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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DATs As Balance-Sheet Businesses
- Digital asset treasuries (DATs) behave like balance-sheet financial firms that grow tokens-per-share, not just passive spot holdings.
- If management can generate returns above cost of capital, DATs can trade at a premium to token-book value.
Active Accumulation Can Outperform Spot
- MicroStrategy grew Bitcoin-per-share faster than just owning spot Bitcoin in 2024–2025 due to active capital allocation.
- That performance reframed DATs as potentially superior spot replacements when managers execute well.
Solana Offers Durable Organic Yield
- Smart-contract chains like Solana add organic yield (staking, fees, MEV) that Bitcoin lacks.
- That durable on-chain yield makes DAT strategies on Solana structurally different and potentially more valuable.