Pantera Capital revealed it has invested $300 million in Digital Asset Treasury companies, or DATs. The firm argues that these investments offer higher risk-adjusted returns than simply holding cryptocurrencies directly.
DATs are companies that strategically acquire and manage cryptocurrencies on their balance sheets. Pantera’s portfolio includes investments in companies like BitMine Immersion, Twenty One Capital, and DeFi Development Corp, which collectively hold major cryptocurrencies like Bitcoin, Ethereum, Solana, and others.
Pantera’s investment thesis is that DATs can generate yield and compound their net asset value (NAV) per share over time. BitMine Immersion, one of Pantera’s key investments, is a prime example. The company has become the world’s largest Ethereum treasury holder, with 1.15 million ETH valued at $4.9 billion as of August 10. The company’s stock has also become the 25th most liquid in the U.S., with an average daily trading volume of $2.2 billion.
The firm compares the valuations of these companies to traditional banks, suggesting that DATs can command a premium to their NAV if investors believe in their ability to sustainably grow their holdings.
August 2025, Cryptoniteuae
