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Pantera Discloses $300M Investment in Digital Asset Treasuries

Pantera’s latest blockchain letter positions treasury-focused firms as a yield-driven NAV-growth engine, spotlighting BitMine’s bid to acquire 5 percent of Ether via a $24.5 billion equity program.

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Photo: Pantera Capital

Overview

  • In its latest blockchain letter, Pantera Capital for the first time disclosed it has invested over $300 million in digital asset treasury companies across the United States, the United Kingdom and Israel.
  • The firm’s two dedicated DAT funds have raised more than $100 million in recent months, and Pantera is weighing a third fund as it seeks further capital.
  • BitMine Immersion leads the sector with 1.15 million ETH (approximately $4.9 billion) and will boost its at-the-market equity program to $24.5 billion to fund a target of 5 percent of Ethereum supply.
  • Pantera attributes BitMine’s share price surge from $4.27 at the end of June to $51 in early August primarily to yield-driven NAV growth, alongside Ethereum’s price rally and multiple expansion.
  • Investors are balancing the attraction of DATs trading at premiums to NAV against concerns over token supply concentration and governance risks at large treasury holders.