Pantera Capital, a leading crypto investment firm, is reportedly planning to raise up to $1.25 billion to convert a Nasdaq-listed company into “Solana Co.,” a public vehicle focused on accumulating Solana (SOL) tokens as a treasury asset.
The plan would begin with a $500 million raise, followed by an additional $750 million through warrants, according to a report from The Information.
This move follows Pantera Capital’s earlier disclosure this month that it has quietly invested around $300 million into digital asset treasury (DAT) firms across various tokens and regions to grow net asset value and generate yield.
Pantera has previously invested in Solana-related ventures, including Twenty One Capital, DeFi Development Corp, and Sharplink Gaming. This week, it also joined ParaFi Capital in supporting Sharps Technology, a Solana treasury vehicle aiming to raise over $400 million.
Rising Trend of Public Solana Treasuries
Smaller Nasdaq-listed firms have increasingly pivoted toward Solana treasuries. DeFi Development Corp recently doubled its holdings to over 163,000 SOL ($21 million), while Classover bought 6,500 SOL as part of a $500 million convertible note program.
Canadian firms SOL Strategies and Torrent Capital hold $62 million and $6.4 million, respectively. Public Solana treasuries now exceed $695 million, or 0.69% of SOL’s total supply.
However, one company controlling a large SOL reserve may increase market volatility. Shawn Young of MEXC Research explained that while firms like Pantera bring attention, they also wield outsized influence on token liquidity and trading.
