Pantera Capital has revealed it has invested over $300 million into digital asset treasury (DAT) companies to date, a growing category of public firms that hold crypto reserves on their balance sheets.
Pantera disclosed the figure for the first time in its latest blockchain letter published Tuesday. The firm said its investment thesis for DAT companies is simple: “DATs can generate yield to grow net asset value per share, resulting in more underlying token ownership over time than just holding spot. Therefore, owning a DAT could offer higher return potential compared to holding tokens directly or through an ETF.”
Notably, Pantera has raised two DAT-specific funds recently without disclosing the sizes of the funds. But Pantera Capital general partner Cosmo Jiang told The Block that the two funds have collectively raised over $100 million. When asked if the firm is planning to raise a third DAT fund, he said it hasn’t been decided yet.
Pantera’s DAT portfolio spans eight tokens — Bitcoin, Ethereum, Solana, BNB, Toncoin, Hyperliquid, Sui, and Ethena — and covers companies based 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.
Pantera particularly highlighted BitMine Immersion to back its DAT thesis. Since recently launching its Ethereum treasury strategy, BitMine has become the largest ETH treasury and the third-largest DAT globally, with 1.15 million ETH worth $4.9 billion as of Aug. 10. Pantera said BitMine’s strategy is grounded in the thesis that Ethereum will be a major macro trend for the next decade as Wall Street migrates onchain, driven by growth in tokenization and stablecoins.
BitMine has grown ETH per share by about 330% in its first month — faster than Strategy’s (formerly MicroStrategy) early pace in Bitcoin — primarily by issuing stock above net asset value and generating staking rewards, Pantera noted. Its share price has risen from $4.27 at the end of June to $51 in just over a month, with Pantera attributing roughly 60% of the gain to ETH-per-share growth, 20% to ethereum’s price rally, and 20% to an expansion in its NAV multiple to 1.7x.
Pantera said the premium is justified when investors believe a DAT can sustainably grow NAV per share, drawing an analogy to top banks that trade above book value. “Banks seek to generate yield on their assets, and investors reward a valuation premium to those they believe can sustainably generate yield above their cost of capital. The highest quality banks trade at a premium to NAV (or book value), such as JPM at >2x,” Pantera said.
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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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