最新报道：According to Bijie.com, Pantera Capital has revealed that it has invested over $300 million to date in digital asset treasury (DAT) companies, a growing category of publicly traded companies that hold cryptocurrency reserves on their balance sheets. Pantera disclosed this figure for the first time in its latest blockchain letter, released on Tuesday. The company stated that its investment thesis for DAT companies is simple: "DATs can generate income that increases net asset value per share, and over time, can lead to greater ownership of the underlying tokens compared to simply holding spot. Therefore, owning DATs may offer higher return potential compared to holding the tokens directly or through an ETF." Notably, Pantera recently raised two funds specifically focused on DATs, but did not disclose the fund sizes. However, Pantera Capital General Partner Cosmo Jiang told The Block that the two funds have raised over $100 million in total. When asked whether the company plans to raise a third DAT fund, he said that he has not yet decided. Pantera's DAT portfolio covers eight tokens—Bitcoin, Ethereum, Solana, BNB, Toncoin, Hyperliquid, Sui, and Ethena—and includes companies based in the US, UK, and Israel. These companies include BitMine Immersion, Twenty One Capital, DeFi Development Corp, SharpLink Gaming, Satsuma Technology, Verb Technology Company, CEA Industries, and Mill City Ventures III. Pantera specifically highlighted BitMine Immersion to support its DAT thesis. Since the recent launch of its Ethereum treasury strategy, BitMine has become the largest ETH treasury and the third-largest DAT globally, holding 1.15 million ETH, valued at $4.90 billion, as of August 10th. Pantera stated that BitMine's strategy is based on the thesis that Ethereum will be a major macro trend over the next decade, driven by tokenization and stablecoins, as Wall Street migrates on-chain. Pantera noted that BitMine grew its ETH per share by approximately 330.00% in its first month, a faster pace than Strategy (formerly MicroStrategy) achieved in its early days with Bitcoin, primarily by issuing shares at a premium to net asset value and generating staking rewards. Its share price has risen from $4.27 at the end of June to $51.00 a little over a month later. Pantera attributes approximately 60.00% of this increase to growth in ETH per share, 20.00% to a higher Ethereum price, and 20.00% to an expansion of its NAV multiple to 1.7x. Pantera argues that premiums are justified when investors believe DATs can consistently increase NAV per share, drawing an analogy with top banks trading above book value. "Banks seek to generate income from their assets, and investors reward those banks that they believe can consistently generate income above their cost of capital with valuation premiums. The highest quality banks trade at a premium to NAV (or book value), with JPMorgan Chase & Co. trading above 2x," Pantera said. The Funding Newsletter: Stay up to date on the latest cryptocurrency VC funding and M&A deals, news, and trends with my free bimonthly newsletter, The Funding. Sign up here!