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Author: Dan Morehead, founder and managing partner of Pantera Capital, Cosmo Jiang, general partner of Pantera Capital; compiled by: Bitchain Vision
HSDT – DAT company dedicated to creating excellent SOL reserves
Author: Dan Morehead, founder of Pantera
We are pleased to announce that Pantera has completed a lead investment in Solana DAT company Helius (NASDAQ: HSDT).The investment is conducted through private equity investment (PIPE), with Helius potential total fundraising up to US$1.25 billion.
Helius works with Pantera and Summer Capital to build an outstanding Solana treasury.By leveraging capital market opportunities and on-chain activities, Helius aims to maximize SOL holdings per share and provide open market investors with the best channels to participate in Solana’s long-term growth through the public’s familiar equity tools.
Why now, why is Helius?
Providing investors with investment channels for all categories of blockchain assets has always been Pantera’s core goal, and Helius is an extension of this goal.
Pantera’s vision is to significantly improve the convenience of institutional and retail investors entering the Solana ecosystem and promote its popularization of applications worldwide.
Pantera has always been at the forefront of the emerging DAT industry, leading the listing of the first digital asset treasury companies in the United States, including DeFi Development Corp. (stock code: DFDV) and Cantor Equity Partners (stock code: CEP).Pantera is also the leading investor of BitMine (stock code: BMNR), and Tom Lee of Fundstrat serves as chairman of BitMine.Currently, Pantera manages the digital asset treasury related exposure to over US$1 billion, completing more than 15 investments, making it one of the largest investors in the DAT field.Now, we are investing all the experience accumulated in our past practice and striving to create the most efficient Solana treasury in the market.
This year, the open stock market’s attitude towards accepting digital assets has been very clear.We believe that Helius will provide a new generation of investors with the opportunity to access this leading monolithic blockchain.Helius is the intersection of global capital and Solana growth flywheel.We will combine our long-term confidence in Solana, credibility on Wall Street and professional experience in the field of digital asset treasury to push Solana into the next stage of popularization of applications.
Solana DAT Investment Logic
Author: Cosmo Jiang, General Partner, Pantera
DAT’s investment logic is based on a simple premise (see previous report by Bitchain Vision”Why are we optimistic about DAT”):
DAT can increase net assets per share (NAV) by generating income. In the long run, its underlying token holdings will exceed the level of simply holding spot.
Therefore, the potential return on holding a DAT may be higher than holding a direct token or holding a token through an ETF (exchange-traded fund).Whether a DAT can succeed depends on the long-term value stability of its underlying tokens——This is also the reason why we chose Solana as the core reserve asset of DAT.
Solana: The most commercially viable blockchain
We believe that with high scalability infrastructure, extremely low transaction fees, and high accessibility to all connected users, Solana is expected to become the preferred platform for consumer applications and decentralized finance (DeFi).
Solana’s market share in on-chain economic activity is continuing to increase, and we believe this trend will continue in the coming years.
Blue-chip financial institutions such as BlackRock, PayPal, and Stripe have recognized their usefulness and have begun to develop based on their user-developer-friendly architecture.
Solana’s advantages are reflected in multiple dimensions such as technology, user adoption, economic output and real-world integration:
Solana’s core advantages can be summarized into three points:
Fast, low cost and easy to access.
I often recall what Jeff Bezos calls “the trinity of consumer demand” – the cornerstone of Amazon’s philosophy and the core of the company’s excellence.In Solana, I saw the same clear vision and the qualities of this “Trinity”, which also strengthened my confidence in it.
Solana adopts a monolithic design philosophy, focusing on creating a unified user experience and maximizing the performance of its core chain – similar to Apple’s design philosophy.Solana aims at high performance and low cost from the bottom layer, and the base layer can process tens of thousands of transactions per second.
This difference is crucial, especially for mainstream consumer acceptance: users need to compete with Web2’s speed and cost advantages.Because of this, in the past year, most innovative blockchain applications (including payments, gaming, social applications, and DePIN) have chosen to be launched on Solana.
We believe that blockchain applications are still in their early stages, and on-chain activities are expected to grow more than 100 times in the future.Solana has significant advantages in user experience for these mass-market applications.Relevant data are gradually confirming this trend.
The turning point for Solana institutions
The launch of the Bitcoin ETF in January 2024 is an important turning point in the recognition of Bitcoin as an institutional asset.Although the Ethereum ETF did not immediately have an equal impact after its launch, many regulatory hurdles that had hindered the development of Ethereum during the Trump administration have been cleared, and Ethereum has now ushered in a critical period of institutional acceptance.We believe that Solana will be the next blockchain project to usher in this opportunity.
In terms of market value, Solana is still only a small part of Ethereum and Bitcoin, but its daily active wallets are higher.The Solana ecosystem also attracted the most new developers – more than 7,500 new developers were added in 2024 alone.
at present,The agency’s allocation of Solana is seriously insufficient: its holdings account for less than 1% of the total SOL supply, while institutional holdings of Ethereum (ETH) and Bitcoin (BTC) account for 7% and 16% respectively.With the Solana ETF expected to be approved in the third and fourth quarters of 2025 as early as possible, we believe that the application of Solana has just begun and has asymmetric upward potential.
Strategy and execution: Maximize SOL holdings per share (SPS)
Helius aims to provide investors with the best channels to participate in Solana’s growth, with its core goal being to maximize SOL holdings per share (SPS).The project is chaired by Joseph Chee, founder of Summer Capital and former head of UBS’s Asian Investment Bank, and Pantera is responsible for implementing the treasury strategy as the asset manager.
SOL has the attribute of generating profits in design, while BTC does not have the ability to generate profits.Helius plans to take full advantage of this inherent feature of the Solana architecture.
The following framework outlinesHelius’ core operating mechanism—three major sources of expected returns, aims to create long-term value for investors.
Helius connects the open market with Solana, introducing liquidity into pledge and on-chain activities, and promoting the formation of a “growth flywheel”: not only strengthens the Solana network, but also realizes compound interest in value for shareholders.
We believe thatHelius is not only an asset holding tool, but also an active asset treasury platform.——Aim to accelerate Solana’s core role in promoting the next generation of global financial and consumer applications.
Channels for mass investors to participate in Solana
Author: Dan Morehead, founder of Pantera
For 12 years, Pantera has always been at the forefront of innovation in blockchain investment channels: launching its first Bitcoin fund, its first blockchain venture capital fund, its first fund focusing on private equity tokens, etc.
Previously, most of our funds had a minimum investment threshold of up to $1 million and required investors to meet the extremely high wealth standard of “Qualified Purchaser” set by the Securities and Exchange Commission (SEC).
Now, we have launched the first channel tool for mass investors – HSDT.
The Wall Street Journal published a wonderful article about Mark Casey on September 14, telling his connection with DAT.This article provides an excellent perspective for understanding why we support DAT.
Mark is my friend and neighbor.A few years ago, I was busy with other blockchain-related affairs and didn’t pay much attention to MicroStrategy.When I learned that he owns more than 10% of the company, I couldn’t help asking him: “Why?”
His answer still impresses me: “I manage a mutual fund that complies with the Investment Companies Act of 1940, and investing in MicroStrategy is the only way I can access Bitcoin.”
The decision has brought great returns to his investors: Capital Group’s investment in MicroStrategy has grown from less than $1 billion to over $6 billion.
Solana is Pantera’s largest asset with a related management scale of US$1.1 billion.
Before the Solana ETF was approved, it was difficult for investors to participate in Solana investments easily – and HSDT changed this situation.Nowadays, any investor with a brokerage account can participate in the investment of Pantera, the largest holding asset.
Finally, let’s talk about why Solana is important in its portfolio:
The return rate of Pantera Bitcoin Fund has exceeded 1500 times.Bitcoin is the best performing asset I’ve seen in my career, creating $2.3 trillion in returns for hundreds of millions of people.Pantera itself has distributed more than $10 billion in Bitcoin to investors and directly generated $5 billion in profits for investors.
Solana is still in its early stages of development, with a market value of only 5% of Bitcoin.The two have very different uses, so I won’t assert that Solana will replace Bitcoin.My core point is: From the current stage, Solana may have greater room for growth than BTC in the future.
