Pantera Capital disclosed for the first time that it has so far invested $300 million in digital asset treasury companies (DATs), according to its Blockchain Letter published August 12.
Pantera: DATs Deliver Higher Yields Than Spot Holdings
Pantera’s DAT portfolio includes investments in BitMine Immersion, Twenty One Capital, DeFi Development Corp, SharpLink Gaming, Satsuma Technology, Verb Technology Company, CEA Industries, and Mill City Ventures III.
The companies hold major cryptocurrencies including Bitcoin, Ethereum, Solana, BNB, TON, Hyperliquid, Sui, and Ethena, with operations spanning the U.S., U.K., and Israel.
Pantera argues that DAT investments deliver superior risk-adjusted returns compared to holding cryptocurrencies directly.
“DATs can generate yield that compounds net asset value per share, leading to accretive token exposure over time versus simply holding spot,” Pantera stated.
BitMine Immersion, Pantera’s first DAT investment and flagship example, is chaired by Fundstrat’s Tom Lee. The company targets controlling 5% of Ethereum’s total supply.
Since adopting its treasury strategy, BitMine has become the largest ETH treasury holder and third-largest DAT globally, holding 1.15 million ETH valued at $4.9 billion as of August 10. BitMine ranks as the 25th most liquid U.S. stock, averaging $2.2 billion in daily trading volume.
Pantera compares DAT valuations to traditional banks, arguing that premium valuations are justified when investors trust a company’s ability to grow net asset value sustainably.
“The highest quality banks trade at a premium to NAV (or book value), such as JPM at >2x,” Pantera explained. “Similarly, investors may choose to value a DAT at a premium to NAV if they believe it can sustainably grow NAV per share.”
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