Pantera Increases Investment in Digital Asset Reserve Companies! Investment Scale Exceeds $300 Million, Portfolio Includes Eight Different Tokens

According to a public letter released by Pantera Capital, the company has invested over $300 million in digital asset treasury (DAT) companies to date. These companies are publicly traded firms that hold crypto assets as balance sheet reserves, and the scale is continually expanding.

This is the first time Pantera has disclosed this figure. In its latest blockchain briefing released on Tuesday, the company explained its core argument for investing in DAT companies: “DAT can enhance net asset value (NAV) per share through generating income, and over time, the amount of underlying tokens held will be greater than merely holding spot. Therefore, the potential returns from holding DAT may exceed those from directly holding tokens or holding tokens through ETFs.”

It is worth noting that Pantera has recently raised two dedicated funds for investing in DAT, although the company has not disclosed specific sizes. However, Pantera Capital general partner Cosmo Jiang revealed to the media that the two funds have collectively raised over $100 million. As for whether a third DAT fund will be raised, he stated that no decision has been made yet.

Pantera’s DAT investment portfolio includes eight tokens: Bitcoin, Ethereum, Solana, BNB, Toncoin, Hyperliquid, Sui, and Ethena. The investment targets are distributed across the United States, the United Kingdom, and Israel, including companies such as BitMine Immersion, Twenty One Capital, DeFi Development Corp, SharpLink Gaming, Satsuma Technology, Verb Technology Company, CEA Industries, and Mill City Ventures III.

Pantera specifically mentioned BitMine Immersion to support its DAT investment argument. Since the company recently launched its Ethereum reserve strategy, BitMine has become the largest ETH reserve company globally and the third-largest DAT, holding 1.15 million ETH worth $4.9 billion as of August 10. Pantera believes that BitMine’s strategy is based on a core assumption: “As Wall Street migrates on-chain due to the growth of tokenization and stablecoins, Ethereum will become a significant macro trend over the next decade.”

Pantera pointed out that in the first month of launching, BitMine experienced a growth of approximately 330% per share of ETH—outpacing the early investment performance of Strategy in Bitcoin—primarily due to the issuance of new shares at a price “above net asset value” and staking earnings.

The company’s stock price has soared from $4.27 at the end of June to $51 just over a month later. Pantera broke down the surge as follows: 60% from the growth in each share of ETH, 20% from the rise in Ethereum’s price, and 20% from its NAV multiple expanding to 1.7 times.

Pantera believes that when investors believe DAT can continually increase each share NAV, a premium is justified, and likened it to top banks trading at a net value multiple higher than book value. Pantera stated: “Banks are committed to generating income from their assets, and investors will give valuation premiums to those banks that can sustainably create returns above capital costs. The highest quality banks, like JPMorgan Chase (JPM), trade at over 2 times NAV (or book value).”