Making Markets Cosmo Jiang - Unpacking Digital Asset Treasuries - [Making Markets, EP.70]
Nov 21, 2025
Cosmo Jiang, a Partner at Pantera Capital, dives into the innovative world of Digital Asset Treasuries (DATs). He discusses how DATs differ from traditional banks, emphasizing their role in the crypto ecosystem and the importance of active management. Cosmo explains Pantera's early investments in DATs and the immense potential of Solana, highlighting its fast transaction speeds and developer growth. He predicts a future where institutional capital bridges crypto and traditional finance, reshaping the industry's landscape.
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Underwrite DATs As Active Managers
- Underwrite DATs like active managers: evaluate the team’s plan to grow tokens-per-share and execution capability.
- Expect winners and losers; only back DATs where management adds clear, repeatable value.
Advocate And Use Capital Moves Strategically
- DATs should maximize shareholder value by advocating for the underlying token and sometimes never selling.
- Use buybacks below NAV or issuance above NAV strategically to create accretive outcomes.
Pantera’s Early DAT Playbook
- Pantera wrote the first DAT memo in April and backed early Solana and Bitcoin DATs after running the MicroStrategy math.
- That early involvement helped Pantera deploy expertise and catalyze the broader DAT wave.