Pantera Capital Partners LP's $164.21M 2025Q4 Filing Is a 15-Position Bet: FIGR at 38.37%

Pantera Capital Partners LP reported $164.21M for 2025Q4, and the cleanest takeaway is that FIGR at 38.37% and top-5 at 89.93%. The filing is anchored by FIGR, BMNR, ORBS, with FIGR alone accounting for 38.37% of the book.

TL;DR

• Filing size: $164.21M across 15 reported positions.
• Top holding: FIGR is the largest line at 38.37% of the filing.
• Top-5 concentration: The top five positions add up to 89.93%.
• Quarter-over-quarter move: Reported 13F value changed +32894.8% versus the prior quarter.
• Portfolio turnover: 4 new positions and 5 exits versus the previous quarter.
• Interpretation: The cleanest way to read this filing is FIGR at 38.37% and top-5 at 89.93%.
• Largest visible reduction: TONX share count fell -97%.

Filing Snapshot

Why This Filing Stands Out

Pantera Capital Partners LP is not just large. It is readable. The latest filing shows FIGR at 38.37%, top-five concentration at 89.93%, and top-ten concentration at 98.26%. That combination tells investors whether they are looking at a diversified allocator, an ETF wrapper, or a book where a handful of ideas drive most of the exposure.

For readers trying to separate noise from signal, the right question is not simply whether the fund is big. The better question is how much of that scale is concentrated in names such as FIGR, BMNR, ORBS, PURR, HSDT, and whether the quarter-over-quarter move reflects deliberate positioning or just market drift.

Top Holdings Driving The Narrative

The top of the filing is where the character of the portfolio becomes obvious. When a name like FIGR sits at 38.37%, it shapes the whole interpretation of the quarter. That is especially true when the next few names absorb most of the remaining risk budget rather than leaving the portfolio evenly spread across hundreds of smaller positions.

What Changed From The Prior Quarter

Compared with the previous filing, Pantera Capital Partners LP recorded 4 new positions and 5 exits. The overall 13F value moved from $497.70K to $164.21M, which translates to +32894.8% quarter over quarter.

The sharpest visible reduction was in TONX, where share count fell -97%. Those moves matter because they tell you whether the quarter was driven by a few aggressive reallocations or by smaller trims inside an otherwise stable core.

How Investors Should Read The Concentration

If you only look at raw AUM, filings like this can appear interchangeable. They are not. A top-five share of 89.93% means portfolio behavior will be driven by a relatively narrow set of exposures compared with a lower-concentration allocator. That distinction matters when investors try to infer conviction, benchmark sensitivity, or how much damage one wrong call can do to the overall book.

In practical terms, this is why investors should read holdings like FIGR, BMNR, ORBS, PURR together rather than in isolation. The portfolio-level story is not just which names appear, but how heavily they dominate the filing.

AUM History

The AUM history chart is the best way to see whether the latest quarter is part of a smooth trend or a sharp break in pattern. Here, the latest filing sits at $164.21M after a prior-quarter base of $497.70K. That gives investors a better sense of whether the manager is compounding steadily, resetting quickly, or reacting to one unusual reporting period.

FAQ

What did Pantera Capital Partners LP buy in 2025Q4?

The filing was led by FIGR and a top group that together accounted for 89.93% of reported value.

How concentrated is Pantera Capital Partners LP's 13F portfolio?

The largest position was FIGR at 38.37%, while the top five positions added up to 89.93%.

Did the portfolio expand or contract quarter over quarter?

The filing moved from $497.70K to $164.21M and recorded 4 new positions against 5 exits.

What should investors focus on first in this filing?

Start with the top holding, the top-five concentration, and the quarter-over-quarter AUM move. Those three numbers usually tell you more than the raw holdings count.