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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