Pantera plans to build $1.25 billion Solana Treasury
Pantera Capital is raising up to $1.25 billion to convert a Nasdaq-listed company into a Solana treasury firm called "Solana Co."
The fundraising will happen in two phases. Pantera wants to raise $500 million in equity first, then another $750 million through warrants. The company would focus entirely on buying and holding SOL tokens.
Pantera plans to find an existing public company on Nasdaq and convert it into a Solana-focused entity. The new company would accumulate SOL tokens on its balance sheet and give investors exposure to Solana through traditional stock markets.
Pantera plans to find an existing public company on Nasdaq and convert it into a Solana-focused entity. The new company would accumulate SOL tokens on its balance sheet and give investors exposure to Solana through traditional stock markets.
The firm calls these "digital asset treasury" companies, or DAT firms. These are public companies that raise money in regular markets to buy crypto tokens. Pantera has already put more than $300 million into DAT companies across different regions and tokens, including investments in Twenty One Capital, DeFi Development Corp, and SharpLink Gaming.
Current public companies holding Solana have a combined value above $695 million, representing about 0.69% of SOL's total supply. If Pantera completes its plan, Solana Co. could be worth more than all existing public Solana treasuries combined.
Pantera explains that DAT companies work by increasing token holdings per share through yield generation and active balance sheet management. The firm focuses on what it calls "the long-term investment merit of the underlying token."
Current public companies holding Solana have a combined value above $695 million, representing about 0.69% of SOL's total supply. If Pantera completes its plan, Solana Co. could be worth more than all existing public Solana treasuries combined.
Pantera explains that DAT companies work by increasing token holdings per share through yield generation and active balance sheet management. The firm focuses on what it calls "the long-term investment merit of the underlying token."
“The impact will not be just about size, but more about symbolism. This would give the market an impression that Solana is moving beyond being a retail-driven chain to one with credible institutional sponsorship at scale,”said Shawn Young, chief analyst at MEXC Research.
The announcement comes during rapid growth in public Solana treasuries. Recently, Sharps Technology said it raised commitments exceeding $400 million for a Solana DAT, with Pantera among the investors. Other companies like DeFi Development Corp and Classover disclosed SOL purchases and staking programs.
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