Pantera Capital has committed over $300 million to Digital Asset Treasury (DAT) companies, which maintain cryptocurrency reserves on their balance sheets. This strategic investment aims to enhance net asset value per share, offering potentially higher returns than direct token holdings or ETFs. A notable investment is in BitMine Immersion, which holds 1,150,263 ETH, valued at $49 billion as of August 10, 2025. The move underscores the increasing significance of Ethereum, which hosts substantial real-world assets and stablecoins on its blockchain. Pantera Capital indicates that the second phase of the crypto bull market is underway, with altcoins gaining traction amid improving regulatory clarity.