The well-known cryptocurrency investment firm Pantera Capital revealed for the first time in its "Blockchain Newsletter" published on August 12 that it has invested $300 million in the digital asset treasury company (Digital Asset Treasuries, DATs). Pantera believes that DATs can provide better risk-adjusted returns than directly holding spot assets, with its portfolio including eight companies such as BitMine Immersion and Twenty One Capital. The flagship case, BitMine Immersion (led by Fundstrat co-founder Tom Lee), has become the largest ETH holdings institution in the world, aiming to control 5% of the total ETH supply, currently holding 1.15 million ETH (worth $4.9 billion). Pantera aligns the valuation logic of DATs with traditional banks, emphasizing that the ability to sustain NAV growth is a key premium factor.