CRYPTO 101

Ep. 692 The Inventor of the DAT: What is Next for Digital Asset Treasuries w/ Cosmo Jiang of Pantera Capital

Dec 9, 2025
In this discussion, Cosmo Jiang, a general partner at Pantera Capital and a pioneer of Digital Asset Treasuries (DATs), shares his insights on the dynamic crypto market. He navigates his shift from traditional finance to crypto, delving into the evolution of DATs and highlighting Solana's potential in the blockchain space. Cosmo examines macroeconomic forces shaping crypto demand, the intersection of AI and blockchain, and why he remains bullish on long-term growth. His expertise sheds light on innovation and the future of digital assets.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
INSIGHT

Volatility Is The Price Of Big Crypto Returns

  • Crypto's deep drawdowns are normal and accompany outsized long-term returns.
  • Cosmo Jiang says Bitcoin's ~80% CAGR since 2013 required repeated 30%+ pullbacks.
ANECDOTE

From Harvard Math To Pantera Partner

  • Cosmo described his path from Harvard math to Evercore, private equity, and a long-short hedge fund before entering crypto in 2020–21.
  • He launched a fund, merged with Pantera, and now leads their public markets/token strategy.
INSIGHT

Headwinds Became Tailwinds For Crypto

  • Macro and regulatory shifts turned 2023 headwinds into 2024–25 tailwinds for crypto.
  • Cosmo expects continued medium/long-term growth even amid short-term technical volatility.
Get the Snipd Podcast app to discover more snips from this episode
Get the app