- Pantera Capital has invested over US$300M in digital asset treasury companies and launched two dedicated DAT funds.
- The company backs DATs to outperform ETFs through NAV growth and yield strategies.
- Their NAV growth strategies include share issuance, staking rewards, and convertible debt.
Pantera Capital has committed over US$300 million (AU$459.45 million) to digital asset treasury (DAT) companies. The company argues that DATs can outperform direct token holdings or ETFs by growing net asset value (NAV) per share through yield-focused strategies. To support this strategy, the company has launched two DAT-specific funds, raising over US$100 million (AU$153.15 million) between them.
Pantera Capital cites BitMine Immersion as a leading example of this investment strategy. Since starting its Ethereum treasury programme, it has become the largest ETH treasury and the third-largest DAT globally, controlling 1,150,263 ETH valued at US$4.9 billion (AU$7.50 billion) as of 10 August 2025.
In just over a month, its share price has jumped from US$4.27 (AU$6.54) to US$51 (AU$78.11). Pantera attributes approximately 60% of this gain to ETH-per-share growth, 20% to Ethereum’s market rise, and 20% to the expansion of its NAV multiple from 1.1x to 1.7x.
BitMine’s ETH-per-share increased by around 330% in its first month – faster than Strategy’s early Bitcoin-buying pace. These gains were primarily achieved through issuing shares above NAV and generating staking rewards, with the possibility of adding convertible debt in the future.
Related: Ethereum Treasuries Embrace Staking, But Face Liquidity and Security Tradeoffs
Why Investors Pay a Premium
According to Pantera, investors often pay more for DATs that can reliably grow NAV per share, similar to how the best-performing banks trade above book value when they consistently deliver returns above their cost of capital.
The company expects Ethereum’s prominence to increase over the next decade, supported by rising tokenisation and stablecoin use, with institutions drawn to its proof-of-stake model and blockchain security.
Pantera’s investments span eight tokens – Bitcoin, Ethereum, Solana, BNB, Toncoin, Hyperliquid, Sui and Ethena – and include companies based in the US, UK and Israel, such as BitMine Immersion, Twenty One Capital, DeFi Development Corp, SharpLink Gaming, Satsuma Technology, Verb Technology Company, CEA Industries and Mill City Ventures III.
Related: Grayscale Launches DeepBook and Walrus Trusts to Tap Sui Ecosystem Growth
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