"The equity markets this year have been characterized by the embrace of digital assets from more traditional investors – whether that is through the ETFs, IPOs like Circle, or DATs.  "One big driver has been the inclusion of Coinbase into the S&P 500.  Now every manager in the world has been forced to include digital assets in its index and is required to pay attention.  We believe this story is in the early innings and will continue to be a long-term durable tailwind that elongates this cycle. "DATs are a new frontier for public market crypto exposure that has benefited from this broader secular tailwind.  DATs allow equity market investors to get crypto exposure through familiar instruments and intermediaries.  We believe the universe of Digital Asset Treasury companies will grow meaningfully and there is still an opportunity to be at the vanguard of this formation." @cosmo_jiang discusses the investment case for DATs and how Pantera is opening access to this opportunity through Pantera DAT Fund: https://panteracapital.com/blockchain-letter/pantera-dat-fund-closing/