Mason Nystrom
@masonnystrom
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Investing @PanteraCapital Writing: Unsyndicated Prev: @variantfund @MessariCrypto @ConsenSys
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Joined March 2013
I fully agree that Coinbase could improve in some areas, but a lot of this criticism feels shortsighted. Comments I agree with: - Coinbase could be more focused on the core parts of crypto which Robinhood is quickly caughting up to them on or surpassing them on (e.g. prediciton
I give full credit to Brian Armstrong for jumping on Bitcoin early when nobody believed it was a thing. He stuck with it and persevered through the toughest of times. I also think anecdotally he seems like a nice and likeable guy. But I don’t think he’s making good decisions as
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So much fun chopping it up with the best of the best @masonnystrom @Hootie_R on the last pod of the year Mason is a wonderful podcast host, Stateful will be one to watch in 2026!
Episode 2 of Stateful, the Pantera Podcast is 🔥 I chat with two of the best investors and long term thinkers in crypto, @Hootie_R (Hash3) and @AlanaDLevin (@variantfund). We break down some of 2025's winners and losers, plus some predictions for 2026!
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Episode 2 of Stateful, the Pantera Podcast is 🔥 I chat with two of the best investors and long term thinkers in crypto, @Hootie_R (Hash3) and @AlanaDLevin (@variantfund). We break down some of 2025's winners and losers, plus some predictions for 2026!
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Who were the winners and losers of 2025? 2025 Winners: Stablecoins, prediction markets, Robinhood, Stripe, Base, and other incumbents. 2025 Losers: Gaming (down 96%), MetaMask, Biden-era SEC, restaking as a narrative, and DePIN headwinds. 2026 Predictions from @AlanaDLevin and
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Who were the winners and losers in 2025? What’s next for crypto in 2026? In this Stateful episode, @masonnystrom sits down with @Hootie_R from @hash3xyz and @AlanaDLevin from @variantfund to recap the year and discuss the new playbook for value accrual. 00:20 Stateful Overview
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Episode 2 of Stateful, the Pantera Podcast is 🔥 I chat with two of the best investors and long term thinkers in crypto, @Hootie_R (Hash3) and @AlanaDLevin (@variantfund). We break down some of 2025's winners and losers, plus some predictions for 2026!
Who were the winners and losers in 2025? What’s next for crypto in 2026? In this Stateful episode, @masonnystrom sits down with @Hootie_R from @hash3xyz and @AlanaDLevin from @variantfund to recap the year and discuss the new playbook for value accrual. 00:20 Stateful Overview
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“Happiness is the gap between expectations and reality.” - Morgan Housel
Call me elitist but the biggest economic change has been expectations, not reality
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America now demands fairness and reciprocity in trade — from adversaries like China AND from allies like South Korea. But Seoul insists on reprisals against American companies operating in Korea — NOT ACCEPTABLE! article in replies…
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The UX and interface of prediction markets is going to change drastically over the next few years. New products should avoid UX path dependency . Uniswap built a novel product and UX for trading. But so many apps after that just copied the Uniswap trading UX. In reality
polymarket and kalshi are objectively trash products anyone who disagrees is either biased or has their head in the sand
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Messari Analysts Holdings 👀 Takeaways from "what the kids are buying these days" - Majors (BTC, ETH, SOL) - Hype - long tail defi (ENA, ZEX, among others) - Narratives (ownership coings, privacy, AI) Summarizing their 2026 convictions: - Crypto equities (HOOD, COIN, GLXY,
We are so back! The Messari Theses for 2026 is live and available for free. Jump into the full report now ⬇️
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- @RedotPay launched in April 2023. Now serves 6M users across 100+ countries, with $10B+ in processed payments. - The standout is how the growth shows up. They do run a referral program (rare in tradfi card biz):referrers earn 20% of card issuance fees + 5 bps on ongoing
Stablecoin payments are scaling fast. Unicorn @RedotPay has raised $107M in a Series B, saying it now processes over $10B in annualized volume and generates more than $150M in annualized revenue while already profitable, with backing from @PanteraCapital, @blockchaincap, @circle
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every cycle, there are always 3-4 bottoms-up primitives that mature, stick around, and truly expand the applications horizon of crypto in 2020-2021, this was AMMs, lending, stables. in 2024-2025, this is perps, launchpads, pred markets never fade crypto primitives.
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The plan was clean. The escape? Not so much. Midway City doesn’t play fair. Wishlist this 4-player coop heist FPS on Steam today.
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Don't think people realize just how challenging venture is as an asset class. Top decile small funds being around 3-4x TVPI showcases that returns don't come easy amidst lots of competition.
How are the top 10% of small VC funds doing? Data - 2,300+ funds, all w/ $1m-$100m in capital. Vintage years 2017-2024 - Metric: top decile net TVPI Top 10% for vintage year 2021 is still struggling relative to prior years. Top 10% for 2017/2018 over the 3x mark.
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Watch the Stateful podcast for some of the Pantera teams commentary on the state of crypto venture capital https://t.co/vvO9SlVBiA
Super excited to launch Stateful, the @PanteraCapital Podcast! The first episode is live, where @FranklinBi, @veradittakit, and I chat about a few topics: - Robinhood vs. Coinbase stock - Stablecoin payment chains - Privacy as venture category vs. privacy as feature - The
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Subsector analysis - Exchanges, exchanges, exchanges - tokenization - AI - Gaming (might be back)
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Sector analysis: - Finance remains top sector - Consumer apps get funded despite the the “we need more apps” mantra on the timeline - DATs, obviously.
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Median early stage data tell a similar story, rebounding to ATHs in preseed/seed round sizes. Series A and Series B median round sizes are slightly lower than 2022 highs, but are mostly elevated from the previous year.
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Average round sizes have rebounded to 2022 peaks for preseed/seed and Series A rounds. However, for Series B investments, we've seen a reduction in average round sizes, implying more maturity and less froth in the market than previous cycle tops.
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Crypto M&A continues to improve, reaching a record high in 2025. This creates a better atmosphere for crypto startups, improving the exit opportunities beyond token or IPO. Coinbase was the among the most active acquirers of the past year.
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Late stage fundraising and DATs were clear drivers of increased capital into the space in 2025. But, even without DATs, this year will surpass previous years in terms of record fundraising announcements. Early stage deals (sub $50m rounds) remains fairly constant across 2024
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Jackson Gebhardt QB/ATH 1354 pass yards 900 rush yards 11 passing touchdowns 10 rushing touchdowns 21 total touchdowns All conference 1st team All state Honorable mention All academic honorable mention 2254 total yards first in all of conference
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While capital deployed is reaching highs, deal count is at lows, 50% of that of 2022 and down from even the 2023 bear. (data as of Nov 28th) What does this mean? - Less deals overall, but more chunky deals - Less early stage, more late stage - Pre-IPO rounds and new large
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