Pantera Capital Plans $1.25B Raise to Build Nasdaq-Listed Solana Vehicle

Pantera Capital is preparing to raise as much as $1.25 billion to transform a Nasdaq-listed company into “Solana Co.,” a public vehicle built to accumulate Solana (SOL) as a treasury asset, according to a report from The Information.

Key Takeaways:

• Pantera Capital plans to raise $1.25B to build a Nasdaq-listed Solana treasury vehicle.
• The firm has already deployed $300M into digital asset treasury companies, including Solana-focused projects.
• Public Solana treasuries now exceed $695M, with Pantera’s move set to further expand adoption.

The plan reportedly involves an initial $500 million raise, followed by $750 million through warrants.

If completed, it would mark one of the largest dedicated efforts to create a public Solana treasury vehicle.

The move follows Pantera’s disclosure earlier this month that it has already deployed about $300 million into digital asset treasury (DAT) firms.

“The most important element of a DAT’s success is the long-term investment merit of the underlying token,” Pantera noted in a recent blockchain letter.

Its DAT portfolio includes stakes in Twenty One Capital, DeFi Development Corp, and SharpLink Gaming.

Pantera also joined ParaFi Capital this week in backing Sharps Technology, another Solana-focused treasury firm targeting more than $400 million in capital.

Crypto Fund @PanteraCapital Seeks to Raise Up to $1.25 Billion for @solana Deal

Pantera founder, Dan Morehead is seeking to raise as much as $1.25 billion to convert a public company into a Solana investment firm, as a flood of companies race to cash in on the latest hot… pic.twitter.com/HmCrHawyh5

The push comes amid a wave of smaller Nasdaq-listed companies pivoting into Solana strategies.

Institutional interest has been rising, with firms such as Upexi, DeFi Development Corp, and Bit Mining all accumulating SOL reserves in recent months.

DeFi Development Corp, which shifted from real estate financing to digital assets, doubled its SOL holdings in July to more than 163,000 tokens worth around $21 million.

Classover, an edtech company, purchased 6,500 SOL in June as part of a $500 million convertible note plan for acquiring and staking the token.

Canadian firms have also joined the trend: SOL Strategies and Torrent Capital collectively hold more than $68 million worth of SOL.

Altogether, public Solana treasuries now exceed $695 million, representing roughly 0.69% of total supply, according to CoinGecko.

Pantera’s proposed raise would significantly expand that figure, cementing Solana’s position as one of the most actively adopted assets in the emerging treasury strategy space.

As reported, Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks to raise around $1 billion to build the largest Solana treasury to date.

Bloomberg reported that Cantor Fitzgerald has been tapped as the lead banker, with the Solana Foundation backing the deal, which could close in early September.

The plan involves taking over a publicly traded company and converting it into a digital asset treasury vehicle dedicated to Solana.

If finalized, it would more than double the size of the largest existing Solana corporate reserve, dwarfing holdings by companies like Upexi and DeFi Development Corp.

A $1 billion Solana treasury would mark one of the largest institutional commitments to the network, echoing similar corporate treasury models seen with Bitcoin and Ethereum.

Analysts say such a move could tighten supply, amplify volatility, and further accelerate Solana’s resurgence after the 2022 FTX collapse.

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