Capital Structure: PIPEs and Stapled Warrants

Cosmo explains HSTT's $500M PIPE plus stapled warrants structure and how warrants create a prebuilt, accretive second tranche of capital.

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This is a free preview of a paid episode. To hear more, visit www.51insights.xyz

Hi, it’s Marc. ✌️

“Solana is just faster, cheaper, and more accessible.

It maps perfectly to the same consumer demand cycle that made Amazon unbeatable.”

— Cosmo Jiang, General Partner at Pantera Capital

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🎧 Jump to the best parts

* (10:56) → Why “NAV per share” is the new “free cash flow per share: Cosmo explains how digital asset treasuries work just like banks or Amazon in its prime: execution and capital allocation matter more than hype. Investors should look at NAV-per-share growth, not token price, just as Amazon’s stock rewarded reinvestment before profits.

* (22:03) → Inside Solana Company (NASDAQ: HSDT): We break down how Pantera structured Solana Company to systematically acquire and stake Solana, combining a $500M PIPE, $750M in stapled warrants, and differentiated staking economics. Actionable takeaway: public vehicles can outperform ETFs when they compound yield and use capital markets tools (buybacks, convertibles) to increase tokens per share.

* (29:43) → Solana vs. Ethereum & Why Tokens Are Infrastructure Equity: Cosmo makes the case that Solana isn’t just “cheaper”, it’s a cash‑flow‑producing platform growing faster than ETH on incremental users, developers, and fees. He reframes tokens as ownership units in productive networks, not commodities. For investors, that means valuing Solana the way you’d value a high‑growth infra company, not a currency.

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We sat down with Cosmo Jiang, General Partner at Pantera Capital and Board Observer at Solana Company, to unpack the rise of digital asset treasury companies (DATs) and why Solana is at the centre of the next wave.

This isn’t just a copy of MicroStrategy. It’s a redesigned flywheel, engineered for speed, yield, and public markets scale.

Why it’s important: Digital asset treasury companies (DATCOs) have raised $20B in 2025 so far. July alone accounted for nearly $10B, making DATs (digital asset treasuries) the single largest category of crypto fundraising this year. While Bitcoin still dominates, increasing flows are moving to Ethereum, Solana, TON, and other altcoin-focused DATs.

Pantera: It is one of the original and largest institutional investors in digital assets. Its portfolio spans eight tokens, including Bitcoin, Ethereum, Solana, and BNB across U.S., U.K., and Israeli companies. These include BitMine Immersion, Twenty One Capital, DeFi Development Corp, and Mill City Ventures III.

Where to find Cosmo Jiang:

LinkedIn: https://www.linkedin.com/in/cosmojiang

X: https://x.com/cosmo_jiang

Pantera: https://panteracapital.com/team/

🎙️ In our conversation, we discuss:

* Origin of digital asset treasuries (DAT)

* Why Solana beats Bitcoin and Ethereum on raw product-market fit

* What Pantera saw that made them launch a $1.25B SOL-native public vehicle

* Why public equities are the ultimate crypto onboarding funnel for institutions

* How Solana Company is engineered to maximize SOL per share

* Why most investors underestimate how active Solana already is

* Understanding MNAV and navigating market cycles