Pantera Capital, one of the most prominent names in digital asset investing, is setting its sights on a major new project centered around Solana (SOL). According to a report from The firm is preparing to raise up to $1.25 billion with the goal of converting a Nasdaq-listed company into “Solana Co.,” a publicly traded vehicle designed to hold SOL as a treasury asset.
The plan would roll out in two stages: an initial $500 million raise, followed by up to $750 million through warrants. If successful, the initiative would stand among the largest attempts yet to create a public Solana-focused treasury company.
This move comes as Pantera ramps up its activity in the digital asset treasury (DAT) space. The firm has already invested about $300 million in DATs this year, with holdings in companies such as Twenty One Capital, DeFi Development Corp, and SharpLink Gaming. Pantera highlighted in a recent blockchain letter that the long-term strength of the underlying token is the most important factor in a DAT’s success.
Institutional interest in Solana has been steadily climbing, with several Nasdaq-listed firms recently adding SOL to their balance sheets. Upexi, DeFi Development Corp, and Bit Mining are among those that have accumulated sizable Solana reserves. DeFi Development Corp, originally a real estate finance company, doubled its SOL holdings in July to over 163,000 tokens valued around $21 million. Similarly, Classover, an edtech firm, acquired 6,500 SOL in June as part of a $500 million plan to purchase and stake the asset.
The trend extends beyond the U.S., with Canadian companies like SOL Strategies and Torrent Capital collectively holding more than $68 million in Solana. Data from CoinGecko shows that the total value of public Solana treasuries has now exceeded $695 million, representing nearly 0.7% of the token’s circulating supply.
Pantera’s latest push underscores Solana’s growing role in institutional investment strategies. Should the $1.25 billion raise succeed, it would further cement SOL’s position within public company treasuries and highlight increasing confidence in the blockchain’s future.
