Zama ICO at a $55M Floor

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How the Zama Sealed-Bid Auction Works

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Table 1: Initial bids (Alice $5, Bob $4, Charlie $3)

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Table 2: Allocation (Alice 400, Bob 600, Charlie 0)

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Zama Price Dynamics

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How to Participate in Zama ICO

Conclusion

Zama public auction — DropsTab Research

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Zama’s public auction offers entry at a $55M FDV—over 94% below its $1B VC valuation. Here’s how the sealed-bid sale works and why demand may run far higher.

Pantera Capital

Multicoin Capital

Blockchange Ventures

Protocol Labs

Zama Public Auction

Deal Overview

Strategic Investors & Rationale

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Market Context: Hyperliquid’s Momentum

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Leadership & Governance

Sonnet’s Biotech Legacy & CVR Upside

Pre‑Market Reaction & SPAC Trend

What’s Next?

Hyperliquid

Abstract machine converting molecules into a crypto coin worth $888M

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Sonnet BioTherapeutics pivots from biotech to crypto, merging into Hyperliquid Strategies—a Nasdaq‑listed SPAC treasury play holding 12.6 M HYPE (≈ $583 M at signing) plus $305 M cash, backed by Paradigm, Galaxy, Pantera, and more.

Paradigm

Galaxy

From Biotech to HYPE: Sonnet SPAC Forms Hyperliquid Strategies Inc.

The AI-Blockchain Hype Reaches Fever Pitch

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Backed by Heavyweights and Building an AI Ecosystem

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The $SAHARA Token Sale

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Rigorous KYC and Oversubscription Handling

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What’s Next: Mainnet Launch

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Sahara AI Ecosystem FAQ

Sahara AI

Sahara AI logo inside a futuristic capsule, surrounded by AI and blockchain symbols on a light background

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Sahara AI community token sale exploded with nearly 9× oversubscription, backed by top VCs. With rapid ecosystem growth and strict KYC, it highlights the soaring momentum behind the Crypto + AI narrative.

Sequoia Capital

Polychain Capital

Sahara AI Token Sale Ignites AI Crypto Hype

United States of America

Pantera Capital is a blockchain and cryptocurrency-focused investment firm and hedge fund. It was founded in 2013 by Dan Morehead, who is a former Wall Street executive and chief financial officer (CFO) at Tiger Management. Pantera Capital is known for being one of the earliest institutional investors in the cryptocurrency space and has been actively involved in supporting the growth and development of blockchain technology and digital assets.

United Kingdom

Brevan Howard Asset Management LLP is an investment manager authorised and regulated by the Financial Services Authority in the United

Brevan Howard

Galaxy is a digital asset and blockchain leader helping institutions, startups, and qualified individuals shape a changing economy.

Citadel Securities

Marshall Wace

Fortress

Blockchain Capital is a venture capital firm specializing in investments in blockchain technology and cryptocurrencies. It was founded in 2013 by Bart Stephens and Brad Stephens, and it's headquartered in San Francisco, California. Blockchain Capital is one of the earliest and most well-known venture capital firms dedicated exclusively to the blockchain and cryptocurrency space.

Blockchain Capital

Andreessen Horowitz, often referred to as "a16z," is a prominent venture capital firm based in Menlo Park, California. It was founded in 2009 by Marc Andreessen and Ben Horowitz, both of whom are well-known figures in the tech industry. Andreessen Horowitz is one of the leading venture capital firms in Silicon Valley and has gained a reputation for its investments in technology companies, particularly in the areas of software, internet, and more recently, blockchain and cryptocurrency.

Andreessen Horowitz (a16z)

Lightspeed Venture Partners is a prominent venture capital firm recognized for its strategic investments in innovative and high-growth technology companies. Founded in 2000 by Chris Schaepe, Barry Eggers, Ravi Mhatre, and Peter Nieh, Lightspeed has played a pivotal role in shaping the success stories of numerous startups across various sectors.

Lightspeed Venture Partners

GV (Google Ventures) provides seed, venture, and growth funding to technology companies in life sciences, enterprise technology, consumer products and services, and advanced technology industries.

GV (Google Ventures)

Digital Currency Group builds and supports bitcoin and blockchain companies by leveraging insights, network, and access to capital.

Digital Currency Group (DCG)

Founders Fund is a venture capital firm based in San Francisco, specializing in investments in science and technology companies.

Founders Fund

Hack VC is a web3 venture capital firm. Hack VC partners with online and offline hackers who are building the future of the internet.

Hack VC

China

IDG Capital is an investment firm that funds early- to growth-stage companies in the technology sector.

IDG Capital

Schindler AM Ventures is a global investment firm. We invest in the companies of tomorrow and structure secondary transactions as well as special situation financings

SchindlerAM Ventures

Russia

Blockchain Fund Chelyabinsk is a traditional venture capital investor investing into digital assets

Blockchain Fund Chelyabinsk

Microventures

Core Innovation Capital is a venture capital firm investing in companies committed to empowering small businesses.

Core Innovation Capital

Camp One Ventures

Hinge Capital

Mouro Capital

Siam Commercial Bank was established by royal charter on January 30, 1907 as the first Thai bank. During its more than 110 years in business, the Bank has played a leading role in providing the financial services needed in Thailand, developing deep expertise.

Siam Commercial Bank

PMT Ventures

Brazil

BossaNova is the number one Brazilian Micro Venture Capital. We are the most active investor in the pre-seed stage in Latin America with more than 1200 investments in over 1000 Startups. We also invest in global companies, directly or through co-investment syndicates on AngelList.

Bossa Nova Investimentos

Japan

SBI Investment (Group)

James Sowers

Dalip Jaggi is the Co-Founder of Revive and he has been recognized as an active, young entrepreneur filled with high energy, passion, and new ideas. Dalip kicked off his career as the principal and founder of Devise Interactive, a brand and digital agency with unique flavor. This innovation shop has a vision to help businesses with ‘that’ chanceto reimagine and reinvent their digital work. By harmonizing creative design and innovative technology, the agency produces effective brand experiences and strategic reasoning to engage their customers audience. In the office, Dalip is the reigning foosball champion.

Dalip Jaggi

KG Investments is a private family office fund focused on investing in technology companies through direct investments and secondary loans.

KG Investments

Accenture Ventures

Thailand

SCB 10X is an investment firm that invests in technology startups.

SCB 10X

Abstract Ventures

ThirdStream Partners LLC invests in venture and strategic opportunities in financial technologies (FinTech) and financial services

Thirdstream Partners

Seagate offers consumers and businesses with data storage solutions to create, share, and preserve digital content.

Seagate Technology

Route 66 Ventures provides venture capital and credit solutions to emerging financial technology and services companies.

Route 66 Ventures

Nurzhas Makishev

CME Ventures is the strategic investment arm of CME Group focused on managing a portfolio of external minority equity investments

CME Ventures

RRE Ventures is a venture capital firm that offers early-stage funding to software, internet, and communications companies

RRE Ventures

AME Cloud Ventures focuses on seed to later stage companies building infrastructure and value chains around data. We love technology heavy companies gathering or creating unique data at every stage of the data stack — from infrastructure all the way to applications, mobile, and sensors

AME Cloud Ventures

Avant Global

United Arab Emirates

Ganesh Kompella

Tetragon Financial Group aims to provide stable returns to investors across various credit, equity, interest rate, and real estate cycles.

Tetragon Financial Group Limited

Knight Enterprise Fund is a venture capital firm based in Florida that finances early stage investments of media and technology companies.

Knight Enterprise Fund

Digital Ventures

Santander InnoVentures is Banco Santander's $200m corporate venture arm. We invest in fintech startups, globally, across all stages, and help create meaningful, strategic relationships between our portfolio companies and Santander Group.

Santander InnoVentures

CRCM Ventures invests in early stage companies, targeting consumer, climate tech, frontier tech, health, and fintech industries.

CRCM Ventures

Standard Chartered Bank provides current accounts, savings accounts, credit cards, and loans.

Standard Chartered Bank

Hard Yaka makes early round investments in exchange space startups. Candidates are either verticals in particular categories of exchange markets or horizontals providing services across exchange sectors.

Hard Yaka

Early-stage venture fund that finances digital media and marketing sectors

Vast Ventures

Fintech​ venture capital firm investing in early stage growth businesses focused on financial innovation

Middlegame Ventures

C1 Fund

OKX Ventures is a fund focused on exploring high-quality and promising projects, with an initial capital of $100 million.

OKX Ventures

Auros is an algorithmic trading and market making firm that delivers best-in-class liquidity for exchanges and token projects.

Auros Global

HB Ventures

Onigiri Capital

kpk (formerly karpatkey)

Accountable

Slovakia

Zee Prime Capital is a VC firm based in Bratislava, Slovakia. Investing in programmable assets and early-stage founders globally.

Zee Prime Capital

dcbuilder.eth

Darius Rugys

MitonC invests, creates and contributes to early-stage crypto projects at the forefront.

MitonC

Mark Cuban is a prominent American entrepreneur, investor, television personality, and owner of the Dallas Mavericks, an NBA basketball team. He is known for his success in the tech industry, particularly during the dot-com boom. Cuban is known for his outspoken and often controversial opinions on a wide range of topics, including technology, politics, and sports. He is also a vocal advocate for cryptocurrency and blockchain technology.

Mark Cuban

Early stage blockchain venture capital. A JV with Lightspeedvp

Faction

Techstars is a global platform that provides investment and innovation. Through the Techstars Worldwide Entrepreneur Network, founders and their teams connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporate partners who will help their companies grow. Techstars operates four divisions: TechstarsMentorship-Driven Accelerator Program supercharges success and Techstars Startup Programs inspire, educate, and connect entrepreneurs. Techstars Venture Capital Fund invests in innovative and disruptive companies. Techstars Corporate Innovation Partnerships help brands create products and services. Techstars accelerator portfolio includes more than 1,000 companies with a market cap of $8.1 billion.

Techstars

Protocol Labs is a research, development, and deployment lab for network protocols.

Alumni Ventures

Asymmetry Ventures

Alpha Edison

Motley Fool Ventures

Tomer London

California Innovation Fund

TransCrypts

Global Millennial Capital

Decentralized VC

Coinbase Ventures is the venture capital arm of Coinbase, one of the largest and most well-known cryptocurrency exchanges in the world. Coinbase Ventures is focused on investing in early-stage companies and projects in the blockchain and cryptocurrency space. It provides funding, resources, and support to startups and entrepreneurs working on innovative blockchain and crypto-related technologies and applications.

Coinbase Ventures

The CMT Group has acted as a valued collaborator to numerous exchanges, clearing firms, and trading and investment teams, generating edge by pairing market insight with early adoption and innovation of nascent technologies.

CMT Digital

Jump Capital is a venture capital and growth equity firm that focuses on investing in technology-driven companies across various industries. With offices in Chicago and New York, Jump Capital has established itself as a strategic investor with a broad portfolio, encompassing sectors such as software, fintech, healthcare, and more.

Jump Capital

Reciprocal Ventures is a venture capital firm focused exclusively on FinTech.

			Stage	Investors
XRP XRP	$500.00 M	$40.00 B	Strategic Round	+3		Cryptocurrency	Nov 5, 2025
Accountable	$7.50 M	~$75.00 M	Funding Round	+3		Blockchain Service	Oct 29, 2025
TransCrypts	$15.00 M	~$150.00 M	Seed Round	+8		Blockchain Service	Oct 8, 2025
Coinflow	$25.00 M	~$250.00 M	Series A	+2		--	Oct 8, 2025
Meanwhile	$82.00 M	~$820.00 M	Funding Round	+3		Insurance	Oct 7, 2025
Bee Maps	$32.00 M	~$320.00 M	Funding Round	+1		Blockchain Service	Oct 6, 2025
Raiku	$11.25 M	~$112.50 M	Seed Round	+1		Infrastructure	Sep 23, 2025
Helius Medical Technologies	$500.00 M	~$5.00 B	PIPE	+7	--	Healthcare	Sep 15, 2025
APR aPriori	$20.00 M	~$200.00 M	Strategic Round	+4		DeFi	Aug 28, 2025
M^ZERO	$40.00 M	~$400.00 M	Series B	+2		DeFi	Aug 28, 2025
Satsuma Satsuma	$217.60 M	~$2.18 B	Funding Round	+3		Blockchain Service	Aug 6, 2025
OpenMind	$20.00 M	~$200.00 M	Funding Round	+1		Infrastructure	Aug 4, 2025
Rialo (Subzero Labs)	$20.00 M	~$200.00 M	Funding Round	+7		Infrastructure	Aug 1, 2025
Mill City Ventures III	$450.00 M	~$4.50 B	Post-IPO	+16		Finance	Jul 31, 2025
StablecoinX	$360.00 M	~$3.60 B	PIPE	+7		Finance	Jul 21, 2025
The Open Platform (TOP)	$28.50 M	$1.00 B	Series A			Blockchain Service	Jul 3, 2025
BitMine	$250.00 M	~$2.50 B	Funding Round	+6	--	Blockchain Service	Jun 30, 2025
Zama	$57.00 M	$1.00 B	Series B			Infrastructure	Jun 25, 2025
Gradient Network	$10.00 M	~$100.00 M	Seed Round			Infrastructure	Jun 17, 2025
Uptopia	$4.00 M	~$40.00 M	Pre-seed	+5		Gaming	Jun 17, 2025

Pantera Capital

About Pantera Capital

Investments Allocation

Fundraising Rounds