Where The Top VC Funds Are Investing In Crypto/Web3

I dug through the portfolios of 5 venture funds investing in crypto/blockchain: a16z, Coinbase Ventures, Pantera Capital, Paradigm Capital, & Sequoia Capital.

Broken out by section below, the goal was to understand:

1. What categories are the top funds investing in? (5 min read)
2. What is the most interesting place to invest? (1 min read)

1) Top Investment Categories by Fund

Below is a breakdown of each fund’s investments that they’ve published publicly. For each fund, I highlight the two most popular categories by investment type then pick one portfolio company that was particularly interesting.

#1 Pantera Capital

Total investments (108)

1st = Exchanges (~20% of their portfolio)

2nd = Blockchain infrastructure (12%)

Interesting portfolio company:

Ampleforth

• Elevator: AMPL is a cryptocurrency like Bitcoin, but with a twist: the amount of coins you own changes daily, but the total value of your holdings stay the same.