The Index Podcast

DATs and Building the Preeminent Solana Treasury | Cosmo Jiang, General Partner at Pantera Capital

Sep 29, 2025
In this insightful conversation, Cosmo Jiang, General Partner at Pantera Capital and a leading crypto investor, explores the firm's $500 million Solana-focused digital asset treasury strategy. He highlights Solana’s explosive growth and explains why it surpasses Bitcoin in this space. Cosmo discusses the advantages of Digital Asset Treasuries, their potential to attract institutional investors, and the importance of meeting consumer needs. With his background in traditional finance, he provides a unique perspective on the evolving crypto landscape.
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INSIGHT

Solana's Simple But Powerful Thesis

  • Solana's product-market fit is its speed, low cost, and accessibility to any smartphone user.
  • Cosmo compares Solana's clarity of value to Amazon's early thesis of faster, cheaper, more accessible.
INSIGHT

Revenue Growth Validates Market Share

  • Solana not only has superior tech but also rapid revenue growth and real users driving network effects.
  • Cosmo highlights Solana's revenue jump from thousands to over a billion as evidence of its market-share momentum.
ANECDOTE

Pantera's Early DAT Journey

  • Pantera was an early and active investor in DATs and helped anchor the industry by backing the first US Solana DAT.
  • Cosmo recounts deploying over $300M across more than 15 DAT deals and then deciding to build their own Solana DAT.
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