Money, markets, and machines. That’s where Pantera is investing, and our October Portfolio Spotlight shows two companies building at that intersection: → @FissionXYZ makes tokenized funds easier to sell. Rather than waiting on redemption windows that can stretch to ~200 days, eligible investors can access their capital in 90 seconds or less. → @verantaxyz (Lumena Labs) brings crypto, stocks, currencies, metals, and more into a single wallet. Its new developer tools let AI agents connect to the same markets as human traders. Read the full Spotlight:

Private markets are going onchain. But liquidity is a key missing piece. Fission (@FissionXYZ) CEO Jonathan Shaffer joins Frank Chaparro (@fintechfrank) to discuss tokenized private credit, cross-chain settlement, and unlocking a new era for alternative assets. Watch here:

The end state for private markets looks a lot like Robinhood. One UI, one onboarding, where you can buy, sell, and borrow against private funds. @doctorfission of @FissionXYZ explains why the entire semi-liquid fund market will move onchain.

Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO. Read more: Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Traditionally hard to access, asset classes like private credit and venture capital have a role in diversified portfolios. The conviction @doctorfission of @FissionXYZ has is that tokenization will unlock private markets. It's an "iPhone moment for alternatives investing."

Ep. 02 of Conviction with @Solofunk is live. Our guest is @doctorfission, CEO & Co-Founder of @FissionXYZ. His Conviction: The opportunity of tokenization lies in democratizing private markets, not public ones. 00:00 Introduction 00:53 Jonathan's Conviction 01:49 Private Market Problems 05:32 Fission Swap Walkthrough 07:38 The Upgrade to Legacy Fund Structures 09:46 Fission's Series A & Working Capital 11:29 How Does Fission Quote? 13:21 How Fission Enables Integration with DeFi 17:17 Liquidity Means Better Products 18:34 Private Products in Diversified Portfolios 23:06 Inevitability of Tokenized Private Markets

Tokenization does not create liquidity. Somebody has to underwrite the risk. Jon Shaffer and @steveonchain (Fission, @FissionXYZ) join Stateful, hosted by Franklin Bi, as we announce our investment leading their Series A: - $18 trillion in private markets, still running on paper and subscription agreements - Fission prices duration risk, not NAV. Asset managers retain control over their own valuations. - The market is capped at 6% to 7% yields because that is all you get with baked-in liquidity - The goal: double-digit returns with daily liquidity - Hot take: CLARITY failing in Congress may be the best thing that could have happened to tokenization 01:00 Origin Stories and Why Tokenization Doesn't Create Liquidity 05:50 The Series A and the $500 Billion Semi-Liquid Market 13:00 Why Private Markets Instead of Public Equities 19:15 Pricing Duration Risk Instead of Repricing NAV 24:55 Why Private Markets Need Their Own Venue 38:15 AI Pricing, Portfolio Construction, and Agentic Rebalancing 45:25 Hot Take: Why the CLARITY Act Failing Helps Tokenization

Wall Street’s embrace of blockchain technology is moving beyond merely creating digital versions of stocks, bonds and money-market funds toward a bigger goal: changing how those assets move through the financial system