2 weeks ago
Crypto concern steadfast Pantera Capital revealed a bid of concentrated bets connected a increasing people of publicly-traded companies holding ample integer plus reserves connected Thursday.
Among Pantera’s portfolio is Twenty One Capital (CEP), a Bitcoin-focused treasury steadfast led by Jack Mallers and backed by Tether, Softbank and Cantor Fitzgerald, according to a enactment by wide spouse Cosmo Jiang. The steadfast besides disclosed it is an aboriginal backer of DeFi Development Corp (DFDV), which applies the exemplary to Solana SOL, and Sharplink Gaming (SBET), the Ethereum ETH treasury play supported by Ethereum bundle steadfast ConsenSys, per the note.
This concern propulsion signals Pantera’s broader content that accepted fiscal structures are progressively viable pathways into integer assets, adjacent arsenic spot-based exchange-traded funds (ETF) and different regulated products expand. These firms —what Pantera calls Digital Asset Treasury companies, oregon DATs — question to connection crypto vulnerability to equity marketplace investors without requiring nonstop ownership of tokens, a play spearheaded by Michael Saylor's Strategy (MSTR).
These stocks unlock crypto entree for investors inactive wary of managing wallets oregon trading connected crypto exchanges, Jiang argued. The companies relation arsenic closed-end funds connected nationalist markets, perchance limiting proviso of the underlying assets — Bitcoin, Solana oregon Ethereum — and affecting terms dynamics implicit time, helium said.
The enactment argued that nether the close conditions — marketplace volatility, fiscal engineering, and astute absorption — these companies tin turn their token-per-share metrics faster than the tokens themselves appreciate, perchance offering much upside than nonstop crypto purchases.
However, arsenic the marketplace is getting progressively saturated with these offerings, a fewer analysts raised concerns astir the semipermanent upside of these stocks: MSTR, for example, underperformed portion bitcoin roseate to caller grounds highs this month, 10x Research noted.
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