Pantera Capital is weighing an ambitious plan to raise $1.25 billion to convert a Nasdaq-listed company into “Solana Co.,” a public entity dedicated to building a $SOL treasury. If successful, the initiative would mark one of the most significant institutional commitments to Solana to date.
Structure of the Raise
Pantera intends to launch the project with an initial $500 million raise, followed by an additional $750 million through the issuance of warrants. The firm’s objective is to transform an existing publicly traded company into a dedicated Solana treasury vehicle.
Strategic Solana Reserve data indicate that current Solana treasuries hold approximately 8.23 million $SOL, valued at roughly $1.5 billion. Solana Co. could come close to matching this figure on its own.
Pantera’s Growing Interest in DATs
This plan aligns with Pantera’s broader strategy of investing heavily in digital asset treasuries (DATs). Earlier this month, Pantera revealed that it had deployed around $300 million across a portfolio of DATs spanning eight different cryptocurrencies. These include Solana, Bitcoin, Ethereum, BNB, Toncoin, Hyperliquid, Sui, and Ethena. Pantera also disclosed investments in DAT firms such as Twenty One Capital, DeFi Development Corp., and Sharplink Gaming.
Pantera argues that DATs offer advantages over direct token ownership or ETFs. “DATs can generate yield to grow net asset value per share, resulting in more underlying token ownership over time than just holding spot,” the firm wrote in its latest blockchain letter titled ‘DAT Value Creation.’
Recent Investments and Market Context
Earlier this week, Pantera backed Sharps Technology, a medical device company that pivoted into the Solana treasury market through a $400 million private placement. That deal included a non-binding letter of intent with the Solana Foundation, granting Sharps Technology the ability to purchase $50 million in SOL at a 15% discount to a 30-day time-weighted average price.
This is not Pantera’s first large-scale involvement in Solana accumulation. In April 2024, the FTX bankruptcy estate sold between 25 million and 30 million SOL tokens to Galaxy Trading and Pantera Capital for $64 each, raising up to $1.9 billion.
Pantera has previously described Solana as the “Mac OS of blockchains,” citing its user-friendly design and fast-growing ecosystem. The firm’s consistent interest in Solana positions it as one of the asset’s most prominent institutional backers.
A Broader Trend
The proposed Solana Co. initiative comes amid a surge of public companies transitioning into Solana treasuries. DeFi Development Corp, formerly a real estate financing platform, announced yesterday, August 25, that it has raised $125 million to expand its $SOL treasury. It currently holds 1.42M $SOL valued at about $270 million.
Earlier in the month, Upexi, another Solana treasury company, surpassed 2 million $SOL in holdings. In July, Upexi raised $200 million and acquired over 1.26 million $SOL, growing its treasury by 172%.
Meanwhile, Canadian firms SOL Strategies and Torrent Capital hold $75 million and $7.5 million in Solana, respectively.
Amid the ongoing $SOL accumulation, Solana co-founder Raj Gokal shared his thoughts on social media, saying that Solana Digital Asset Treasuries will be “monstrous” and “tuned to what makes Solana great.”
However, the plan also raised concerns about the inclusion of locked tokens in DATs. Vinny Lingham, co-founder of Praxos Capital, highlighted a potential risk associated with Simple Agreements for Future Tokens (SAFTs) that are included with minimal discounts, suggesting it could disadvantage other investors.
Pantera’s initiative comes as other large firms also explore Solana-focused treasuries. Galaxy Digital, Jump Crypto, and Multicoin Capital are also working to raise $1 billion for a joint Solana DAT. The surge in activity underscores how Solana is becoming an increasingly focal point for institutional treasury strategies.
If realized, Pantera’s proposed $1.25 billion raise would mark a new milestone in the evolution of digital asset treasuries and could further cement Solana’s position as a core institutional asset class.
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