early internet era ZK-TLS and Web Proofs: The non-custodial data revolution that aims to solve blockchain's "trash in, trash out" problem Stablecoins and Payments: How regulatory clarity may unlock the original "money over IP" vision Prediction Markets: From Polymarket's $2B raise to the democratization of information markets Bullish or Bearish: The team weighs in on: Robinhood vs. Coinbase stock (3-year time horizon) Stablecoin payment chains and the distribution advantage Privacy as venture category vs. privacy as feature The future of the L1 trade and application-specific chains Plus: Real talk on token vesting schedules, the timeline discourse, and why 98% of crypto ventures are worth nothing (and why that's actually normal). This is crypto venture investing without the hype – data-driven insights from investors who've been through three -85% drawdowns and four market cycles. The views expressed in the podcast are those of the individual personnel quoted and are not the views of Pantera Capital Partners LP or its affiliates (“Pantera”). The podcast is provided for informational purposes only to provide market commentary and for general educational purposes, and should not be relied upon as legal, business, investment, or tax advice. The podcast is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest. Please see additional important disclosures related to the content discussed in the podcast here.

    49 min
  • 6 Episodes

Ratings & Reviews

About

On Stateful, we go deep into blockchain venture capital: investing in DeFi, digital asset treasuries, Solana, and the frontier of Web3 infrastructure. Each episode unpacks Pantera’s new investments, explores the dynamics of asymmetric returns, and provides insights into the projects and protocols shaping the next generation of finance. Whether you’re a founder, investor, or simply blockchain-curious, Stateful brings you behind the curtain with the team that’s been first to nearly every milestone in the space. Pantera Capital was the first U.S. institutional asset manager exclusively focused on blockchain technology, launching the first U.S. crypto fund when bitcoin traded at $65. Since 2013, Pantera has pioneered venture equity, early-stage tokens, and liquid digital asset strategies—backing more than 100 blockchain companies and 110 token projects globally.

Information

  • Creator
    Pantera Capital
  • Years Active
    2025 - 2026
  • Episodes
    6
  • Rating
    Clean
  • Copyright
    © Pantera Capital
  • Show Website
    Stateful

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