Pantera Capital Plans to Raise $1.25 Billion for Solana

Pantera Capital is reportedly seeking to raise up to $1.25 billion to convert a Nasdaq-listed company into “Solana Co.”, a public vehicle designed to accumulate Solana tokens as a treasury asset.

Plans for the conversion were first detailed in a report from The Information on Tuesday, which claimed that Pantera would start with a $500 million raise, followed by an additional $750 million through warrants.

This announcement follows Pantera’s disclosure earlier this month that it has quietly deployed around $300 million into digital asset treasury (DAT) firms across various tokens and geographies to generate yield and grow net asset value.

> “The most important element of a DAT’s success is the long-term investment merit of the underlying token,” the company stated.

Decrypt reached out to Pantera Capital to confirm details about the planned conversion.

Pantera’s DAT portfolio includes eight cryptocurrencies, including Solana, with stakes in firms like Twenty One Capital, DeFi Development Corp, and Sharplink Gaming, according to the company’s blockchain letter.

Earlier this week, Pantera joined ParaFi Capital in backing Sharps Technology, a Solana treasury vehicle aiming to raise more than $400 million.

Over recent months, several smaller Nasdaq-listed firms have also pivoted into Solana treasuries. For example:
– DeFi Development Corp, previously known as Janover, disclosed having doubled its holdings to more than 163,000 SOL, valued at around $21 million.
– Classover, an edtech company, announced the purchase of 6,500 SOL in June, aiming to back a $500 million convertible note program dedicated to acquiring and staking SOL.
– Upexi and DeFi Development Corp have steadily expanded their reserves through equity raises. Meanwhile, Canadian firms such as SOL Strategies and Torrent Capital hold $62 million and $6.4 million, respectively, according to CoinGecko data.

To date, public Solana treasuries have a total value exceeding $695 million, representing approximately 0.69% of SOL’s total supply, according to CoinGecko data.

Outsized Holdings

If the proposal goes ahead, Solana Co. would surpass this total.

> “The impact will not just be about size, but more about symbolism,” said Shawn Young, chief analyst at MEXC Research. “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.”

However, the prospect of one firm holding such a large Solana reserve introduces a new layer of risk.

> “One entity controlling that much liquidity could distort how Solana trades,” Young warned, noting that it might narrow free float and potentially increase volatility during periods of stress.

This situation echoes the ongoing debates in Bitcoin treasury firms, where companies like Michael Saylor’s Strategy have drawn attention and credibility, but have also created scenarios where individual corporate balance sheets exert disproportionate influence on market narratives.