Catenaa, Friday, August 15, 2025- Pantera Capital revealed it has invested more than $300 million in digital asset treasury (DAT) companies, public firms that hold substantial crypto reserves and seek to increase token holdings per share.
The firm shared the figure in its latest blockchain letter, emphasizing that DATs generate yield to grow net asset value per share. This strategy aims to provide higher returns compared to holding tokens directly or through exchange-traded funds.
Pantera recently raised two DAT-specific funds, collectively surpassing $100 million, with no current plans for a third fund. Its DAT portfolio includes tokens such as Bitcoin, Ethereum, Solana, BNB, Toncoin, Hyperliquid, Sui, and Ethena, spanning companies across the US, U.K., and Israel.
One highlighted position is BitMine Immersion, which has grown its Ethereum holdings by 330 percent per share in its first month. This growth surpasses Strategy’s early Bitcoin pace, driven by stock issued above net asset value and staking rewards. BitMine’s portfolio reached 1.15 million ETH, valued at $4.9 billion as of Aug. 10.
Pantera likened successful DATs to leading banks that trade above book value by sustainably generating yield above their cost of capital. This analogy supports investors paying premiums for DAT shares expected to grow net asset values.
