Pantera Capital Bets $300M on Crypto Treasury Firms, Predicting Higher Yields Than ETFs
Pantera Capital has committed $300 million to companies holding large crypto treasuries, arguing that their performance could outpace traditional crypto exchange-traded funds (ETFs).
Pantera Capital has committed $300 million to companies holding large crypto treasuries, arguing that their performance could outpace traditional crypto exchange-traded funds (ETFs).
In a Tuesday note , general partner Cosmo Jiang and head of content Erik Lowe described digital asset treasuries (DATs) as vehicles capable of generating yield that grows net asset value (NAV) per share over time — a structure they say can result in more underlying token ownership than simply holding spot assets.
Source:
Pantera
The venture capital firm has deployed capital across treasury-focused companies in the United States, the United Kingdom, and Israel, with holdings spanning Bitcoin, Ether, Solana, and other altcoins. According to Jiang and Lowe, these firms use unique strategies to boost token reserves in an “accretive” manner, including staking, DeFi yields, and structured financing tools.
Pantera’s first investment from its DAT Fund went to BitMine Immersion Technologies — chaired by Wall Street veteran Tom Lee — which has quickly risen to become the largest Ether treasury and the third-largest crypto holder among public companies worldwide. BitMine now controls nearly 1.2 million ETH, valued at about $5.3 billion, and aims to accumulate 5% of Ether’s total supply.
The model has already drawn heavyweight backers such as Stan Druckenmiller, Bill Miller, and ARK Invest. Since launching its ETH accumulation strategy in late June, BitMine’s shares have surged more than 1,300%, compared with Ether’s roughly 90% rise over the same period.
Pantera believes the “highest quality” DATs will gain broader recognition among institutional investors, mirroring the adoption trajectory of other crypto investment strategies. Still, the sector faces warnings from both industry insiders and analysts.
Ethereum co-founder Vitalik Buterin recently cautioned that excessive leverage could sink treasury firms if poorly managed. Framework Ventures’ Vance Spencer added that most ETH acquired by treasuries is likely to flow into on-chain lending markets for leveraged farming.
Despite the risks, Jiang and Lowe maintain that the top-tier DATs are positioned for sustained growth, even in a competitive and potentially overcrowded market.
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
How much CPO demand will Nvidia Rubin Ultra generate? Bernstein: Optical value per Pod will increase fivefold
Bernstein believes that the co-packaged optics (CPO) and fiber demand driven by Nvidia's Rubin Ultra architecture will surge significantly, with the optical content per Pod rising from $1 million to $5.4 million. This will propel the size of Nvidia's optical ecosystem market to $46.8 billion by 2028 (a 91% annual increase). Although the industry faces supply bottlenecks with InP substrates, the outlook remains positive. The institution reiterates its “outperform” rating for Lumentum, Coherent, and Ciena.
UBS Q3 implements a two-way strategy with gold options, heavily invests in technology stocks, and builds positions in SK Hynix (SKHY.US)
UBS Group (UBS.US) has submitted its Q3 holdings report (13F) as of September 30, 2026.
SpaceX (SPCX.US) reportedly attempts “de-Nvidiaization” at the rack level: developing Kessel cabinets to bypass L6 compute boards, purchasing only chips
SemiAnalysis: SpaceX has developed its own Kessel cabinet, bypassing Nvidia's L6 cards to provide more options for manufacturing its own hardware.
$3.7 billion “data center power equipment prepayments” abandoned! What did "the most active buyer of gas turbines", SoftBank, see?
In the second quarter of fiscal year 2026, SoftBank reported a net loss of $7.1 billion, primarily due to a $3.7 billion impairment charge from a $9.5 billion advance payment for power generation equipment for US data centers—of which about $2.9 billion was non-refundable and effectively lost. The CFO admitted that SoftBank placed orders before the project plan was finalized, and is now conducting a comprehensive review of its procurement strategy. "The most aggressive purchaser of gas turbines has now written off the deposit in this way."
Crypto prices
More
