Pantera Partner: Why is the Crypto VC Landscape Different in 2025 from previous cycles?
Original title: The State of Crypto Venture Capital in 2025
Original author: Paul Veradittakit, partner of Pantera Capital
Original compilation: Luffy, Foresight News
Summary
· 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.
· The current cycle is more solid, driven by greater regulatory transparency in the United States and global growth momentum.
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...