BitMine leads with $4.9B in ETH holdings and a goal to acquire 5% of Ethereum’s supply.
Pantera Capital has invested more than $300 million in Digital Asset Treasury companies (DATs), according to a new Blockchain Letter published Tuesday afternoon.
According to the letter, its DAT portfolio spans Bitcoin, Ethereum, Solana, BNB, TON, Hyperliquid, Sui, and Ethena, with investments across the United States, United Kingdom, and Israel.
Among these holdings, Pantera highlighted BitMine Immersion (BMNR) as a leading example. Since launching its ETH treasury strategy, BitMine has become the largest Ethereum treasury and the third-largest crypto treasury company globally, holding 1.15 million ETH worth about $4.9 billion.
Earlier today, the company announced plans to expand its at-the-market equity program to $24.5 billion to fund additional purchases, part of its goal, dubbed “The Alchemy of 5%”, to acquire 5% of the total ETH supply.
BitMine’s stock has surged 1,100% in just over a month, driven mainly by a 330% increase in ETH-per-share holdings. Pantera attributes this growth to issuing stock at a premium, generating staking rewards, and potentially expanding into convertible debt offerings.
The firm sees per-share growth as the core engine setting crypto treasury companies apart, arguing that well-managed ones can trade at a premium to net asset value, much like top banks that earn higher valuations by generating yield above their cost of capital.
Pantera believes Ethereum’s role in tokenization, stablecoins, and institutional adoption will continue to drive demand for DATs like BitMine.
