Pantera Capital is considering a plan to raise a massive $1.25 billion to create a public company called “Solana Co.” by converting an existing Nasdaq-listed company. This new entity would be a dedicated treasury for the Solana ($SOL) token.
The proposal involves an initial $500 million raise, followed by an additional $750 million through warrants. If successful, this new company could hold a Solana treasury of a similar size to all current Solana treasuries combined.
This plan aligns with Pantera’s broader strategy of focusing on digital asset treasuries (DATs), which the firm believes offer advantages over direct token ownership. Pantera has already invested around $300 million in DATs across several cryptocurrencies, including Solana, Bitcoin, and Ethereum. The firm's interest in Solana is not new, as it previously purchased a significant amount of SOL from the FTX bankruptcy estate.
The move also reflects a growing trend of public companies pivoting to become Solana treasuries. Recently, DeFi Development Corp and Upexi have both raised large sums to expand their Solana holdings. Other major firms, including Galaxy Digital, Jump Crypto, and Multicoin Capital, are also reportedly working on a joint $1 billion Solana DAT.
While Solana co-founder Raj Gokal expressed support for the trend, some have raised concerns about the potential risks associated with the structure of these new treasuries. If Pantera's plan is successful, it would represent a significant milestone for both digital asset treasuries and Solana’s position as a major institutional asset.
August 2025, Cryptoniteuae