The Solana Bull Thesis & Pantera's DAT Strategy | Cosmo Jiang
🎯 Summary
[{“key_takeaways”=>[“Pantera has been instrumental in structuring and anchoring over 15 DAT deals across crypto, positioning them as leaders in this emerging investment vehicle.”, “Helius (HSTT) is Pantera’s dedicated effort to bring the successful DAT model, previously applied to ETH (like Bitwise), to Solana, which they view as their highest conviction investment.”, “The core investment thesis for Solana is its alignment with the ‘holy trinity’ of consumer wants: faster, cheaper, and more accessible, mirroring the success factors of Amazon.”, “DATs justify a premium to Net Asset Value (NAV) if they can sustainably generate yield exceeding their cost of capital, primarily through financial engineering (issuing stock at a premium) and productive asset use (staking/DeFi).”, “Pantera believes the DAT market will consolidate, expecting 2-3 major winners per ecosystem, and they are prepared to acquire smaller DATs if they trade at a discount to NAV.”, “The primary focus for generating yield in the Solana DAT will be staking, leveraging Pantera’s scale to secure differentiated, efficient terms with staking providers.”, “A key goal for Helius is to emulate the success of the Bitwise ETH DAT by aggressively marketing Solana to ‘Main Street’ retail and mainstream financial media, rather than just crypto natives.”], “overview”=>”Cosmo Jiang of Pantera Capital discusses the launch of Helius, a new Solana Digital Asset Treasury (DAT), emphasizing Pantera’s deep conviction in Solana as the superior productive asset compared to Bitcoin. The conversation centers on the strategy behind DATs, drawing parallels to successful equity models, and how Helius aims to capture mainstream attention by telling Solana’s compelling story of speed, low cost, and accessibility to traditional finance investors.”, “themes”=>[“Digital Asset Treasuries (DATs) Strategy and Structure”, “Pantera Capital’s Conviction in Solana”, “Marketing and Mainstream Adoption of Crypto Assets”, “Valuation Mechanics of DATs (Premium to NAV)”, “Competitive Landscape of Solana DATs and Industry Consolidation”, “Yield Generation and Tax Efficiency in Solana Ecosystem”]}]
🏢 Companies Mentioned
💬 Key Insights
"As long as you can generate yield that exceeds your cost of capital, then you actually deserve to trade at a multiple at some premium to book value sustainably."
"And so all these for these companies like banks, they trade above their book value if they can generate a return above their cost of capital, and they trade below book value if they can't generate a return above their cost of capital. That's why JP Morgan trades at two times book."
"Solana is faster, it's cheaper, it's more accessible than traditional financial rails."
"We own over a billion dollars, we manage over a billion dollars in Solana. We care deeply about Solana's success."
"The third thing that makes a Solana DAT different than a Bitcoin DAT, for example, is your ability to generate productive yield through staking or through DeFi."
"Clearly the strongest tool has been financial engineering, right? The ability to issue stock at a premium, which is monetizing excitement in your stock, and then your the ability to to issue and sell convertible debt, which is effectively selling call options or selling volatility in your stock."