Pantera Capital Plans $1.25B Raise to Build Nasdaq-Listed Solana Vehicle

Pantera Capital is preparing to raise as much as $1.25 billion to transform a Nasdaq-listed company into “Solana Co.,” a public vehicle built to accumulate Solana (SOL) as a treasury asset, according to a report from The ￰0￱ Takeaways: Pantera Capital plans to raise $1.25B to build a Nasdaq-listed Solana treasury ￰1￱ firm has already deployed $300M into digital asset treasury companies, including Solana-focused ￰2￱ Solana treasuries now exceed $695M, with Pantera’s move set to further expand ￰3￱ plan reportedly involves an initial $500 million raise, followed by $750 million through ￰4￱ completed, it would mark one of the largest dedicated efforts to create a public Solana treasury ￰5￱ Deploys $300M Into Digital Asset Treasury Firms The move follows Pantera’s disclosure earlier this month that it has already deployed about $300 million into digital asset treasury (DAT) firms.

“The most important element of a DAT’s success is the long-term investment merit of the underlying token,” Pantera noted in a recent blockchain ￰6￱ DAT portfolio includes stakes in Twenty One Capital, DeFi Development Corp, and SharpLink ￰7￱ also joined ParaFi Capital this week in backing Sharps Technology, another Solana-focused treasury firm targeting more than $400 million in ￰8￱ Fund @PanteraCapital Seeks to Raise Up to $1.25 Billion for @solana Deal Pantera founder, Dan Morehead is seeking to raise as much as $1.25 billion to convert a public company into a Solana investment firm, as a flood of companies race to cash in on the latest hot… ￰9￱ — MartyParty (@martypartymusic) August 25, 2025 The push comes amid a wave of smaller Nasdaq-listed companies pivoting into Solana ￰10￱ interest has been rising, with firms such as Upexi , DeFi Development Corp , and Bit Mining all accumulating SOL reserves in recent ￰11￱ Development Corp, which shifted from real estate financing to digital assets, doubled its SOL holdings in July to more than 163,000 tokens worth around $21 million.

Classover, an edtech company, purchased 6,500 SOL in June as part of a $500 million convertible note plan for acquiring and staking the ￰12￱ firms have also joined the trend: SOL Strategies and Torrent Capital collectively hold more than $68 million worth of SOL. Altogether, public Solana treasuries now exceed $695 million, representing roughly 0.69% of total supply, according to CoinGecko. Pantera’s proposed raise would significantly expand that figure, cementing Solana’s position as one of the most actively adopted assets in the emerging treasury strategy space. Galaxy, Jump, and Multicoin Plan $1B Solana Treasury Bet As reported, Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks to raise around $1 billion to build the largest Solana treasury to ￰13￱ reported that Cantor Fitzgerald has been tapped as the lead banker, with the Solana Foundation backing the deal, which could close in early ￰14￱ plan involves taking over a publicly traded company and converting it into a digital asset treasury vehicle dedicated to ￰15￱ finalized, it would more than double the size of the largest existing Solana corporate reserve, dwarfing holdings by companies like Upexi and DeFi Development Corp.

A $1 billion Solana treasury would mark one of the largest institutional commitments to the network, echoing similar corporate treasury models seen with Bitcoin and ￰16￱ say such a move could tighten supply, amplify volatility, and further accelerate Solana’s resurgence after the 2022 FTX collapse.