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
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
