Pantera Unveils Portfolio Focused on Stocks with Blockchain-Integrated Treasuries

Pantera Capital Backs Equities Leveraging Crypto as Balance Sheet Strategy

Crypto investment giant Pantera Capital is betting big on a new class of public companies turning to digital assets like Bitcoin, Ethereum, and Solana as core components of their treasury strategy.

In an investor memo shared Thursday, Pantera spotlighted several positions in what it dubs Digital Asset Treasury (DAT) stocks — publicly listed firms that are building crypto exposure directly into their corporate financial structure.

Among the standouts is Twenty One Capital (CEP), a Bitcoin-focused company led by Jack Mallers and supported by major players such as Tether, SoftBank, and Cantor Fitzgerald. Pantera also holds early positions in DeFi Development Corp (DFDV), which is applying the same concept using Solana, and Sharplink Gaming (SBET), which is leaning on Ethereum with backing from ConsenSys.

According to Pantera partner Cosmo Jiang, these companies serve as a proxy for investors who want digital asset exposure but prefer the familiarity of stock market instruments. “These vehicles offer a compelling way for investors to ride the crypto wave without needing to own the tokens themselves,” Jiang noted.

Pantera argues that when executed properly, this model can outperform raw token investments. If market volatility aligns with strong treasury management, DAT stocks can theoretically increase their token-per-share ratios at a faster clip than the underlying assets appreciate.

Still, not all results have validated the thesis. MicroStrategy (MSTR), the pioneer of the strategy, lagged behind Bitcoin’s returns during the most recent price rally, raising questions about long-term performance potential, according to a separate note from 10x Research.

Nonetheless, Pantera’s allocation shows growing confidence that public markets and crypto treasuries are no longer mutually exclusive — and may be a sign of where institutional capital is headed next.