TLDR
- Pantera Capital has invested over $300 million in digital asset treasury companies across several countries.
- The firm believes digital asset treasuries can deliver higher returns than holding tokens directly or through ETFs.
- Pantera Capital has raised two DAT-specific funds totaling over $100 million without disclosing individual fund sizes.
- The company’s DAT portfolio includes eight major cryptocurrencies and firms based in the United States, United Kingdom, and Israel.
- BitMine Immersion is the largest Ethereum treasury globally with 1.15 million ETH valued at $4.9 billion as of August 10.
Pantera Capital has confirmed it has invested more than $300 million into digital asset treasury companies across multiple countries. These firms, known as DATs, hold cryptocurrency reserves on their balance sheets as a core strategy. The company disclosed the figure in its latest blockchain letter, marking the first time it has revealed this data.
The investment approach focuses on the belief that DATs can outperform direct token holdings over time. According to Pantera Capital,
“DATs can generate yield to grow net asset value per share, resulting in more underlying token ownership.”
The firm added that this model could offer higher return potential than holding tokens directly or through exchange-traded funds.
Pantera Capital has also raised two DAT-specific funds in recent months, though it has not disclosed the individual sizes. However, general partner Cosmo Jiang told The Block the two funds collectively raised over $100 million. He also said no decision has been made on launching a third DAT fund.
Pantera Capital Sees Ethereum as Decade Trend
Pantera Capital’s DAT portfolio spans eight major cryptocurrencies, including Bitcoin, Ethereum, Solana, BNB, Toncoin, Hyperliquid, Sui, and Ethena. The firm invests in public companies in the United States, the United Kingdom, and Israel. These companies include BitMine Immersion, Twenty One Capital, DeFi Development Corp, SharpLink Gaming, Satsuma Technology, Verb Technology Company, CEA Industries, and Mill City Ventures III.
BitMine Immersion has emerged as a central example of Pantera Capital’s thesis on digital asset treasuries. The company recently launched its Ethereum treasury strategy and became the largest ETH treasury worldwide. As of August 10, it held 1.15 million ETH valued at $4.9 billion.
Pantera Capital views Ethereum as a macro trend for the next decade, driven by tokenization and stablecoin adoption. The firm noted that BitMine has increased ETH per share by 330% in its first month. This growth outpaced Strategy’s early pace with Bitcoin by using stock issuance above NAV and staking rewards.
Performance Metrics and Valuation Premiums
BitMine’s share price rose from $4.27 at the end of June to $51 within just over a month. Pantera Capital attributed around 60% of this rise to ETH-per-share growth, 20% to Ethereum’s price rally, and 20% to a higher NAV multiple. The multiple expanded to 1.7x during this period.
The firm said valuation premiums occur when investors believe a DAT can sustainably grow NAV per share.
“Banks seek to generate yield on their assets, and investors reward a valuation premium,” Pantera Capital explained.
The firm compared DAT valuations to top banks like JPMorgan, which trades at twice its book value.
Pantera Capital maintains that its DAT strategy combines yield generation with token appreciation potential. The company continues to target firms capable of consistent NAV growth.
