Pantera Capital plans $1.25B raise for public Solana treasury company

Pantera Capital wants to create “Solana Co.” through a two-part funding process. The crypto investment firm would first raise $500 million in equity, then follow with $750 million through warrants. The company would transform an existing Nasdaq-listed shell company into a business focused on holding Solana (SOL) tokens.

The proposal appeared today and targets U.S. capital markets. Pantera disclosed earlier this month that it had invested about $300 million into various digital asset treasury firms across different tokens and regions.

If completed, “Solana Co.” would become the largest public holder of Solana tokens. Current publicly disclosed treasuries hold over $695 million in total, which equals about 0.69% of Solana’s total supply. Pantera’s plan would exceed all these combined holdings.

Other small Nasdaq-listed companies have already adopted Solana treasuries. DeFi Development Corp raised its holdings to over 163,000 SOL tokens, worth around $21 million. Classover acquired about 6,500 SOL through a convertible note program valued at $500 million.

Shawn Young, chief analyst at MEXC Research, said establishing such a large institutional Solana reserve “would give the market an impression that Solana is moving beyond being a retail-driven chain to one with credible institutional sponsorship at scale.”

Young noted that concentrating large amounts of tokens in one entity might create risks. These include reduced free float and higher volatility during stressed market conditions.

Digital asset treasury firms have grown as companies allocate parts of their corporate treasuries to crypto assets. These firms seek both yield and asset appreciation through crypto holdings.

Pantera has led this trend with previous investments across various tokens and locations. The proposed “Solana Co.” represents a regulated, publicly traded way for institutions and shareholders to gain Solana exposure without directly holding tokens.