Pantera Capital disclosed for the first time that it has so far invested $300 million in digital asset treasury companies (DATs), according to its Blockchain Letter published August 12.
Pantera: DATs Deliver Higher Yields Than Spot Holdings
Pantera’s DAT portfolio includes investments in BitMine Immersion, Twenty One Capital, DeFi Development Corp, SharpLink Gaming, Satsuma Technology, Verb Technology Company, CEA Industries, and Mill City Ventures III.
The companies hold major cryptocurrencies including Bitcoin, Ethereum, Solana, BNB, TON, Hyperliquid, Sui, and Ethena, with operations spanning the U.S., U.K., and Israel.
Pantera argues that DAT investments deliver superior risk-adjusted returns compared to holding cryptocurrencies directly.
“DATs can generate yield that compounds net asset value per share, leading to accretive token exposure over time versus simply holding spot,” Pantera stated.
BitMine Immersion, Pantera’s first DAT investment and flagship example, is chaired by Fundstrat’s Tom Lee. The company targets controlling 5% of Ethereum’s total supply.
Since adopting its treasury strategy, BitMine has become the largest ETH treasury holder and third-largest DAT globally, holding 1.15 million ETH valued at $4.9 billion as of August 10. BitMine ranks as the 25th most liquid U.S. stock, averaging $2.2 billion in daily trading volume.
So just how effective has @BitMNR been at creating value for shareholders?
So far: extremely@cosmo_jiang breaks down what’s driving the surge in BMNR price – which, surprisingly, has been driven less by ETH’s rally than most would expect: https://t.co/3wRzxqknBl
Pantera compares DAT valuations to traditional banks, arguing that premium valuations are justified when investors trust a company’s ability to grow net asset value sustainably.
“The highest quality banks trade at a premium to NAV (or book value), such as JPM at >2x,” Pantera explained. “Similarly, investors may choose to value a DAT at a premium to NAV if they believe it can sustainably grow NAV per share.”
Strategy (previously MicroStrategy) recently conducted its third-largest Bitcoin purchase in terms of dollar cost. The firm made this move shortly before revealing its huge successes in Q2 2025, indicating its steady long-term commitment.
Chairman Michael Saylor recently appeared in an interview, explaining his vision for the company’s future. Despite BTC’s slight drop last week, he remains confident in a multi-decade vision for crypto.
Strategy’s latest Bitcoin acquisition is quite impressive for a few reasons. First of all, this happened towards the tail of a highly profitable quarter for the firm, which followed a bleak posting in Q1 2025.
Strategy continued buying before its new net income was fully realized. Second, Bitcoin’s price momentarily fell shortly after this purchase, for unrelated reasons.
What’s Next for MicroStrategy’s Bitcoin Strategy?
To explain his unorthodox moves, Strategy Chair Michael Saylor agreed to an interview to discuss this ambitious Bitcoin purchase.
His comments were very enthusiastic, brushing off any minor price setbacks as usual.
“This is digital capital. If you’re using traditional treasuries as capital, you’re underperforming the S&P 500 by 10% a year. You’re burning money. If you’re using Bitcoin, you’re outperforming the S&P by something like 40% a year. The more capital you raise [and] hold, the faster you create shareholder value,” Saylor claimed.
Rather than claiming that the firm will hodl its assets forever, Saylor offhandedly mentioned wanting to custody BTC for 21 years. Meanwhile, these stock sales generate massive yields.
Also, Saylor was asked if he’d consider investing in any altcoins, and he praised the TON ecosystem in response. He saluted TON’s technical innovations and enthusiastic community, but Saylor is firmly in the BTC maximalist camp.
Whatever happens next, Saylor isn’t getting off this train any time soon. He spoke of Strategy investors’ desire to use Bitcoin to achieve 2x gains, but claimed it has much more potential.
For now, the company will remain a standard-bearer of corporate confidence in BTC through thick and thin.
Welcome to the US Morning Crypto News Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see how Bitcoin (BTC) is faring against public companies, precious metals, and ETFs (exchange-traded funds) on metrics of total assets by market capitalization. The pioneer crypto is proving formidable, taking the stage as a tech stock proxy to ‘dynamic hedge’ against equities and US Treasury risk.
Bitcoin Surpassed Google in Market Cap
Amidst renewed optimism, Bitcoin has surpassed Google, effectively joining the top five assets on market cap metrics.
According to data on companiesmarketcap.com, which tracks over 10,436 firms, Bitcoin is now the fifth most valuable asset after GOLD, Apple (AAPL), Microsoft (MSFT), and Nvidia (NVDA). As of this writing, it boasts a market cap of $1.86 trillion.
This growth comes as Bitcoin progressively gains attention as a hedge against traditional finance (TradFi) and US Treasury risk, which aligns with the most recent US Crypto News publication. As BeInCrypto reported, experts say Bitcoin’s number one purpose in a portfolio is to hedge against risks to the existing financial system.
In contrast, Gold is losing appeal after recently establishing a new all-time high (ATH). While President Trump’s tariffs catapulted Gold to new heights, there appears to be a capital rotation as investors’ appetite for risk grows.
“Bitcoin has surged past the prior $88,800 technical ceiling, clearing the psychological $90,000 mark to trade at an eye-watering $93,500. Meanwhile, Gold has slid 6 percent, reflecting a renewed appetite for risk and a clear rotation into digital assets,” QCP Capital analysts said.
According to analysts, institutions are no longer testing the waters of crypto. Instead, they are diving in headfirst. Based on this outlook, BeInCrypto contacted Standard Chartered Head of Digital Assets Research Geoff Kendrick, who forecasted a new ATH for Bitcoin price.
Standard Chartered Reiterates Next Bitcoin ATH
According to Kendrick, the increasing 10-year US Treasury term premium, now at a 12-year high, correlates with an increase in Bitcoin price. The term premium is the additional yield investors demand to hold a long-term bond instead of a series of shorter-term bonds.
“While correlations vary over time, the relationship between Bitcoin and the term premium is pretty solid, especially since the start of 2024. This relationship shows that Bitcoin has lagged the term premium increase in recent weeks,” Kendrick told BeInCrypto.
According to the analyst, this lag likely reflects the previous narrative that tariffs are hurting tech stocks and Bitcoin trading, such as Mag7 stocks.
“This could be what is needed for the next all-time high, and on that, I reiterate my current forecasts for Bitcoin, of 200k end-2025 and 500k end-2028,” he added.
As Bitcoin acts as a dynamic hedge, it remains to be seen whether it can flip Nvidia this quarter. Nevertheless, Kendrick does not rule it out, acknowledging that dominant narratives change and Bitcoin serves several purposes in portfolios.
