Pantera Capital: $1.25B for Solana treasury initiative

Pantera Capital, one of the largest digital asset investment funds, aims to raise $1.25 billion to launch a U.S.-listed Solana treasury company. The project, provisionally called Solana Co., involves converting an already listed company into an entity dedicated to accumulating Solana.

The initiative marks a significant step in the institutionalization of cryptocurrencies, as corporate treasuries have so far focused mainly on Bitcoin. Pantera plans a two-phase funding structure: an initial $500 million, followed by $750 million through warrant issuance.

This digital asset treasury (DAT) model is becoming increasingly common. Galaxy Digital, Jump Crypto, and Multicoin Capital are also working on a joint $1 billion Solana treasury. Pantera has already invested more than $700 million in such structures, betting on the higher yield potential of treasuries compared to simply holding tokens.

The context signals a maturing market: listed companies are now adopting Solana as a strategic asset, following Bitcoin’s example. Public firms currently hold about 3.44 million SOL, worth $650 million. If Pantera’s plan succeeds, it could double or even triple existing corporate reserves in Solana, accelerating the integration of cryptocurrencies into traditional finance.