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