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Inside Pantera’s $500M Solana Treasury Play, with Cosmo Jiang, GP at Pantera Capital
Cosmo Jiang, General Partner at Pantera Capital, at publication
Cosmo Jiang explains Pantera's approach to a Solana treasury company and the capital-allocation decisions behind it. The conversation examines net asset value per share, staking and the financing tools available to a public vehicle. It gives listeners a way to understand the investment thesis and its dependence on execution. The guest's expectations should be distinguished from verified subsequent results and from the risks of any particular investment.
In this conversation
- Digital asset treasury companies
- Net asset value per share
- Capital allocation and staking
Listen on the original episode page →
Watch the conversation on YouTube →
Chapters
- 10:56 — Why “NAV per share” is the new “free cash flow per share: Cosmo explains how digital asset treasuries work just like banks or Amazon in its prime: execution and capital allocation matter more than hype. Investors should look at NAV-per-share growth, not token price, just as Amazon’s stock rewarded reinvestment before profits.
- 22:03 — Inside Solana Company (NASDAQ: HSDT): We break down how Pantera structured Solana Company to systematically acquire and stake Solana, combining a $500M PIPE, $750M in stapled warrants, and differentiated staking economics. Actionable takeaway: public vehicles can outperform ETFs when they compound yield and use capital markets tools (buybacks, convertibles) to increase tokens per share.
- 29:43 — Solana vs. Ethereum & Why Tokens Are Infrastructure Equity: Cosmo makes the case that Solana isn’t just “cheaper”, it’s a cash‑flow‑producing platform growing faster than ETH on incremental users, developers, and fees. He reframes tokens as ownership units in productive networks, not commodities. For investors, that means valuing Solana the way you’d value a high‑growth infra company, not a currency.