Well, knock me over with a feather! 🪶 Pantera Capital has finally spilled the beans in their latest blockchain letter, revealing they’ve chucked a cool $300 million into Digital Asset Treasury (DAT) firms. Yes, you read that right-$300 million. That’s enough to make even a crypto skeptic sit up and say, “Huh, maybe there’s something to this blockchain malarkey after all.”
According to Pantera’s brain trust, the genius behind this move is that DATs can grow their net asset value per share by generating yield, which is just a fancy way of saying they’ll hoard more crypto over time. Apparently, this is better than simply buying tokens outright or through an ETF. Because, you know, why do things the easy way when you can make it complicated? 🤷♂️
Now, Pantera’s been busy bees, launching two DAT-focused investment funds recently. How much did they raise? Over $100 million, says general partner Cosmo Jiang. (No relation to the famous Cosmo Kramer, sadly.) A third fund? Still up in the air. Maybe they’re waiting for the next crypto meme to go viral. 🚀
A Portfolio So Broad, It’s Practically a Buffet
Pantera’s DAT holdings are like a crypto smorgasbord, spanning eight tokens-Bitcoin, Ethereum, Solana, BNB, Toncoin, Hyperliquid, Sui, and Ethena. They’ve got companies in the U.S., U.K., and Israel, with names like BitMine Immersion, Twenty One Capital, and DeFi Development Corp. It’s like a who’s who of crypto, minus the red carpet. 🎩
BitMine’s Ethereum Shenanigans
Speaking of BitMine Immersion, these folks have become the poster child for Pantera’s DAT thesis. After launching their Ethereum-focused treasury strategy, they became the largest ETH treasury holder in the world-1.15 million ETH, valued at $4.9 billion as of August 10. That’s more Ethereum than most of us will see in a lifetime. Or ten. 🤑
Pantera’s betting big on Ethereum, calling it the “dominant macro trend” for the next decade. Wall Street’s getting in on the action with tokenization and stablecoins, so why not? BitMine’s performance has been nothing short of jaw-dropping, growing ETH per share by 330% in its first month. Even MicroStrategy’s early Bitcoin phase looks like child’s play in comparison. 😲
And the share price? It went from $4.27 in late June to $51 by early August. Pantera says 60% of that gain is thanks to ETH-per-share growth, 20% to Ethereum’s price rally, and 20% to a rise in net asset value multiple (now at 1.7x). Math was never my strong suit, but even I can see that’s impressive. 📈
Premium Valuations: Because Who Doesn’t Love a Good Premium?
Pantera’s drawing parallels between high-performing DATs and top-tier banks, which apparently trade above book value when investors think they’re the bee’s knees. So, if DATs can keep growing their NAV, they might deserve similar premiums. Makes sense, right? Or is it just financial wizardry? 🧙♂️
Disclaimer: This article is for entertainment purposes only. Don’t take investment advice from someone who still thinks “HODL” is a typo. Always do your own research and consult a financial advisor who doesn’t speak in memes. 🚫🤡
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2025-08-13 04:11