PANTERA MAY 2025 BLOCKCHAIN LETTER

Summary from the TLDR Crypto newsletter

Digital Asset Treasury companies (DATs) are emerging as public-market vehicles that mirror MicroStrategy's model, enabling investors to gain Bitcoin or other crypto exposure through listed equity by harvesting volatility and issuing convertible instruments. Unlike ETFs, DATs lock up crypto indefinitely, potentially compounding crypto-per-share growth and reducing sell pressure on underlying assets. Separately, stablecoins have become crypto's “killer app” by placing dollars onchain and driving demand for U.S. Treasuries via tokens, while the forthcoming GENIUS Act aims to formalize their regulatory framework.