Pantera Capital has disclosed a $300 million investment in digital asset treasury (DAT) companies according to its August 12 Blockchain Letter. The portfolio includes BitMine Immersion, Twenty One Capital, DeFi Development Corp, SharpLink Gaming, Satsuma Technology, Verb Technology Company, CEA Industries, and Mill City Ventures III. These firms hold major cryptocurrencies including Bitcoin, Ethereum, Solana, BNB, TON, Hyperliquid, Sui, and Ethena across operations in the U.S., U.K., and Israel.
Pantera argues DATs deliver superior risk-adjusted returns compared to direct token holdings, stating: "DATs can generate yield that compounds net asset value per share, leading to accretive token exposure over time versus simply holding spot." The firm established two dedicated funds for this strategy, raising over $100 million collectively. Pantera compares premium DAT valuations to traditional banks like JPMorgan trading above NAV.
BitMine Immersion, chaired by Fundstrat's Tom Lee, serves as Pantera's flagship investment with 1.15 million ETH ($4.9 billion) holdings as of August 10. The company targets controlling 5% of Ethereum's total supply and has become the largest ETH treasury holder globally. Following its treasury strategy implementation, BitMine saw its stock surge from $4.27 to $51 within a month, with 60% of gains attributed to ETH-per-share growth and 20% to Ethereum's price appreciation.
Pantera positions Ethereum as the decade's key macro play, citing $25 billion in tokenized real-world assets and $260 billion in stablecoins on public blockchains. The firm notes Ethereum dominates stablecoin issuance and on-chain treasury activity, with ETH gaining 103% against Bitcoin since April 2025. "Financial institutions increasingly use Ethereum for security, settlement, and staking participation," Pantera stated, expecting these trends to accelerate ETH accumulation by treasury firms.