Pantera Capital is preparing to raise as much as $1.25 billion to launch a Nasdaq-listed company that would hold Solana as its primary treasury asset, according to The Information. The firm, to be called “Solana Co.,” would buy and store SOL tokens on a large scale.
The fundraising would take place in two stages: $500 million upfront, followed by $750 million raised through warrants. If completed, Solana Co. would control more tokens than all existing public treasuries combined.
Pantera has already committed about $300 million this year to digital asset treasury firms across several blockchains. Its portfolio includes stakes in Twenty One Capital, DeFi Development Corp, and Sharplink Gaming. Earlier this week, Pantera joined ParaFi Capital in supporting Sharps Technology, another Solana-focused treasury vehicle seeking more than $400 million.
Solana Treasurys on the Rise
Listed companies have increasingly turned to Solana in recent months. DeFi Development Corp disclosed in July that its holdings had doubled to more than 163,000 SOL, worth around $21 million. Classover, an edtech firm, reported in June that it had acquired 6,500 SOL as part of a plan backed by a $500 million convertible note. Upexi and several Canadian firms, including SOL Strategies and Torrent Capital, have also expanded reserves.
Galaxy Digital, Jump Crypto, and Multicoin Capital are also targeting Solana. The three firms are working with potential backers on a $1 billion raise for a SOL-focused treasury vehicle
Together, public firms now hold over $695 million worth of Solana, about 0.69% of the total supply, CoinGecko data shows. Pantera’s proposal would eclipse that figure alone.
Analysts say the move could mark a shift for Solana from a retail-driven ecosystem toward institutional sponsorship. But they also warn that concentrating such a large share in one company could distort trading and raise volatility, similar to concerns around Bitcoin treasury holdings.
