Share this article
Pantera Reveals Its Bets on Stocks That Adopted ‘Digital Asset Treasury’ Strategy
According to an investor note, Pantera is backing several Nasdaq-listed firms holding BTC, SOL and ETH.
May 29, 2025, 6:27 p.m.
What to know:
- Pantera Capital said in a note that it has invested in publicly-traded crypto treasury companies.
- Bitcoin-focused Twenty One Capital, backed by Tether and others, Solana-centered DeFi Development Corp and Ethereum treasury play Sharplink Gaming are among Pantera's notable investments.
- These stocks offer crypto exposure to equity market investors without direct token ownership, Pantera argued, though other analysts started questioning their long-term upside.
Crypto investment firm Pantera Capital revealed a series of concentrated bets on a growing class of publicly-traded companies holding large digital asset reserves on Thursday.
Among Pantera’s portfolio is Twenty One Capital (CEP), a Bitcoin-focused treasury firm led by Jack Mallers and backed by Tether, Softbank and Cantor Fitzgerald, according to a note by general partner Cosmo Jiang. The firm also disclosed it is an early backer of DeFi Development Corp (DFDV), which applies the model to Solana , and Sharplink Gaming (SBET), the Ethereum treasury play supported by Ethereum software firm ConsenSys, per the note.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
This investment push signals Pantera’s broader belief that traditional financial structures are increasingly viable pathways into digital assets, even as spot-based exchange-traded funds (ETF) and other regulated products expand. These firms —what Pantera calls Digital Asset Treasury companies, or DATs — seek to offer crypto exposure to equity market investors without requiring direct ownership of tokens, a play spearheaded by Michael Saylor's Strategy (MSTR).
These stocks unlock crypto access for investors still wary of managing wallets or trading on crypto exchanges, Jiang argued. The companies function as closed-end funds on public markets, potentially limiting supply of the underlying assets — Bitcoin, Solana or Ethereum — and affecting price dynamics over time, he said.
The note argued that under the right conditions — market volatility, financial engineering, and smart management — these companies can grow their token-per-share metrics faster than the tokens themselves appreciate, potentially offering more upside than direct crypto purchases.
However, as the market is getting increasingly saturated with these offerings, a few analysts raised concerns about the long-term upside of these stocks: MSTR, for example, underperformed while bitcoin rose to fresh record highs this month, 10x Research noted.
Read more: Bearish Bets on Strategy Look Alluring, Says 10X Research as MSTR Diverges From Bitcoin's Bull Run
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
DraftKings enters prediction markets with CFTC-approved app for real-world events
The sports-betting giant enters the growing world of event contracts with CFTC-registered DraftKings Predictions in 38 states.
What to know:
- DraftKings has unveiled a CFTC-regulated app letting users trade on real-world outcomes like sports and finance in 38 U.S. states.
- The move puts it in direct competition with crypto-native prediction markets like Polymarket or other competitors like Kalshi and Robinhood.
- Prediction markets have emerged as one of the biggest financial trends of the year, fueled by regulatory clarity and rising demand for real-time speculation.
Top Stories
