The Solana Bull Thesis & Pantera's DAT Strategy | Cosmo Jiang

Sep 23, 2025

Cosmo Jiang, General Partner at Pantera Capital, delves into the firm’s bullish outlook on Solana, highlighting their significant investment of over $1 billion in SOL. He discusses the launch of Helius, a new digital asset treasury company focused on Solana, emphasizing the benefits of public DATs over private investments. Cosmo also outlines the competitive landscape for DATs, innovative financial engineering methodologies, and the operational intricacies involved in managing a treasury to maximize returns. A must-listen for crypto enthusiasts!

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INSIGHT

Why Pantera Launched A Solana DAT

Cosmo argues DATs suit Solana better than Bitcoin due to productive use cases and equity-style structures.
Pantera anchored early DATs and launched Helios to apply that expertise to their largest token bet, Solana.

INSIGHT

Pantera's DAT Track Record

Pantera has executed over 15 DAT deals and claims to be the most active institutional investor in the space.
Their early involvement gave them distribution and dealflow advantages for anchoring new DATs.

INSIGHT

How To Pitch Solana To TradFi

The Solana pitch to TradFi: faster, cheaper, more accessible equals consumer adoption similar to Amazon's edge.
Cosmo frames Solana as high-growth infrastructure with substantial cash flow that TradFi can understand.

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Gm! This week Cosmo Jiang joins the show to discuss Pantera's latest Solana treasury company, Helius. We deep dive into why Pantera is so bullish on Solana—with over $1 billion in disclosed SOL holdings—how to structure a DAT deal, what’s next for Helius, and more. Enjoy!

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--(00:00) Introduction

(06:49) Katana Ad

(07:51) Why Pantera Launched Helius

(21:09) Why Should DATs Trade At A Premium To NAV?

(29:02) Katana Ad

(30:04) The Helius Acquisition Strategy

(32:09) The Role Of DATs On Crypto Foundations

(39:02) What’s Next For Helius?

(43:38) Structuring DAT Deals

(48:07) Final Thoughts

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.