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

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

Author: Colossus | Investing & Business Podcasts November 21, 2025 Duration: 46:50
Making Markets
BusinessInvesting

My guest today is Cosmo Jiang, Partner at Pantera Capital. Pantera was one of the earliest institutional voices to embrace digital asset treasury companies, or DATs, and helped catalyze the Solana DAT wave. We begin by unpacking the DAT investment thesis using a traditional fundamental investing framework. We then discuss the role of DATs in the crypto-ecosystem, the convergence of crypto and traditional finance, and why Solana is their largest position. Please enjoy this conversation with Cosmo Jiang.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).


Show Notes

(00:00:00) Welcome to Making Markets

(00:01:04) Introduction to Digital Asset Treasury Companies (DATs)

(00:01:44) Understanding the Role of DATs in the Crypto Ecosystem

(00:02:48) The Investment Thesis Behind DATs

(00:04:13) Comparing DATs to Traditional Financial Models

(00:06:59) MicroStrategy's Strategy and Performance

(00:09:53) Active Management vs. Passive Investment in DATs

(00:13:40) Pantera Capital's Journey with DATs

(00:16:51) The Rise of Solana DATs

(00:20:20) Advocating for Solana and the Role of Spokespersons

(00:22:46) Guiding Investors on Solana Exposure

(00:23:28) Exploring AI Investment Strategies

(00:24:10) The Role of ETFs in Digital Asset Management

(00:25:19) Active Management vs. Spot Investments

(00:25:53) The Future of Digital Asset Treasuries

(00:27:43) The Intersection of TradFi and Crypto

(00:29:24) Governance and Decentralization in Crypto

(00:33:22) Solana: A Promising Layer 1 Blockchain

(00:43:21) Current State and Future of Crypto Markets

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Eric Golden hosts Making Markets, a podcast that digs into the often unseen mechanics and human behaviors driving how value is assigned and traded. Rather than just analyzing charts or headlines, conversations focus on the underlying architecture-the rules, relationships, and psychology-that defines how any marketplace functions. This approach means that one episode might dissect the familiar terrain of bonds or equities, while the next ventures into the specialized worlds of fine art, cryptocurrency, or even vineyard acquisitions. The common thread is a curiosity about the actual transactions and the people who facilitate them, providing a tangible sense of what occurs when assets change hands. By speaking with practitioners and experts each week, the show demystifies the complex systems that form the backbone of global commerce, offering listeners a clearer picture of economic forces at work. As part of the Colossus network of investing and business podcasts, Making Markets builds a comprehensive library of knowledge, turning abstract concepts into accessible narratives. It’s for anyone who has ever wondered about the real-world machinery operating behind the curtain of daily financial news.
Author: Language: English Episodes: 100

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