Ethereum News Today: Pantera Allocates $300M to Crypto Treasury Firms Amid Strategic Shift

Pantera Capital has quietly allocated $300 million into digital asset treasury (DAT) firms, signaling a shift in strategy toward institutional-grade infrastructure rather than direct token investments. The firm, known for its aggressive crypto-focused venture capital approach, has now positioned itself as a key backer of treasury management platforms that hold and optimize crypto assets on their balance sheets. This move, disclosed in a recent blockchain letter, marks the first time Pantera has revealed the full extent of its DAT investments [1].

The investment strategy is based on the firm’s belief that DATs can deliver superior returns compared to holding tokens directly or through ETFs. By generating yield through staking, liquidity provision, and token appreciation, DATs can grow their net asset value per share over time. Pantera Capital described this as a compelling model, one that aligns with the long-term growth of the digital asset ecosystem [1].

In the past several months, Pantera has raised two DAT-specific funds, collectively raising over $100 million in capital, though it has not disclosed individual fund sizes. General partner Cosmo Jiang told The Block that the firm has not yet decided on a third fund but remains focused on expanding its DAT portfolio. The portfolio currently includes eight major cryptocurrencies and spans firms based in the United States, United Kingdom, and Israel [1].

BitMine Immersion, one of the largest DATs, has become a central example of Pantera’s thesis. The company recently launched its Ethereum treasury strategy and now holds 1.15 million ETH, valued at $4.9 billion as of August 10. Pantera Capital highlighted the firm’s rapid growth, noting a 330% increase in ETH per share within its first month. This growth was attributed to a combination of stock issuance above NAV, staking rewards, and Ethereum’s price appreciation [1].

Performance metrics show that BitMine’s share price surged from $4.27 at the end of June to $51 in less than a month. Pantera Capital attributed approximately 60% of this increase to ETH-per-share growth, 20% to Ethereum’s price rally, and 20% to a rising net asset value (NAV) multiple, which expanded to 1.7x during the same period. The firm explained that valuation premiums occur when investors believe a DAT can sustainably grow its NAV per share. It compared this dynamic to traditional banks like JPMorgan, which trade at a premium to book value [1].

Pantera Capital continues to target DATs that demonstrate consistent NAV growth and institutional-grade operations. This strategy reflects a broader trend of capital consolidation in the crypto infrastructure space, where investors are increasingly prioritizing security, transparency, and scalability. As more institutional capital flows into crypto treasuries, the role of these platforms in supporting the financial operations of crypto-native businesses is expected to expand [1].

The firm’s decision to allocate $300 million into DATs underscores its confidence in the future of the digital asset ecosystem. By backing infrastructure that enables yield generation and asset optimization, Pantera is not only supporting the growth of individual projects but also contributing to the maturation of the crypto market as a whole.

Source: [1] Pantera Capital Quietly Channels $300M Into Crypto ... (https://blockonomi.com/pantera-capital-quietly-channels-300m-into-crypto-treasury-giants/)