DAT

Pantera Capital invests over 300 million USD in crypto treasury companies

Pantera Capital, a leading venture capital firm, has revealed that it has disbursed over 300 million USD into Digital Asset Treasury (#DAT ) companies—publicly listed businesses holding large amounts of digital assets.

DAT Model: Outperforming ETFs and direct purchases

According to Pantera, DAT companies provide a unique advantage over directly purchasing tokens or through funds #ETF . In addition to holding digital assets, DATs can generate profits from staking, restaking, and DeFi, thereby increasing the net asset value (NAV) per share. This helps shareholders indirectly own more tokens over time, offering higher potential returns.

Exemplary Case: BitMine

BitMine Immersion, one of the companies in Pantera's portfolio, is highlighted as a clear testament to the potential of the DAT model. BitMine is currently the largest Ethereum treasury in the world, holding over 1.15 million $ETH with a value of over 5.31 billion USD. BitMine's shares have surged from 4.27 USD to 51 USD in just over a month, demonstrating market acceptance of this strategy.
Pantera also notes that the cryptocurrency market is entering its second growth phase, driven by a more favorable regulatory framework for stablecoins, a boom in the tokenization sector, and strong institutional capital inflows into ETH.

Pantera has publicly disclosed the situation regarding its special fund directed towards Digital Asset Treasury (DAT): it has invested over $300 million in the Digital Asset Treasury (DAT) company, which focuses on holding a large amount of crypto assets and aims to achieve growth in the amount of tokens held per share through strategies such as staking, liquidity mining, and structured finance, striving to deliver long-term returns that surpass traditional passive holding or ETFs.

The price of DAT can be broken down into the product of the following three factors: (a) token per share (b) underlying token price (c) net asset value multiple ("mNAV")
Taking BMNR as an example, the driving factors for the 1,100% price increase of BMNR (sorted by contribution) are as follows:
1) Increase in ETH per share: approximately 60%
2) Increase in ETH price: approximately 20%
3) mNAV expansion: ~20%

Pantera believes that the growth story of the highest quality DAT will attract more institutional investors, just like Strategy.

Pantera views this strategy as a macro trend for the next decade – Ethereum as the core of digital economic infrastructure, driving the skyrocketing adoption of tokenization and stablecoins, while Digital Asset Treasury (DAT) represents the capital side's corresponding layout for the on-chain economic upgrade. #DAT