Pantera Capital has committed over $300 million to companies operating as digital asset treasuries (DATs) — a growing class of publicly traded firms that hold significant cryptocurrency reserves on their balance sheets.
The disclosure, made in the firm’s latest blockchain letter, marks the first time Pantera has revealed the scale of its investments in the sector.
According to the company, the core thesis behind these bets is that DATs can grow their net asset value per share by generating yield, ultimately increasing the amount of crypto they hold over time. Pantera argues this approach could deliver higher returns than simply buying tokens outright or through an ETF.
While the firm has launched two DAT-focused investment funds in recent months, their sizes remain undisclosed. However, general partner Cosmo Jiang told The Block that they have raised more than $100 million combined. A decision on launching a third DAT fund is still pending.
Broad Portfolio Across Major Crypto Assets
Pantera’s DAT holdings span eight tokens — Bitcoin, Ethereum, Solana, BNB, Toncoin, Hyperliquid, Sui, and Ethena — and include companies based in the U.S., U.K., and Israel. Its portfolio features names such as BitMine Immersion, Twenty One Capital, DeFi Development Corp, SharpLink Gaming, Satsuma Technology, Verb Technology Company, CEA Industries, and Mill City Ventures III.
BitMine’s Ethereum Strategy in the Spotlight
BitMine Immersion has emerged as a key example supporting Pantera’s DAT thesis. After launching its Ethereum-focused treasury strategy, it quickly became the largest ETH treasury holder worldwide and the third-largest DAT overall, amassing 1.15 million ETH valued at $4.9 billion as of August 10.
Pantera believes Ethereum will be a dominant macro trend over the next decade, citing Wall Street’s increasing on-chain presence through tokenization and stablecoins. BitMine’s performance has been striking — growing ETH per share by 330% in just its first month, a faster pace than MicroStrategy achieved during its early Bitcoin accumulation phase.
The company’s share price jumped from $4.27 in late June to $51 by early August. Pantera attributes about 60% of this gain to ETH-per-share growth, 20% to Ethereum’s price rally, and 20% to a rise in its net asset value multiple, now at 1.7x.
Why Premium Valuations Matter
Pantera draws parallels between high-performing DATs and top-tier banks, which often trade above book value when investors believe they can consistently generate returns above their cost of capital. In this view, DATs capable of sustaining NAV growth may warrant similar premiums.
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