spencerswanson.eth
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spencerswanson.eth
@spencerswanson
🇦🇹 🇺🇸 #Bitcoin | Prev: @PlugandPlayTC, @CMT_Digital & @LCVentures | 🎓: @penn

The shift in the crypto fundraising landscape the past 6 months has been insane. Crypto VCs used to have to constantly be networking/writing/podcasting/going on spaces/promoting your thesis/getting on 10 deal flow calls a week, to get into good deals...now it's literally enough to just have capital to write checks. Deals are being pushed rather than dug out. Inbound if people know you have money is at an all-time high. Most firms are either 1) Out of money 2) Moved to Series A and beyond or 3) Fundraising (with no success). Deals that used to close in 2-3 weeks now close in 2-3 months. Firms with questionable business models or copy pasta of the latest trend are getting zero primary or follow-on funding (Good news!). There are now realistically <20 firms writing checks in pre-seed/seed. VCs basically have the pick of any deal they want, with more time to do DD. IMHO 25/26 are going to be historic vintages for those who stick around.






$BTC $72K remains a difficult level for Bitcoin to break through. Would expect more volatility to kick in tomorrow as we head into the weekend. Usually some derisking and headlines on Friday's the past few weeks.

Our Founding General Partner @EricSwartzKSU is attending @Blockworks’ Digital Asset Summit 2026 in New York this week. Day one made it clear — the conversation has shifted from speculation to real institutional positioning as early majority adoption by institutional investors has now kicked off in earnest. We had the pleasure of joining an auspicious panel at @MerkleScience (a division of @Mastercard) and @DuaneMorrisLLP Merkle Mini Meet New York on institutional stablecoin adoption alongside Mark Daly from @zerohashx and a few other expert, industry participants. In true Canton family form, we swept the event with Jacob McCrum also joining the institutional privacy use case panel earlier in the evening. Thank you very much for the opportunity, @MrigankPattnaik and @MauroWolfe! Eric had the incredible pleasure of educating the audience on the Canton-based @Cenote_network protocol currently under development by Water Cooler Studios and the securities lending platform Cenote is building to provide the trillions of dollars of collateral needed to serve the leverage needs of the users of the existing Canton-based repo platforms, including @Broadridge’s Digital Ledger Repo platform. @PantherHollowV is the multi-family office of the Swartz family and the family of @AndiPerlak_CAG. Panther Hollow is extremely proud and honored to have served Water Cooler Studios as a trusted advisor and investor since @StovenLabs founded it 3.5 years ago after the now infamous coffee chat between Stephen and Eric in which Stephen relayed his groundbreaking idea for a liquid staking protocol that delivered layer 1 governance at the liquid staking governance token level allowing networks to maximize decentralization while users enjoy the ability to maximize their capital efficiency, a true everyone wins innovation. The two continue innovating together to this day adding traditional finance on-chain financial primitives to their bailiwick with Cenote. If you’re here at DAS and you’re building, investing or thinking through institutional crypto adoption — let’s catch up. Panther Hollow wants to back you and Cenote wants to partner.


















