- Pantera wants to raise $1.25B to turn a Nasdaq-listed firm into “Solana Co.”, creating the biggest Solana treasury in the market.
- Smaller public firms are buying Solana too, with companies like DeFi Development Corp and Classover adding millions in SOL holdings.
- Experts warn that if one firm holds too much Solana, it could shake trading, cut liquidity, and make prices more volatile.
Pantera Capital is preparing one of the largest crypto treasury bets yet, aiming to raise $1.25 billion for Solana. The firm wants to convert a Nasdaq-listed company into a dedicated Solana investment vehicle named “Solana Co.”
According to The Information, the plan begins with a $500 million raise, followed by $750 million through warrants. The strategy reflects growing institutional interest in Solana as a long-term treasury asset. Moreover, it highlights how large funds now view blockchain tokens as balance-sheet worthy instruments.
Solana Co. Could Dominate Public Treasuries
Pantera already disclosed deploying around $300 million into digital asset treasury (DAT) firms across multiple tokens. However, Solana remains the centerpiece of its plan. The company stressed that “the most important element of a DAT’s success is the long-term investment merit of the underlying token.”
Besides Pantera, smaller Nasdaq-listed firms are also expanding their Solana holdings. DeFi Development Corp, which pivoted from real estate financing into AI and blockchain, doubled its reserves to 163,000 SOL worth $21 million.
Similarly, Classover, an edtech firm, purchased 6,500 SOL as part of a $500 million note program. Canadian companies such as SOL Strategies and Torrent Capital added $62 million and $6.4 million, respectively.
Collectively, public treasuries now hold over $695 million worth of Solana, around 0.69% of total supply. If Pantera’s proposal succeeds, Solana Co. alone would eclipse that entire figure.
Institutional Support and Market Risks
Shawn Young, chief analyst at MEXC Research, noted the symbolic weight of the plan. “This would give the market an impression that Solana is moving beyond being a retail-driven chain to one with credible institutional sponsorship at scale,” he explained.
However, Young also warned about concentration risks. One company controlling a large chunk of liquidity could distort Solana’s trading dynamics. He compared it to Bitcoin treasury firms such as MicroStrategy. While those firms boosted credibility, they also created scenarios where corporate balance sheets carried disproportionate influence on market narratives.
Pantera’s bold plan could transform Solana’s position in institutional finance. However, the concentration of tokens in a single treasury raises both credibility and volatility risks.
