Michael Saylor’s Strategy To Outperform Bitcoin? Here’s How It Could Happen
Pantera Capital has highlighted Digital Asset Treasury (DAT) companies as the next evolution in crypto market exposure, potentially outperforming direct spot Bitcoin (CRYPTO: BTC) purchases over time.
What Happened: These publicly listed firms, which include pioneers like Strategy Inc. (NASDAQ:MSTR), are capitalizing on market volatility and investor demand to grow Bitcoin-per-share (BPS) at rates unmatched by static holdings.
In a blog post, Cosmo Jiang, General Partner at Pantera, laid out the case: “If MSTR can raise capital and grow BPS 50% per year (last year it grew 74%), by the end of year two you would have 1.1 BTC – more than if you had simply bought spot.”
Jiang emphasized that irrational markets, high stock volatility and financially savvy management teams enable these companies to raise capital efficiently through convertible bonds or option strategies, translating market premiums into asset growth.
“There is a fundamental case to invest in Digital Asset Treasury companies and to justify why they may trade at a premium to its underlying net asset value,” he wrote.
DATs have emerged as key entry points for institutional investors …
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