Pantera Capital Partners LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed February 27, 2026), Pantera Capital Partners LP reported 4 stock positions worth $175.4 million. Its top holding was Circle Internet (CRCL) at 45.8% of the portfolio, followed by Bitwise Bitcoin ETF (BITB, 41.4%) and Defi Development (DFDV, 10.5%). Compared with Q1 2025, it opened 3 new positions, sold out of 1 and reduced 1. The biggest buy was a new position in Circle Internet (CRCL) and the biggest sale Bitwise Bitcoin ETF (BITB, shares −60%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0002067181
Portfolio Value
$175.4M (Q2 2025)
SEC Filing
0000902664-26-001358 ↗ filed Feb 27, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q4 2024: $325.2M Q4 2024 Q1 2025: $148.4M Q1 2025 Q2 2025: $175.4M $175.4M Q2 2025 Q3 2025: $497.7M Q3 2025 Q4 2025: $163.8M Q4 2025 Q1 2026: $157.7M Q1 2026 Q2 2026: $101.7M Q2 2026

Holdings 4 stocks · $175.4M
CRCL Circle Internet Group Inc. 45.77% 442,898 $80.3M New
BITB Bitwise Bitcoin ETF 41.42% 1,240,000 $72.7M Reduce -59.9%
DFDV Defi Development Corp. 10.54% 862,659 $18.5M New
UPXI Upexi Inc. 2.26% 1,331,804 $4.0M New

Portfolio Sells Q1 2025 → Q2 2025
BITB Bitwise Bitcoin ETF Reduce -59.9% 41.42% −52.00
ETHW Bitwise Ethereum ETF Sold out 0.00% −6.58

Portfolio Buys Q1 2025 → Q2 2025
CRCL Circle Internet Group Inc. New 45.77% +45.77
DFDV Defi Development Corp. New 10.54% +10.54
UPXI Upexi Inc. New 2.26% +2.26

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 13$101.7MFIGR, PURR, BMNR, HSDT, ORBS
Q1 2026 13$157.7MFIGR, BTGO, BMNR, DYNC, PURR
Q4 2025Amended 14$163.8MFIGR, BMNR, ORBS, PURR, HSDT
Q3 2025Amended 16$497.7MBMNR, ORBS, HSDT, FIGR, CRCL
Q2 2025Amended 4$175.4MCRCL, BITB, DFDV, UPXI
Q1 2025 2$148.4MBITB, ETHW
Q4 2024 2$325.2MBITB, ETHW