CRYPTO 101 Ep. 692 Summary

Title: The Inventor of the DAT: What is Next for Digital Asset Treasuries w/ Cosmo Jiang of Pantera Capital
Date: December 9, 2025
Host(s): Bryce Paul & Brendan Viehman
Guest: Cosmo Jiang, General Partner at Pantera Capital, "inventor" of the DAT (Digital Asset Treasury)

Overview

In this insightful episode, Bryce and Brendan host Cosmo Jiang, General Partner at Pantera Capital and self-declared inventor of the "Digital Asset Treasury" (DAT). The discussion dives deep into the evolution, opportunities, controversies, and future of DATs and digital asset investment strategies, especially touching on Pantera's pioneering role. The trio also unpacks broader crypto market cycles, the rise of Solana, AI's intersection with blockchain, macro-global liquidity, and how retail investors can navigate today’s volatile landscape.

Key Discussion Points & Insights

1. Current State and Context of Crypto Markets

(01:36, 02:08, 13:48, 15:02, 18:15)

• Volatility is Normal: Multiple drawdowns of 30%+ are par for the course in crypto, and Cosmo notes you don't get 80%+ annualized growth without corresponding volatility.
• Historical Perspective:
  • “This is within the realm of reasonable volatility when it comes to this asset class.” (Cosmo Jiang, 02:08)
  • Pantera has weathered four bear markets. According to Cosmo, despite recent fear indices and RSI lows, the long-term trend remains intact.
• Market Cycles: Post-2021 DeFi boom led to excess and subsequent crash (2022 FTX, Terra Luna, Alameda), followed by a gradual reset and resurgence aided by ETFs and political tailwinds in 2024–2025.
• Bear Market or Not?:
  • “I don't believe the four-year cycle is like a real thing.” (Cosmo, 22:42)
  • The guests and hosts agree traditional "cycle" models are too simplistic; much of the recent downturn is already being digested.

2. Pantera Capital’s Evolution & Investment Approach

(04:02, 06:13, 12:42, 13:22)

• Cosmo’s Journey: From Harvard (math), Evercore, and Hitchwood Capital to launching his own fund and joining Pantera to lead public markets and liquid crypto token investment.
  • "The hardest part about being an investor is optimizing for return on time... It so clearly crypto across all three." (Cosmo, 06:13)
• Pantera’s Breadth: Early-stage venture, liquid token market, equities, and now multi-pronged strategies including DATs.

3. Digital Asset Treasuries (DATs): Origin, Design, and Impact

(13:22, 26:45, 27:09, 28:23, 30:30, 32:30, 35:38)

• Definition: A company whose primary value proposition is holding and maximizing a specific crypto asset per share (similar to how a bank operates with cash).
  • “Our job is to grow Solana per share. You know, it's not dollars per share, but it's Solana per share.” (Cosmo, 33:01)
• History & Proliferation:
  • MicroStrategy was the OG Bitcoin treasury; then came Metaplan (Japan), and Pantera helped launch the first Solana DAT (Defi Dev Corp).
  • "At the time I thought wow, this is going to be a super non consensus... but then lo and behold... there's been over 100 of these launched in the U.S., tens of billions dollars of capital raised." (Cosmo, 29:10)
• Are DATs Just Funds? (32:30)
  • Responding to allegations (e.g. MSCI suggesting many DATs are passive funds, not real firms): Cosmo likens DATs to banks, where the core operation is maximizing value per share by managing assets and yield aggressively.

4. Valuation and Behavior of DATs

(47:20, 47:46, 48:26, 50:35)

• DAT Premiums/Discounts Explained:
  • Should trade at a premium to NAV if they're successfully growing tokens per share (e.g. by staking, lending, etc.).
  • Higher costs than ETFs, so base case is ~0.9x NAV unless they demonstrate significant growth.
  • “I think when we get to something like 10x 5x 10x we're starting to get like a little crazy… it feels like the range to me is something in that like point 8 to 2X plus.” (Cosmo, 49:45)
• Early Market Dynamics:
  • Extreme volatility, overpricing, and underpricing are common as the market digests novel structures like DATs.
  • "In typical crypto fashion, they're just speed running market movements." (Bryce, 51:04)

5. Why Solana? Pantera’s L1 Thesis

(37:33, 39:19, 43:03)

• Multi-Chain Future: Bitcoin, Ethereum, Solana are all at scale with different use cases; user interfaces will likely abstract away these differences eventually.
• Solana’s Edge:
  • Faster, cheaper, more accessible — "the Amazon of blockchains."
  • “You look at total growth in crypto transactions, ... Solana has been the largest share gainer ... all this incredible growth ... is translating into real hard cash.” (Cosmo, 41:12)
  • Over $2B in annualized free cash flow in early 2025.
  • Massive upside potential compared to more mature chains like Bitcoin.

6. Yield Mechanics: Staking, Lending, and DAT Strategy

(45:43, 47:20)

• Solana Company Approach:
  • Use Pantera’s established relationships and DeFi involvement to maximize safe yield for Solana DAT.
  • Balance risk (smart contracts, credit, KYC/AML) with aggressive yield-seeking: “...if the goal is to maximize value per share for US Investors, ... Solana company really cares about doing things in a ... safe, risk adjusted way.” (Cosmo, 46:23)
  • Considers platforms like Kamino, Drift, Jupiter for yield above simple staking.

7. Macro Backdrop: Fed Policy, Liquidity, Global Stimulus

(52:14)

• "Rates are coming down... that’s good for risk asset prices, which Bitcoin, Solana and ETH are." (Cosmo, 52:38)
• U.S. and global stimulus is increasing liquidity; innovation (blockchain, AI) bolstering productivity and asset tailwinds.

8. AI and Blockchain: The Crossroads

(54:04–56:54)

• Natural Intersection: Both are math branches (cryptography/statistics); the best entrepreneurs straddle both.
• Yin & Yang: AI creates infinite content/identities; blockchain verifies authenticity and handles economic coordination.
  • “They're very yin and yang in how they fit together...” (Cosmo, 54:25)
• Practical Synergies:
  • Blockchain as infrastructure for open-source AI models, decentralized data, coordination of resources, and digital/AI agent identity/authentication (e.g. Pantera's investments in BitTensor, WorldCoin).
  • Crypto wallets as the obvious solution for autonomous AI agents to transact.

Notable Quotes & Moments (w/ Timestamps)

• Volatility Philosophy:

  • “You don't get that 80% annualized return if you don't also have similarly large pullbacks.” (Cosmo, 02:31)

• On DATs’ Rapid Growth:

  • “We say here, seven months later, there's been over 100 of these launched in the U.S., tens of billion dollars of capital raised.” (Cosmo, 29:05)

• Bank Analogy for DATs:

  • “Banks are valued on what’s called book value per share... If you translate that to a DAT, a DAT is exactly that, except replace dollars with your token.” (Cosmo, 33:04)

• Valuation Guidance:

  • “The range to me is something in that like 0.8 to 2X plus range is where most of these should trade.” (Cosmo, 49:44)

• On Solana’s Strength:

  • “You look at total growth in crypto transactions... Solana has been the largest share gainer... It’s translating into real hard cash.” (Cosmo, 41:12)

• On Bubbles and Opportunity:

  • “A tale as old as time... people are going to call for bubbles in all the fast growing things.” (Bryce, 58:21)

• AI x Blockchain:

  • “AI is all about creating infinite content... blockchain is all about verifying authenticity. They’re very yin and yang.” (Cosmo, 54:25)

Important Segments (Timestamps)

• [01:36] – Crypto market volatility context & Pantera’s approach
• [04:02] – Cosmo’s professional background and journey to Pantera
• [13:22] – Introduction and rise of DATs/Digital Asset Treasuries
• [26:45] – Origin story and Pantera’s pioneering role in Solana DAT
• [32:30] – The regulatory controversy: Are DATs funds or operating companies?
• [37:33] – Pantera’s multi-chain worldview; focus on Solana
• [45:43] – Managing yield: staking, lending, and risk mitigation in Solana Co.
• [47:20] – DATs: premiums to NAV and investment hang-ups
• [52:14] – Macro environment for digital assets
• [54:04] – The intersection, overlap, and future of AI + blockchain

Takeaways

• DATs represent a new, bank-like investment structure for holding and growing digital assets per share—most will disappoint, but the few stand-outs could be portfolio-defining.
• Solana is uniquely positioned for future growth based on speed, cost, accessibility, and surging developer/adoption metrics.
• The traditional 4-year crypto market cycle is probably an oversimplification in a more complex, global, macro-driven landscape.
• Macro trends—global liquidity, falling rates, technological innovation—are highly bullish for crypto in the medium/long-run, even amid choppy short-term trading.
• Crypto and AI, far from being bubbles, are foundational, rapidly-converging forces in the next era of innovation.

Further Resources

• Follow Cosmo Jiang: @cosmojiang
• Pantera Capital: PanteraCapital.com (subscribe to their Blockchain Letter for monthly insights)