Venture capital leaders are reassessing where value accrued across the crypto industry in 2025 after a year shaped by regulatory shifts and uneven market performance.
In a recent podcast discussion, Pantera Capital partner Mason Nystrom, Hash3 co-founder Hootie Rashidifard and Variant partner Alana Levin outlined which sectors and players emerged as winners and losers.
The investors said regulatory clarity in major jurisdictions reshaped capital flows and encouraged more traditional financial firms to expand their crypto exposure.
Nystrom identified incumbents as key beneficiaries, arguing that established companies were well positioned to act once policy uncertainty began to ease.
He highlighted Robinhood as a standout example, noting that the firm had previously taken a cautious approach to digital assets before accelerating its crypto strategy in 2025.
They have done an excellent job getting ahead of where the puck is skating.
Mason Nystrom said, referring to how incumbents anticipated regulatory developments.
Stablecoin issuers were also named among the strongest performers of the year due to rising transaction volumes and growing profitability.