Pantera Capital Eyes $1.25 Billion for Solana Treasury Push

Pantera Capital is looking to raise $1.25 billion to build a Solana (SOL) treasury. The company plans to turn a Nasdaq-listed firm into “Solana Co.,” a public company that will hold the Solana tokens as a primary treasury asset. First reported by The Information, Pantera plans on initially raising $500 million and then will focus on raising another $750 million through warrants.

This move aligns with the firm’s broader strategy of supporting digital asset treasury (DAT). Digital asset treasuries are public companies that are designed to hold and grow crypto tokens as part of their corporate reserves.

Pantera Capital Aiming to Launch a Solana Treasury

Earlier this month, Pantera disclosed that it had already deployed about $300 million across a range of DAT firms spanning multiple tokens and geographies. “The most important element of a DAT's success is the long-term investment merit of the underlying token,” the firm noted in a recent blockchain letter.

Solana has increasingly become a hub of these treasury plays. Pantera’s DAT portfolio already includes exposure to Solana, with stakes in entities such as Twenty One Capital, DeFi Development Corp, and Sharplink Gaming. Earlier this week, Pantera partnered with ParaFi Capital to back Sharps Technology, another Solana treasury vehicle targeting a $400 million raise.

Several smaller Nasdaq-listed firms have also been pivoting toward Solana reserves in recent months. DeFi Development Corp, formerly a real estate finance and AI services platform, revealed in July that it had more than doubled its SOL holdings to 163,000 tokens, worth about $21 million at the time. Education technology company Classover took a similar path in June, acquiring 6,500 SOL as the first step in a $500 million convertible note program dedicated to acquiring and staking Solana. Other firms, such as Upexi, have quietly grown their reserves through equity raises.

Canadian players are also joining in. SOL Strategies and Torrent Capital hold $62 million and $6.4 million worth of Solana, respectively, according to CoinGecko data. Collectively, public treasuries now account for roughly $695 million in SOL, equivalent to 0.69% of the token’s total circulating supply.

If Pantera’s proposal for Solana Co. materializes, the company would eclipse the current total value of public Solana treasuries by itself. Analysts suggest the move would represent more than just another accumulation of tokens.

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

Despite the enthusiasm, analysts warn that such concentrated holdings could pose risks. A single entity controlling such a large reserve of Solana could distort trading dynamics, reduce available liquidity, and amplify volatility during market stress.

Young compared the situation to Bitcoin treasury strategies led by companies like MicroStrategy, which have both validated the asset class and introduced risks of outsized corporate influence. “It creates a scenario where one balance sheet holds disproportionate influence over the narrative,” he noted.

Pantera’s $1.25 billion bid could reshape the landscape of crypto treasuries. For Solana, the effort underscores its evolution from a retail-favored blockchain to one attracting significant institutional sponsorship. Whether this signals long-term stability or concentrated risk remains to be seen, but it highlights the growing role of digital assets in corporate finance.

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