Pantera Plans World’s Largest Solana Treasury With $1.25B Raise

According to people familiar with the matter, the firm intends to convert an existing publicly traded company into a new entity focused exclusively on Solana, tentatively named Solana Co.. The fundraising is expected to happen in two phases: an initial $500 million round, followed by $750 million raised through warrant issuance.

If successful, Solana Co. would eclipse current public holdings of SOL. Right now, listed companies collectively hold about 3.44 million tokens – roughly $650 million at today’s prices.

A Wider Treasury Movement

Pantera’s push comes as other heavyweights eye similar ventures. Just yesterday, Bloomberg reported that Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks to raise $1 billion for a joint Solana treasury initiative. Together, these developments suggest that large-scale token treasuries are no longer limited to early movers like MicroStrategy with Bitcoin, but are becoming a broader corporate trend.

Pantera’s Growing DAT Portfolio

This isn’t Pantera’s first treasury experiment. Earlier this month, the fund revealed more than $300 million in commitments to digital asset treasury (DAT) firms. It has also put several hundred million dollars into Sharps Technology, a medical device company that announced plans to build a $400 million Solana reserve.

Pantera argues that DATs offer an edge over simple token holdings. By deploying assets into yield-generating strategies, these treasuries can increase net asset value per share, potentially giving investors greater long-term exposure than ETFs or direct spot ownership.

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Beyond Solana

While Solana is the current focus, Pantera’s treasury footprint spans multiple assets. Its DAT investments include Bitcoin, Ethereum, BNB, Toncoin, Sui, Hyperliquid, and Ethena, with projects scattered across different regions. The new Solana Co. would, however, mark Pantera’s largest single bet to date on one blockchain.

The Bigger Picture

The race to establish large-scale Solana treasuries underscores a shift in how institutions view digital assets. Rather than just buying and holding, firms are creating structured vehicles to attract capital, generate yield, and cement token ecosystems as corporate balance-sheet staples.

If Pantera succeeds, its $1.25 billion Solana Co. could become a flagship for this new wave of institutional crypto ownership.

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