Pantera Puts $300M Into Crypto Treasury Firms

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Good Morning.

Crypto markets are showing a decisive shift toward institutional-grade structures and capital flows, with recent developments underscoring how onchain finance is maturing into a strategic asset class.

In Today's Email:

• What Matters: Pantera Puts $300M Into Crypto Treasury Firms 💰️ 

• Case Study: ETH Tops $4,500 on Treasury and ETF Demand 🔎 

• Governance & Features: Coinbase Relaunches Stablecoin Fund 💵 

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WHAT MATTERS

Pantera Puts $300M Into Crypto Treasury Firms

State of play: Pantera Capital has invested over $300M in Digital Asset Treasury (DAT) companies, which hold large crypto reserves and aim to grow net asset value per share through yield generation and capital markets strategies.

• Its DAT portfolio spans eight major tokens, including Bitcoin and Ethereum, across firms in the US, UK, and Israel.

• The standout is BitMine Immersion, now the largest Ethereum treasury with 1.15M ETH worth $4.9B.

• In its first month, BitMine boosted ETH per share ~330% via stock issuance and staking, lifting its share price 1,100% from $4 to $51.

• Pantera sees DATs as capable of outperforming spot holdings, with valuation premiums justified if they can sustainably grow NAV per share.

Why it matters: Pantera’s DAT bets highlight how public firms can compound token holdings and potentially beat spot or ETF returns, drawing more institutional interest to crypto-backed equities.

Our take: BitMine’s surge shows the model’s upside but depends on sustained token growth and disciplined issuance. Premiums can vanish if momentum slows.

For builders and investors: Focus on DATs with strong growth levers, quality assets, and steady NAV-per-share gains to separate lasting value from hype.

CASE STUDY

ETH Tops $4,500 on Treasury and ETF Demand

Ethereum climbed above $4,500 for the first time this year, gaining 40% year-to-date and matching bitcoin’s performance over the same period.

• The rally is fueled by corporate treasuries holding over $9B in ETH and spot ETFs adding $5B in the past month.

• BitMine, the largest ETH treasury holder, now owns 1.15M ETH worth around $5B and plans to expand its equity program to $24.5B for further purchases.

• Analysts say combined treasury and ETF buying has created a “demand shock,” with acquisitions outpacing ETH’s new supply by 32 times since May.

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INSIGHTS

Aave Nears $50B TVL on DeFi Lending Surge

Aave’s total value locked has jumped from $8B in early 2024 to $47B, securing around 80% of Ethereum’s outstanding debt and expanding its active borrower base to over a thousand users.

• The surge reflects DeFi lending’s product-market fit and its appeal over traditional finance.

• DeFi is offering permissionless global access, transparent smart contracts, and yield opportunities with liquidity retention.

• The growth also signals rising institutional adoption, positioning decentralized lending as a bridge between traditional capital markets and the crypto economy.

FEATURES & GOVERNANCE UPDATE

Coinbase Relaunches Stablecoin Fund

Coinbase has revived its Stablecoin Bootstrap Fund after six years to boost stablecoin liquidity across DeFi, starting with deployments on Aave, Morpho, Kamino, and Jupiter.

• Managed by Coinbase Asset Management, the fund will supply liquidity in USDC and EURC, with potential expansion to other stablecoins.

• The initiative follows the success of Coinbase’s 2019 fund, which helped seed USDC liquidity on early DeFi protocols.

• Coinbase says the relaunch comes at a key moment for onchain finance adoption and aligns with its broader strategy to expand into DeFi, tokenized assets, and new market offerings.

Other notable feature updates:

• Pendle launches Boros.

• Kyber Network launched FairFlow.

• Lido and Linea launched Native Yield.

• Aave released its V3 developer toolkit.

• MetaMask added Sei Network as a default network.

• Symbiotic introduced Slashing Insurance Vaults (SIVs).

• Puffer Finance introduced Puffer Unifi and Puffer Unifi AVS.

• Mercury launched an iOS super app for Hyperliquid and Hyper-EVM.

QUICK BITES

• Metaplanet buys another 518 BTC for $61M.

• EF offloads $12.7M worth of ETH amid price momentum.

• Solana jumps 15% to reclaim $200 as altcoin market heats up.

• Polymarket active traders jump 18% as six-month slump ends.

• Circle to launch L1 Arc using USDC stablecoin as native gas token.

• Aave’s parabolic rise near $50B TVL signals institutional embrace.

• Pantera reveals it has invested over $300M in crypto treasury companies.

• Bullish lands upsized $1.1B IPO, joins growing roster of public crypto firms.

• Eden Network shuts down operations, plans treasury distribution to holders.

• Spot Ethereum ETFs see another $524M in inflows after record-breaking day.

• Paradigm co-founder Matt Huang to lead Stripe’s blockchain project Tempo.

• ETH trades above $4,500 amid ETH treasury buying spree, record ETF inflows.

NOTEWORTHY READS & MEME

• Delphi’s read on Kalshi vs. Polymarket.

• John Wang’s read on Prediction Market Perps on Hyperliquid.

• Nicolas’s read on Stablecoins Revolution and Why Avalanche Is Built For It.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.