Pantera Capital's Franklin Bi told The Block that crypto has been 'validated significantly' with this year's spot bitcoin ETF approval in the U.S., solidifying institutional investors' conviction in the industry.
This year's approval of spot bitcoin exchange-traded funds in the U.S. has provided substantial validation for the crypto industry, according to Pantera Capital general partner Franklin Bi, as the crypto venture capital firm is raising a new mega $1.25 billion fund.
Bi said that the spot bitcoin ETF approval "validated significantly" the crypto industry. The approval "has really shown people that directionally speaking, regulation is still moving in a positive direction for digital assets," he said. "That kind of validation has really solidified a lot of institutional investors' conviction that this is a long-term technology trend and development cycle that they should have exposure to.
Regarding startup valuations, Bi described them as "healthy" overall but noted a slight overheating in the early stages due to surplus capital chasing select investments at pre-seed and seed-level funding rounds. Bi finds Series A stage valuations appealing, particularly for teams demonstrating market success and long-term growth potential.
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