TLDR
- Pantera Capital plans to raise $1.25 billion to convert a Nasdaq-listed company into “Solana Co.,” a dedicated Solana treasury vehicle
- The funding involves $500 million initial raise plus $750 million through warrants, creating the largest corporate Solana treasury globally
- Galaxy Digital, Jump Crypto, and Multicoin Capital are separately raising $1 billion for a Solana treasury fund
- Current public Solana treasuries hold $695 million worth of SOL tokens, representing 0.69% of total supply
- Several smaller Nasdaq firms have already pivoted to Solana treasury models, including DeFi Development Corp and Classover
Pantera Capital is pursuing plans to raise up to $1.25 billion to transform a Nasdaq-listed company into a dedicated Solana treasury vehicle. The initiative would create one of the largest corporate cryptocurrency holdings focused on a single digital asset.
🚨JUST IN: @PanteraCapital is seeking to raise up to $1.25B to convert a Nasdaq-listed company into Solana Co, a public firm dedicated to accumulating $SOL as a treasury asset.
The plan begins with an initial $500M raise followed by $750M through warrants. pic.twitter.com/Sv2yIrJXHU
— SolanaFloor (@SolanaFloor) August 25, 2025
The funding structure involves an initial $500 million raise followed by $750 million through warrants. This approach would convert an existing publicly traded company into what Pantera calls “Solana Co.”
The plan follows Pantera’s earlier disclosure that it has deployed around $300 million into digital asset treasury firms across various tokens and geographies. The company stated that the long-term investment merit of the underlying token is the most important element of a DAT’s success.
Pantera’s move comes as other major crypto firms pursue similar strategies. Galaxy Digital, Jump Crypto, and Multicoin Capital are working to raise $1 billion for a Solana treasury fund with backing from the Solana Foundation.
The institutional interest in Solana treasury vehicles extends beyond these major players. Several smaller Nasdaq-listed companies have already made the pivot to holding SOL tokens as treasury assets.
DeFi Development Corp, formerly known as Janover, doubled its Solana holdings to more than 163,000 SOL worth around $21 million as of July. The company previously operated as a real estate financing platform before transitioning to AI services and crypto treasury operations.
Growing Corporate Adoption
Classover, an education technology company, purchased about 6,500 SOL tokens in June as part of a broader strategy. The company backed this purchase with a $500 million convertible note program dedicated to acquiring and staking SOL.
Other companies have followed similar paths. Upexi and DeFi Development Corp have expanded their Solana reserves through equity raises, while Canadian firms SOL Strategies and Torrent Capital hold $62 million and $6.4 million in SOL respectively.
The total value of public Solana treasuries currently stands at more than $695 million according to CoinGecko data. This represents approximately 0.69% of SOL’s total circulating supply, indicating room for growth in corporate adoption.
Strategic Treasury Approach
Pantera’s DAT portfolio spans eight different cryptocurrencies including Solana. The firm holds stakes in companies like Twenty One Capital, DeFi Development Corp, and Sharplink Gaming according to its blockchain letter.
Earlier this week, Pantera joined ParaFi Capital in backing Sharps Technology, another Solana treasury vehicle aiming to raise more than $400 million. This demonstrates the firm’s commitment to multiple approaches within the Solana ecosystem.
The proposed Solana Co. structure aims to provide both immediate liquidity and long-term funding capacity. If completed successfully, this single entity could hold more Solana tokens than all current public treasuries combined.
Pantera argues that DAT structures can offer superior returns compared to direct token ownership or traditional exchange-traded funds. The firm believes these vehicles can leverage the compounding power of yield generation over extended time periods.
The initiative represents a shift toward institutional-grade investment vehicles in the cryptocurrency space. Public companies are increasingly viewing digital assets as legitimate treasury holdings rather than speculative investments.
