Pantera Capital invests $300M in crypto treasury companies
Pantera Capital disclosed it has invested over $300 million in digital asset treasury (DAT) companies, a growing category of public firms holding crypto reserves on their balance sheets.
The firm’s thesis is that DATs can grow net asset value per share by generating yield, potentially offering higher returns than holding tokens directly or via ETFs.
Pantera has launched two DAT-specific funds, raising over $100 million combined, though a third fund has not yet been decided.
Its DAT portfolio spans Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), BNB (CRYPTO:BNB), Toncoin (CRYPTO:TON), Hyperliquid ((CRYPTO:HYPE), Sui (CRYPTO:SUI), and Ethena (CRYPTO:ENA), with companies based in the US, UK, and Israel.
Portfolio companies include BitMine Immersion, Twenty One Capital, DeFi Development Corp, SharpLink Gaming, Satsuma Technology, Verb Technology, CEA Industries, and Mill City Ventures III.
BitMine Immersion was highlighted as the largest Ethereum treasury and the third-largest DAT globally, holding 1.15 million ETH worth $4.9 billion as of Aug. 10.
BitMine grew ETH per share by 330% in its first month, outpacing MicroStrategy’s early Bitcoin growth rate, aided by stock issuance above NAV and staking rewards.
Its share price surged from $4.27 at the end of June to $51 in just over a month, with 60% of the gain from ETH-per-share growth, 20% from ETH’s price rally, and 20% from a NAV multiple expansion to 1.7x.
Pantera likened strong DATs to top banks trading at a premium to book value, citing JPMorgan’s >2x multiple as an example.
At the time of reporting, Bitcoin price was $119,369.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Review of the MMT Short Squeeze Incident: A Carefully Orchestrated Money-Grabbing Game
From hyping up to attract new users, pre-market warnings of breaking issue prices, aggressive rallies liquidating short positions, to a sharp crash wiping out long positions, this collapse not only burst the speculative bubble but also exposed deeper issues of manipulation and trust crisis within the industry.

When even Zcash is surging, is the bull market really coming to an end? — The frenzy and warning signs of privacy coins
Zcash surged by 241% in 30 days, mainly driven by the Prince Group incident, exhausted market narratives, celebrity endorsements, and liquidity shortages. However, its fundamentals have not improved and it faces high regulatory risks. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively updated by the Mars AI model.

Raiku: Equipping Solana with a "Deterministic Engine" to Prevent Transaction Failures
Raiku is a high-performance infrastructure layer on the Solana network that addresses transaction congestion and failure issues by reserving block space and employing a deterministic execution mechanism, thereby improving transaction stability and efficiency. Summary generated by Mars AI. The accuracy and completeness of this summary, generated by the Mars AI model, is still in an iterative update phase.


