Pantera Capital bets $300 million on crypto treasuries

The American crypto investor Pantera Capital has for the first time disclosed that it has invested more than $300 million in so-called crypto-treasury companies.

The American crypto investor Pantera Capital has for the first time disclosed that it has invested more than $300 million injected into so-called crypto-treasury companies. These publicly traded firms follow the lead of Strategy (formerly MicroStrategy) and hold sizable crypto reserves on their balance sheets.

The reason for this strategy, according to Pantera, is simple. In a blog post, the venture-capital firm writes: "Crypto-treasury companies can generate returns to increase net asset value per share, which over time leads to a larger number of underlying tokens than simply holding spot positions."

Recently, Pantera has launched new funds that specifically invest in crypto-treasury companies. Over $100 million has already been raised for this. Pantera's current treasury portfolio includes eight cryptocurrencies: Bitcoin, Ethereum, Solana, BNB, Toncoin, Hyperliquid, Sui, and Ethena. Investments are spread across companies in the US, the UK, and Israel, including BitMine Immersion, Twenty One Capital, DeFi Development Corp, and SharpLink Gaming.

There is particular attention on BitMine Immersion. This company has quickly risen to become the world’s second-largest crypto-treasury — and the largest Ethereum treasury. BitMine aims to expand its positions significantly and targets owning as much as five percent of the total Ethereum circulating supply.

Since launching its Ethereum-treasury strategy, BitMine has increased ETH per share by about 330 percent, faster than MicroStrategy did with its early Bitcoin accumulation. BitMine’s stock has surged roughly 793 percent since the start of this year.