Dan Morehead, Founder and CEO of Pantera Capital Says the Crypto Industry Is Poised to See a Surge of Public Offerings

input: Dan Morehead, founder and CEO of Pantera Capital on Friday said the crypto industry is poised to see a surge of public offerings, with companies like Circle USDC/USD and Figure among those preparing to go public in the coming months.

Dan Morehead, founder and CEO of Pantera Capital, predicts a surge of public offerings from crypto companies in the coming months, with companies like Circle USDC/USD and Figure among those preparing to apply to go public.

What Happened: Morehead's comments come amid what he described as a “flipping” of the U.S. regulatory environment, from a hostile stance to one that is now either “positive or at least neutral.”

He attributed this shift to multiple policy developments, including the SEC's rollback of Staff Accounting Bulletin 121, and new OCC guidance enabling banks to interact more directly with blockchain infrastructure.

Combined, he said, these actions are unlocking long-constrained potential.

“There are a lot of great companies that maybe should have gone public a few years ago. In the next six months you're going to see a wave of great companies like Circle and Figure go public.”

Morehead also noted strong demand from public investors.

“MicroStrategy and other coin-based stocks prove people really want to invest in blockchain companies.”

He emphasized this is not a short-term spike, but rather the beginning of a broader trend.

“All of these companies have been kind of stuck in the pipe for the last two or three years. Now that they’re going public and each are public today, it's trading up 35%, encourages other companies to go public. So I think it’s a big new trend.”

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Why It Matters: Pantera's optimism also stems from the rise of real-world assets on the blockchain, particularly in areas like stablecoins, tokenized treasuries, and on-chain mortgages.

Morehead highlighted projects like Ondo Finance ONDO/USD and Figure, which Pantera has backed. He noted that Figure has already issued $40 billion worth of mortgages on blockchain rails, shaving off "over 100 basis points of friction."

When asked what further developments are needed to accelerate industry growth, Morehead highlighted regulatory clarity.

"Uncertainty in the U.S. has driven innovation offshore," he said, adding that many companies previously relocated to jurisdictions like Singapore and the UAE due to hostility at home.

With the U.S. now appearing more open to blockchain innovation, he expects talent and capital to flow back.

Pantera is also actively participating in policy conversations in Washington.

"We're heavily involved in a couple industry think tanks that advise the government. It's very important that blockchain happens in the U.S. rather than offshore."

As more companies up-list from international exchanges such as the TSX to U.S. markets, Morehead views this as a reversal of previous trends.

"The U.S. has really been unique. Most countries have been neutral. Now the U.S. is going from being antagonistic to positive, and that helps people want a base in the U.S."