Pantera Capital Discloses Investments in Digital Asset Treasury Companies
Pantera Capital announced investments in companies with substantial digital asset reserves, signaling a shift towards traditional financial structures for crypto exposure. Key investments include:
- Twenty One Capital (CEP), focused on Bitcoin and backed by Tether, Softbank, and Cantor Fitzgerald.
- DeFi Development Corp (DFDV), applying similar models to Solana.
- Sharplink Gaming (SBET), an Ethereum-focused treasury supported by ConsenSys.
These firms, termed Digital Asset Treasury companies (DATs), provide equity market investors with crypto exposure without direct token ownership. They may operate as closed-end funds, potentially influencing the supply and price dynamics of Bitcoin, Solana, and Ethereum.
Under favorable conditions, these companies could enhance their token-per-share metrics beyond the appreciation of the tokens themselves. However, some analysts express concerns about the long-term potential of these stocks, noting underperformance in comparison to rising Bitcoin prices.