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Pantera Capital has highlighted Digital Asset Treasury (DAT) companies as the next evolution in crypto market exposure, potentially outperforming direct spot Bitcoin BTC/USD purchases over time.
What Happened: These publicly listed firms, which include pioneers like Strategy Inc. MSTR, are capitalizing on market volatility and investor demand to grow Bitcoin-per-share (BPS) at rates unmatched by static holdings.
In a blog post, Cosmo Jiang, General Partner at Pantera, laid out the case: “If MSTR can raise capital and grow BPS 50% per year (last year it grew 74%), by the end of year two you would have 1.1 BTC – more than if you had simply bought spot.”
Jiang emphasized that irrational markets, high stock volatility and financially savvy management teams enable these companies to raise capital efficiently through convertible bonds or option strategies, translating market premiums into asset growth.
“There is a fundamental case to invest in Digital Asset Treasury companies and to justify why they may trade at a premium to its underlying net asset value,” he wrote.
DATs have emerged as key entry points for institutional investors previously sidelined by the complexities of digital wallets, custody, or exchange regulations.
According to Pantera, these vehicles function as “equities-first” onramps that replicate the crypto exposure of holding native tokens without requiring investors to leave traditional finance rails.
“Strong demand for products like MSTR, the ETFs, and the new wave of DATs suggest a large pool of capital had been sidelined by the onboarding complexities of crypto-native products,” Jiang noted.
By transforming BTC and other tokens into tradable equity shares, DATs unlock dormant capital that may have hesitated at regulatory, technical, or custody barriers.
This includes funds like Capital Group and Norges Bank, both of which now hold MSTR.
Unlike ETFs, which can issue and redeem shares to reflect supply and demand, DATs behave more like closed-end funds.
Capital inflows are locked into the company’s treasury, creating a one-way absorption of BTC or other digital assets with limited outflows.
Disclosure: 82% of retail CFD accounts lose money
Also Read: Strategy And Metaplanet Deepen Bitcoin Exposure With Over $190 Million In Fresh Buys Amid $105K Market Level
Why It Matters: This has potential price implications for the underlying tokens.
“Coins held by ETFs can dissipate as easily as they accumulate… [but] purchases into these vehicles effectively lock supply away,” Jiang wrote.
Pantera’s investments span several major DAT players, including:
- Twenty One Capital CEP – Led by Jack Mallers and backed by Tether, Softbank, and Cantor Fitzgerald, it aims to replicate MSTR’s BTC-centric model at a nimbler scale.
- DeFi Development Corp DFDV – The first Solana-based DAT, offering exposure to a more volatile, earlier-stage blockchain with staking yield benefits.
- Sharplink Gaming SBET – The first Ethereum-focused DAT in the U.S., backed by Consensys, allowing access to the Ethereum ecosystem via traditional markets.
Pantera claims these early bets have already shown traction and market validation, fueling a broader stream of entrants following the model.
The report also points to a second macro tailwind reinforcing the DAT thesis: the rise of fiat-backed stablecoins as a strategic U.S. financial tool.
With 98% of the $250 billion stablecoin market backed by dollars, products like USDT USDT/USD and USDC USDC/USD are not only driving global financial inclusion but also providing fresh demand for U.S. Treasuries, many of which underpin DAT reserves.
“Blockchains are supercharging the dollar… enabling fast, low-cost, programmable value transfer,” Pantera’s Erik Lowe wrote, adding that stablecoins now serve as “a global distribution channel for U.S. debt.”
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