Making Markets · Colossus | Investing & Business Podcasts

Cosmo Jiang - Unpacking Digital Asset Treasuries - [Making Markets, EP.70]

·47 min·3 clips

MicroStrategy makes yield from selling stock at a premium and selling volatility through convertibles.

Eric Golden opens by framing Making Markets as a show about how markets really work. He sits down with Cosmo Jiang, a partner at Pantera Capital, to talk through digital asset treasuries. The conversation treats DATs as an investment structure, not just a slogan. Pantera enters the discussion as one of the earliest institutional crypto funds. Jiang explains that the firm helped catalyze the Solana DAT wave. The first DAT Pantera funded was a Solana DAT. It worked well, but did not reach the scale they wanted. Golden asks for the thesis in traditional fundamental terms, and the discussion stays anchored there. Jiang says Pantera had seen which DATs worked and which ones failed, along with the flip-flops and lessons that came from those attempts. The episode then turns to BitMind Immersion and chairman Tom Lee. Golden uses that example to explore how a cult of personality can create a reflexive feedback loop in the market. Jiang also recalls early conversations with Solana Foundation. At that time, the idea was met with skepticism. A MicroStrategy copycat pitch did not sound compelling to them. Later success from ETH and BitMind made the broader category harder to dismiss. That shift helped make room for a serious Solana treasury strategy. Jiang says Pantera wanted to package its accumulated learning into something that could work at scale. Golden keeps pressing on where the economics are real and where the story is doing the work. The close widens out from one treasury structure to market mood more generally. They talk about crypto Twitter as a place where people swing between euphoria and despair. Jiang pushes back on the idea that a pullback necessarily means a four-year cycle top. He describes the current phase as a healthy consolidation. The episode ends with a measured but optimistic view of the industry's next stage.

As heard by us

A measured look at Solana DATs, reflexivity, and the capital allocation logic behind Pantera's thesis.

Cosmo Jiang and Eric Golden treat digital asset treasuries as a capital allocation problem, not just another crypto market story. That framing gives the conversation some weight.

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Why you'd press play

You want the Solana DAT thesis without the hype haze.

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