Pantera Bets Big on Crypto Treasuries With $300M Investment Push
Pantera Capital has confirmed an investment of over $300 million into digital asset treasury (DAT) companies, signalling confidence in their potential to outperform traditional crypto investment vehicles such as exchange-traded funds (ETFs).
What Are Digital Asset Treasuries?
DAT companies maintain significant cryptocurrency holdings on their balance sheets and actively deploy them to generate yield, aiming to compound returns over time.
These public companies differ from passive crypto holders by leveraging their reserves through activities such as staking, lending, and other yield-generating strategies. By doing so, they aim to increase net asset value per share and expand token ownership. Pantera believes this approach offers superior return potential compared to simply holding tokens directly or via ETFs, which typically track spot market performance without generating operational yield.
Pantera’s Investment Scope and Thesis
The venture capital firm has targeted DAT firms in the United States, the United Kingdom, and Israel, with holdings spanning Bitcoin, Ether, Solana, BNB, Toncoin, Hyperliquid, Sui, and Ethena. Companies in Pantera’s portfolio include BitMine Immersion, Twenty One Capital, DeFi Development Corp, SharpLink Gaming, Satsuma Technology, Verb Technology Company, CEA Industries, and Mill City Ventures III.
General partner Cosmo Jiang and head of content Erik Lowe emphasised that these companies are “employing strategies to grow their digital asset holdings in a per-share accretive way,” positioning them to benefit from both market appreciation and yield generation.
Ethereum as a Core Bet
BitMine Immersion, one of Pantera’s key investments, has recently launched an Ethereum-focused treasury strategy, becoming the largest ETH treasury holder and the third-largest DAT globally with 1.15 million ETH valued at $4.9 billion as of August 10. Pantera views Ethereum as a long-term macro growth driver, underpinned by increasing institutional adoption, tokenization of real-world assets, and stablecoin expansion.
Public blockchains currently host more than $25 billion in tokenized assets and $260 billion in stablecoins, with Ethereum capturing the majority of this activity. Since April 2025, ETH has gained 103% against Bitcoin, reinforcing Pantera’s conviction in its structural growth trajectory.
Market Context and Outlook
The rise of DATs reflects a broader institutional trend toward onchain treasury management. As financial institutions integrate blockchain for security, settlement, and staking participation, Pantera expects further growth in both the number and scale of DAT companies. The firm has raised two DAT-specific funds totalling over $100 million and has yet to decide on launching a third.
By aligning with companies actively compounding token holdings, Pantera aims to capture outsized gains compared to passive exposure, betting that crypto treasuries will emerge as a key segment in the digital asset market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
source: https://cryptodaily.co.uk