Pantera Capital Doubles Down on Public Companies Holding Crypto Treasuries
Pantera Capital is ramping up its exposure to a new breed of public companies leveraging digital assets as part of their balance sheet strategy, signaling a growing convergence between traditional equity markets and crypto finance.
In a Thursday investor update, Pantera revealed allocations to several Nasdaq-listed firms actively holding bitcoin (BTC), ether (ETH), and solana (SOL) on their books — a model the firm refers to as “Digital Asset Treasury” (DAT) companies.
Among its highlighted positions is Twenty One Capital (CEP), a bitcoin-focused treasury firm led by Strike founder Jack Mallers and backed by heavyweight investors including Tether, SoftBank, and Cantor Fitzgerald. Pantera is also invested in DeFi Development Corp (DFDV), a Solana-centric firm, and Sharplink Gaming (SBET), an Ethereum-aligned player supported by ConsenSys.
According to Pantera general partner Cosmo Jiang, these firms provide equity market participants with indirect crypto exposure without the operational friction of token custody or exchange use. The model echoes MicroStrategy’s well-known BTC accumulation strategy, but extends it across different chains.
Jiang argues that if digital asset prices rise and these companies optimize token-to-share leverage through treasury growth or equity buybacks, their shares could outperform the tokens themselves.
However, the strategy is not without risks. While the structure can amplify gains, it may also underperform in bull markets if share dilution or poor treasury management drag on returns — as seen with MicroStrategy’s lag relative to BTC’s recent record run, noted analysts at 10x Research.
Still, Pantera’s moves reflect a conviction that DAT firms could play a pivotal role in bridging crypto and capital markets, especially for investors who prefer traditional stock exposure over direct token holdings.
