Crypto won the weekend. While U.S. equities sat frozen during the Iran conflict, unable to reprice a material shift in global risk, Bitcoin rallied toward $74,000 and commodities found price discovery on DeFi before traditional markets opened.
As I write this, the world is watching the conflict in Iran unfold in real time. While U.S. equities sat frozen over the weekend, unable to reprice a material shift in global risk, crypto didn’t wait. Bitcoin rallied, approaching $74,000 at the time of writing. Oil and gold found price discovery on Hyperliquid (disclosure: a Pantera investment). This isn’t new; we saw the same thing last month when China implemented restrictions and commodities were repriced on DeFi platforms before traditional markets opened Monday morning. Traditional hedge funds are increasingly migrating over. The 24/7 nature of crypto is no longer a marketing tagline; it’s a structural advantage that legacy finance simply cannot replicate.
And yet, crypto remains deeply oversold relative to where the fundamentals actually are. We’re unarguably in another bear market (my fourth), but this one is categorically different. The regulations are coming through. Institutional money has a seat at the table. The plumbing is in place.
I saw this firsthand at Consensus Hong Kong recently. The energy in Asian markets is a stark contrast to what we’re experiencing in the West. There’s palpable bullishness driven by bipartisan government support, new institutional capital, and a relentless focus on consumer applications. A huge thank you to Michael Lau and the entire Consensus team. Here is my fireside chat with Michael Lau, Chairman of Consensus.
Where I see Asia heading in 2026:
This brings me to the defining thesis for 2026: we are moving from Crypto as a Sector to Crypto as a Service (CaaS). The goal is no longer for users to see the blockchain. The goal is for them to forget it’s even there.
For over a decade, we built the “spectacle” of crypto — gas wars, TPS counts, modular stacks, ZK-proofs. In 2024, we got our institutional seal of approval via the ETFs. In 2025, we finalized the plumbing. But 2026 is the pivot.
The next generation of unicorns won’t be “L3s for AI-NFTs.” They will be companies that solve $100B+ legacy problems by using blockchain to make a product 10x more efficient — while completely hiding the underlying tech. This brings me to our latest investments:
We are seeing this same invisible pivot across our entire portfolio:
Agentic payments will drive this transformation. Payment standards like x402 allow AI agents to transact directly with crypto assets while regulatory clarity on stablecoins smooths the rails. For a deeper dive, see my colleagues’ Cosmo Jiang and Sam Lehman’s piece:
If you are a founder building in 2026, my advice is simple: Stop talking about your tech and start talking about your utility. If your pitch deck has a slide on consensus mechanisms before a slide on customer ROI, then you are building for 2022. We are looking for the teams building the next Novig, Based, and Doppler — the ones who realize that mass crypto adoption actually happens when it becomes so seamless that people stop noticing it.
Anchorage Digital’s Bitcoin Bet: Crypto Bank Takes Stake in Strategy’s STRC
This federally chartered U.S. crypto bank disclosed its perpetual preferred stock holdings issued by Strategy. This action followed a $100 million equity investment from Tether and may signal broader upcoming strategic initiatives.
Major Miner Just Expanded in Texas
Mining manufacturer Canaan Inc provided $39.75 million in stock in exchange for Cipher Mining’s 49% stake in three projects in Texas. This will add 4.4 EH/s and 120 MW of power capacity.
Metalpha, Exos Financial, and BlockchainK2 Announce Joint Venture for US Institutional Digital Asset Market
The joint venture will focus on “OTC derivatives and hedging, digital asset investment strategies, and securities-linked transactions, leveraging Exos’s US regulated platform and BlockchainK2’s tokenization technology.”
Hong Kong Expands Crypto Licensing, Stablecoin Regime in 2026-27 Budget
The country plans to create new licensing rules, tokenization initiatives, and stablecoins approvals to further strengthen its standing as global digital asset leader.
Bill to Regulate Crypto Kiosks on the Move
Legislation to regulate crypto kiosks is being discussed in South Carolina’s House and Senate. Often seen in gas stations and convenience stores, customers use these kiosks to buy or sell crypto with fees of 5 to 15% for each transaction.
Crypto.com Receives Conditional Approval for US National Trust Bank Charter
The Office of the Comptroller of the Currency conditionally approved Singapore-headquartered Crypto.com’s application for the US charter. The banking entity will be called Foris Dax National Trust Bank DBA Crypto.com National Trust Bank.
FEEN Wants to Capture Crypto Trading Culture Through Market-Powered Prediction Game
This gamified crypto prediction market relies on 30-second token races where participants bet on which crypto will “pump the hardest” over this quick burst of time. One of the founders compares this innovation to the compression of longer content into short Tik-Tok videos.
Kraken Introduces Fixed-Rate Crypto Loans for its Pro Users
Flexline crypto-backed loans will carry terms from two days to two years. Proceeds are given in stablecoins or crypto, which can be withdrawn or traded on the platform depending on eligibility requirements.
DeFi Brokerage Launches ‘Project 0 Pay’ for Crypto-Backed Borrowing
Project 0 Pay will allow users to borrow against crypto investments to pay off credit card debt without liquidating assets or disrupting yield generation.
Investing in Based
Pantera leads a $11.5 million investment round for this leading trading platform for Hyperliquid and more. Since its launch in July 2025, Based now makes up more than 1% of global daily Hyperliquid volume, making it the leading Hyperliquid Builder by volume.
The Market Always Wins
Pantera is leading the Series B investment in sports prediction market Novig. This platform provides a new peer-to-peer exchange with better consumer protections: people wager on sports and have higher probabilities of winning because they’re not betting against the house.
Investing in Doppler
We’re making a seed round investment in Whetstone, which has created a custom capital markets protocol for asset issuance and trading: Doppler Protocol. Projects leveraging Doppler Protocol include Zora, Paragraph, Cooprecords, and Ohara among others.
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