Pantera Capital has revealed a $300 million investment in a digital asset treasury company for the first time! BitMine has become the flagship case, aiming to hold 5% of the total supply of Ethereum.

The well-known crypto investment firm Pantera Capital disclosed for the first time in its "Blockchain Communication" released on August 12 that it has invested $300 million in the digital asset treasury company (Digital Asset Treasuries, DATs). Pantera believes that DATs can provide better risk-adjusted returns than directly holding spot. Its portfolio includes 8 companies such as BitMine Immersion and Twenty One Capital. The flagship case, BitMine Immersion (led by Fundstrat co-founder Tom Lee), has become the largest ETH holdings institution in the world, aiming to control 5% of the total ETH supply and currently holds 1.15 million ETH (worth $4.9 billion). Pantera benchmarks the valuation logic of DATs against traditional banks, emphasizing that the ability to sustain growth in NAV is the key premium factor.

Pantera heavily invests 300 million USD, laying out the digital asset treasury company track According to the "Blockchain Communication" released by Pantera Capital on August 12, this top cryptocurrency investment institution has revealed for the first time its significant layout in the digital asset treasury company (DATs) — the total investment amount has reached 300 million USD. This move signifies that institutional capital is deeply engaging in cryptocurrency asset allocation through new types of vehicles.

DATs portfolio exposure: covering mainstream coins such as BTC, ETH, SOL, and operating across multiple countries

Pantera's DATs investment portfolio includes 8 representative companies:

• BitMine Immersion
• Twenty One Capital
• DeFi Development Corp
• SharpLink Gaming
• Satsuma Technology
• Verb Technology Company
• CEA Industries
• Mill City Ventures III

These companies hold major cryptocurrencies including Bitcoin ( BTC ), Ethereum ( ETH ), Solana ( SOL ), BNB, TON, Hyperliquid ( HL ), Sui ( SUI ), Ethena ( ENA ) with business operations covering key markets such as the United States, United Kingdom, and Israel.

Pantera Core Logic: DATs provide higher yields and appreciation exposure Pantera elaborated on its core logic for investing in DATs in the report: compared to directly holding cryptocurrency Spot, investing in DATs can provide better risk-adjusted returns(risk-adjusted returns).

"DATs can generate returns, which will compound and accumulate per share net asset value (NAV), thereby producing accretive token exposure ( over time, rather than just simply holding Spot," emphasized Pantera.

Flagship Case: BitMine aims to control 5% of ETH supply, has become the world's largest ETH Holdings institution Pantera's first DAT investment project and flagship case BitMine Immersion is chaired by Wall Street renowned analyst and co-founder of Fundstrat Global Advisors Tom Lee. The company has set an ambitious goal to control 5% of the total supply of Ethereum )ETH(. Since adopting its treasury strategy, BitMine has achieved significant accomplishments:

• Become the largest ETH Holdings institution in the world.
• Ranked the third largest digital asset treasury company in the world )DAT(.
• As of August 10, holdings of 1.15 million ETH, valued at up to 4.9 billion USD at that time.
• Its stock liquidity performance is outstanding, being the 25th largest liquid stock in the United States, with an average daily trading volume of 2.2 billion USD.

DAT Valuation Logic: Benchmarking Against Traditional Banks, Sustainable NAV Growth Capability is the Key Premium Point Pantera compares the valuation logic of DATs to traditional banks. The report points out that when investors trust a company’s ability to achieve sustainable growth per share net asset value ) NAV per share (, its valuation receiving a premium ) premium to NAV ( is reasonable.

"The highest quality bank trading prices are at a premium to NAV (or book value), for example, the valuation of JPMorgan )JPM( is over 2 times NAV," Pantera explained, "Similarly, if investors believe that a DAT can sustainably increase its NAV per share, they may choose to assign it a valuation above NAV."

Conclusion: The disclosure of Pantera Capital's $300 million DATs investment portfolio reveals a new path for institutional capital to allocate digital assets through specialized platforms. Its core argument is that DATs can achieve token exposure appreciation through a compound interest mechanism, surpassing mere spot holdings. BitMine Immersion, as a flagship case, demonstrates the scale potential of DATs with a holding of 1.15 million ETH (worth $4.9 billion) and a target of controlling 5% of the ETH supply. The DATs valuation model proposed by Pantera—benchmarking against high-quality banks and supporting premiums with sustainable NAV growth capability—provides an important value assessment framework for this emerging asset class. As more institutions explore digital asset allocation, the specialized and compliant DATs model may become one of the key bridges connecting traditional finance and the world of digital assets.