This Crypto Fund Doubled Down While Others Panicked

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The latest Talking Tokens podcast 🎙️

For this week’s Tuesday episode, during the Finance Leaders Collective I sat down with Jonas Kristensen, Head of Wintermute Ventures — the investment arm of one of crypto’s most prolific trading firms. With over 100 startup investments since 2019, Wintermute has become a force in early-stage crypto VC.

Jonas shares how they spot high-conviction founders, why stablecoins are the hottest sector right now, and how regulation, memecoins, and institutional appetite are shaping the space. He also reflects on the impact of Circle’s IPO, and why prediction markets are his next big curiosity.

Whether it’s DeFi, stablecoins, or new rails like tokenized equities, Jonas explains what’s real, what’s noise, and how Wintermute plans to keep deploying — in bull and bear markets alike.

TIMESTAMPS

0:00 – Intro
0:46 – Who is Jonas Kristensen & how Wintermute Ventures operates
1:46 – Why Wintermute focuses on infrastructure and trades off its own balance sheet
2:34 – State of crypto VC in 2025: active, early-stage heavy, regulation turning
4:03 – Stablecoin builders from the bear market are now winning
5:44 – How U.S. elections + Robinhood’s token push reshaped the market
7:24 – What VCs look for in early-stage crypto founders today
8:30 – Circle IPO, public demand, and stablecoin market exposure
10:25 – Three real PMF products: stablecoins, perp trading, Bitcoin
11:31 – Going mainstream: ETFs, neobanks, and new distribution rails
16:03 – Prediction markets: untapped trading frontier with big potential

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Money and people moves

1. CoreWeave to acquire Core Scientific in $9 billion all-stock deal (CNBC)

2. TON Foundation searches for VP of marketing following UAE ‘Golden Visa’ controversy (The Block)

3. Crypto VC Paradigm Leads $11.6M Round for Kuru Labs’ DeFi Liquidity Engine (CoinDesk)

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.