Pantera Capital Partners LP

2. Key Holdings

The portfolio is characterized by heavy concentration in a small number of specific equities, many of which appear to be small-cap or micro-cap stocks.

• Top Positions: The largest holding is BMNR (Bitmine Immersion Technologies) at $122.04 million (18.77%), followed closely by Eightco Holdings Inc at $106.54 million (16.39%) and Sonnet Biotherapeutics Holdings I at $93.56 million (14.39%).
• Concentration Risk: The fourth and fifth largest positions, Cantor Equity Partners Inc and Helius Med Technologies Inc, represent 13.77% and 8.90% of the portfolio, respectively. Notably, Helius Med Technologies is listed twice in the holdings data (likely representing two distinct share classes or a reporting artifact), both valued at $57.88 million.
• Bitcoin Exposure: The BITB (Bitwise Bitcoin ETF) remains a significant, albeit reduced, component of the portfolio, holding the 7th position with $28.62 million (4.40%). This indicates that while the firm is pivoting toward individual equities, it maintains a strategic foothold in digital assets via regulated ETFs.