Daily Brief Crypto: Cosmo Jiang – Unpacking Digital Asset Treasuries – [Making Markets and more

• Cosmo Giang, partner at Pantera Capital, discusses the investment thesis behind digital asset treasury companies (DATs) and their role in the crypto ecosystem, particularly highlighting Solana as their largest position.
• Giang compares DATs to traditional financial companies, emphasizing how they can generate yield on assets like Bitcoin and Solana, similar to how banks generate returns on deposits.
• Giang reveals how Solana’s smart contract platform offers more sustainable yield potential compared to Bitcoin, leading to Pantera’s bullish stance on the cryptocurrency.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• 4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.
• Given the strong institutional interest in crypto after the US passed the GENIUS Actand the amount of capital going into digital asset treasury (DAT) companies, we could see a similar strong performance in 4Q25.
• There has been significant interest in DAT companies, particularly those focusing on coins other than Bitcoin and those adding return enhancers to their models, DAT++ companies.