Why This Crypto Fund Is Doubling Down While Others Panic | Jonas Kristensen

On today’s Talking Tokens episode, Jacquelyn sits down live at the Finance Leaders Collective 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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Note: This podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.