news 
Pantera Invests $300 Million in Crypto Treasury Firms Led by Tom Lee’s BitMine
Pantera Capital has invested over $300 million in Digital Asset Treasury (DAT) companies, as per a recent Blockchain Letter. According to the letter, Pantera’s DAT portfolio covers various cryptocurrencies including Bitcoin, Ethereum, Solana, BNB, TON, Hyperliquid, Sui, and Ethena, with investments spread across the United States, United Kingdom, and Israel.
Notably, BitMine Immersion (BMNR) is highlighted as a leading example in this investment. Since launching its ETH treasury strategy, BitMine has emerged as the largest Ethereum treasury and the third-largest crypto treasury company globally, holding 1.15 million ETH worth approximately $4.9 billion. The company has recently announced plans to expand its at-the-market equity program to $24.5 billion to fund additional purchases, which is part of its ambitious goal to acquire 5% of the total ETH supply.
Interestingly, BitMine’s stock has surged an impressive 1,100% in just over a month, largely driven by a massive 330% increase in ETH-per-share holdings. Pantera credits this growth to issuing stocks at a premium, generating staking rewards, and potentially expanding into convertible debt offerings. The firm believes that per-share growth is the core engine setting crypto treasury companies apart from other investment opportunities. According to Pantera, well-managed DATs can trade at a premium to net asset value, much like top banks that generate yield above their cost of capital.
Pantera sees Ethereum’s role in tokenization, stablecoins, and institutional adoption as key drivers for demand in DATs such as BitMine.
Source: cryptobriefing.com
