About DAT... by Pantera
Original Article
Pantera continues to invest in DAT, allocating a total of $300 million to the DAT fund. In the essay, Pantera stated that "DAT can deliver higher returns than directly purchasing tokens or holding ETFs." Let's analyze this thesis together.
The essence of DAT isn't simply holding tokens; it's designing a structure that builds intrinsic value per token, much like a company increases EPS through treasury management. Unlike simple buying and holding, DAT can increase "earning power per token" through treasury acquisition, buyback/burn mechanisms, and fee revenue accumulation.
Pantera's key points can be summarized in three points:
1. Diversification of Revenue Sources – DAT incorporates various value accrual methods, such as staking yield, fee revenue, and buybacks.
2. Valuation Mechanism – Using the traditional market's EPS framework, the narrative is presented that "like stocks, DAT's per-unit value increase leads to a rise in its stock price (token price)."
3. Investment Efficiency – While ETFs and spot purchases merely follow the price, DAT can pursue excess returns through active treasury management and profit redistribution.
Of course, this thesis comes with a prerequisite. The DAT token must have substantial cash flow, enabling it to execute buyback/burn or accumulate fees, and the process must be transparent and sustainable. Otherwise, the "EPS analogy" would be nothing more than empty rhetoric.
Ultimately, Pantera's argument is that DAT is not a simple exposure vehicle, but a new asset class capable of actively designing value creation. This is precisely the basis for its claim of excess returns compared to traditional ETFs.
