My guest today is Cosmo Jiang, Partner at Pantera Capital. Pantera was one of the earliest institutional voices to embrace digital asset treasury companies, or DATs, and helped catalyze the Solana DAT wave. We begin by unpacking the DAT investment thesis using a traditional fundamental investing framework. We then discuss the role of DATs in the crypto-ecosystem, the convergence of crypto and traditional finance, and why Solana is their largest position. Please enjoy this conversation with Cosmo Jiang.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Show Notes
(00:00:00) Welcome to Making Markets
(00:01:04) Introduction to Digital Asset Treasury Companies (DATs)
(00:01:44) Understanding the Role of DATs in the Crypto Ecosystem
(00:02:48) The Investment Thesis Behind DATs
(00:04:13) Comparing DATs to Traditional Financial Models
(00:06:59) MicroStrategy's Strategy and Performance
(00:09:53) Active Management vs. Passive Investment in DATs
(00:13:40) Pantera Capital's Journey with DATs
(00:16:51) The Rise of Solana DATs
(00:20:20) Advocating for Solana and the Role of Spokespersons
(00:22:46) Guiding Investors on Solana Exposure
(00:23:28) Exploring AI Investment Strategies
(00:24:10) The Role of ETFs in Digital Asset Management
(00:25:19) Active Management vs. Spot Investments
(00:25:53) The Future of Digital Asset Treasuries
(00:27:43) The Intersection of TradFi and Crypto
(00:29:24) Governance and Decentralization in Crypto
(00:33:22) Solana: A Promising Layer 1 Blockchain
(00:43:21) Current State and Future of Crypto Markets
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