Pantera Capital Aiming to Secure $1.25B for Solana Treasury Company: Sources Indicate

Pantera Capital is reportedly aiming to raise up to $1.25 billion to transform a Nasdaq-listed company into “Solana Co.,” a public entity intended to accumulate Solana tokens as a treasury asset.

The conversion plans were initially outlined in a report by The Information on Tuesday, stating that Pantera would kick off with a $500 million capital raise, followed by $750 million through warrants.

This comes after Pantera’s recent disclosure indicating it had quietly allocated approximately $300 million into digital asset treasury (DAT) firms “across various tokens and regions” to generate yields and increase net asset value.

“A DAT’s success heavily relies on the long-term investment potential of the underlying token,” the company asserted.

Decrypt reached out to Pantera Capital for confirmation regarding the planned conversion.

Pantera’s DAT portfolio includes eight cryptocurrencies, Solana among them, with investments in Twenty One Capital, DeFi Development Corp, and Sharplink Gaming, based on the company’s blockchain letter.

Earlier this week, Pantera teamed up with ParaFi Capital to support Sharps Technology, a Solana treasury initiative targeting over $400 million.

In recent months, several smaller Nasdaq-listed companies have also transitioned into Solana treasuries.

DeFi Development Corp, formerly known as Janover, a real estate finance platform rebranded into an AI services firm, revealed in July that it had increased its holdings to over 163,000 SOL, valued at around $21 million.

Classover, an edtech company, announced in June that it had acquired approximately 6,500 SOL as part of an initiative supported by a $500 million convertible note program aimed at acquiring and staking SOL.

Upexi and DeFi Development Corp have also consistently grown their reserves through equity raises. Canadian companies like SOL Strategies and Torrent Capital hold $62 million and $6.4 million, respectively, according to CoinGecko data.

Currently, the total value of public Solana treasuries exceeds $695 million, which represents about 0.69% of SOL’s total supply, based on data from CoinGecko.

Significant Holdings

If the initiative progresses, Solana Co. would surpass that amount.

“The significance will extend beyond mere size, representing a shift,” said Shawn Young, chief analyst at MEXC Research, to Decrypt. “It would present the notion that Solana is transitioning from a retail-driven chain to one with substantial institutional backing,” he added.

However, the potential of a single organization holding such a vast Solana reserve introduces additional risks.

“One entity possessing that level of liquidity could impact Solana’s trading dynamics,” Young noted, indicating it might lead to “restricted free float and possibly heightened volatility during stress periods.”

This concern mirrors discussions seen in Bitcoin treasury firms, as Young explained, where entities like Michael Saylor’s Strategy have “added visibility and credibility,” but have also “created a scenario where one corporate entity holds disproportionate sway over the narrative.”