Pantera Capital has invested $300 million in crypto treasury firms, asserting they could yield better returns than crypto ETFs. The firm's partners believe that digital asset treasuries (DATs) can enhance net asset value per share, leading to greater token ownership over time compared to directly holding tokens or investing in ETFs. Pantera's investments span firms in the US, UK, and Israel, holding various tokens, including Bitcoin and Ether. BitMine Immersion Technologies emerged as a key investment, rapidly becoming a leading Ether treasury company. Despite achieving a share price surge of over 1,300% since its strategy began, traditional finance experts warn of risks, including potential overleveraging in volatile markets. Analysts at Standard Chartered also expressed concerns about Bitcoin treasury companies facing significant risks should Bitcoin's price decline drastically. Overall, while Pantera is optimistic about the growth of high-quality DATs, some caution against the crowded market and possible collapses.

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