Pantera Capital Targets $1.25B to Launch U.S.-Listed Solana Treasury Firm

• Pantera Capital seeks $1.25B for a U.S.-listed Solana treasury company.
• Initial raise of $500M, plus $750M via warrants.
• Could become the largest corporate Solana treasury, surpassing $650M currently held.
• Move mirrors $1B Solana treasury effort from Galaxy, Jump, and Multicoin.
• Pantera already invested $300M+ in DAT firms across BTC, ETH, SOL, BNB, TON, and more.
• Treasury model offers yield + compounding benefits vs. spot or ETFs.
• Marks Solana’s shift into corporate-scale adoption as a reserve asset.

Pantera Capital, one of the world’s leading digital asset fund managers, is preparing to launch a landmark initiative in the crypto treasury space. According to a report from The Information, the firm is seeking to raise up to $1.25 billion to establish a U.S.-listed Solana treasury company, marking what could become the largest corporate Solana treasury in existence.

The plan is structured in two phases: an initial $500 million fundraising round, followed by an additional $750 million through warrant issuance. Pantera is reportedly planning to repurpose a publicly traded company into a dedicated Solana treasury vehicle, tentatively named Solana Co.. If successful, the treasury would far exceed the current combined holdings of public companies, which stand at 3.44 million SOL, valued at roughly $650 million.

This move is not isolated. It comes amid a broader institutional pivot toward Solana, highlighted by a $1 billion joint fundraising effort from Galaxy Digital, Jump Crypto, and Multicoin Capital to create their own digital asset treasury firm focused on Solana accumulation. Together, these parallel initiatives suggest that Solana may be entering a new phase of adoption — not just among individual investors and developers, but also among institutional giants seeking to diversify their reserves.

Pantera has been increasingly active in the digital asset treasury (DAT) sector. Earlier this month, the firm disclosed that it had already invested over $300 million into DAT projects spanning multiple tokens, including Bitcoin, Ethereum, Solana, BNB, Toncoin, Hyperliquid, Sui, and Ethena. Just this week, Pantera revealed its participation in Sharps Technology’s $400 million private placement, which will be used to establish a significant Solana treasury.

The firm’s strategy centers on the idea that digital asset treasuries can generate yield while compounding token ownership, a model it believes offers superior returns compared to direct spot holding or traditional ETFs. “DATs can generate yield to grow net asset value per share, resulting in more underlying token ownership over time than just holding spot,” Pantera explained in a recent disclosure.

This model positions Solana as more than just a high-performance blockchain for developers — it’s also being framed as a reserve-grade asset for institutional investors. By aligning with this strategy, Pantera and its peers are effectively accelerating Solana’s transition into the same conversation that once revolved around Bitcoin corporate treasuries.

Final Thought:

Pantera’s $1.25 billion raise could mark a watershed moment for Solana’s institutional journey. With multiple heavyweight firms now mobilizing billions to accumulate SOL, the blockchain is crossing a threshold from ecosystem growth into corporate adoption — a development that could reshape its role in global crypto markets and solidify its position as a leading treasury asset.