Pantera Capital Doubles Down on Public Crypto Treasury Stocks in Strategic Shift

Pantera Capital has unveiled a series of new investments focused on public companies adopting crypto treasury strategies — a sign the firm sees growing institutional demand for equity-based digital asset exposure.

In a note released Thursday, Pantera General Partner Cosmo Jiang outlined investments in Twenty One Capital (CEP), a Bitcoin-centric firm led by Strike founder Jack Mallers and backed by Tether, SoftBank, and Cantor Fitzgerald. The firm’s balance sheet-heavy Bitcoin strategy resembles that of MicroStrategy and signals confidence in long-term BTC value storage.

Pantera also disclosed early positions in DeFi Development Corp (DFDV), which has centered its treasury around Solana, and Sharplink Gaming (SBET), an Ethereum-focused holding supported by ConsenSys.

Pantera refers to this new breed of companies as Digital Asset Treasury (DAT) firms — public stocks designed to provide crypto exposure through equity markets, without the friction of custodying digital tokens. These vehicles echo the closed-end fund model, potentially reducing the circulating supply of Bitcoin, Ethereum, or Solana and influencing broader market dynamics.

“These firms offer a bridge for traditional investors looking for crypto upside without dealing with private keys or exchanges,” Jiang said, noting that token-per-share growth can sometimes outpace the price appreciation of the assets themselves.

Still, not all analysts are convinced. With more companies entering the space, some worry about saturation. For instance, MicroStrategy’s (MSTR) underperformance relative to Bitcoin’s recent surge has raised eyebrows at 10x Research, which cautioned that public crypto treasury plays might not always track — or outperform — their underlying assets.