Pantera Capital Targets $1.25B Raise for U.S.-listed Solana Treasury Firm

Pantera Capital is preparing to launch what could become the largest Solana (SOL) treasury company to date, with plans to raise up to $1.25 billion, according to The Information.

The venture would involve converting a U.S.-listed public company into a dedicated Solana treasury vehicle, tentatively branded Solana Co. Pantera’s roadmap calls for an initial $500 million equity raise, followed by another $750 million via warrants.

Largest corporate SOL play yet

If completed, the initiative would significantly expand institutional Solana exposure. Public firms currently hold about 3.44 million SOL, valued near $650 million, leaving substantial room for consolidation. Pantera’s proposed fundraise alone could dwarf that figure, positioning Solana Co. as a market-leading treasury.

Broader trend of Solana treasuries

The move comes just one day after Bloomberg reported that Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks to raise $1 billion for a separate joint Solana treasury firm. Together, these efforts underscore a rapid shift in corporate treasury strategy, with large-scale players following the trail blazed by Bitcoin-holding giants such as Strategy (MSTR).

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Institutional adoption accelerates

The rise of Digital Asset Treasuries (DATs) marks a turning point: rather than limiting exposure to Bitcoin, leading firms are now treating Solana as a core reserve asset. For Pantera, establishing a regulated, publicly traded vehicle provides equity investors with direct access to SOL without navigating crypto exchanges.

With two billion-dollar projects in motion simultaneously, 2025 could be remembered as the year corporate Solana treasuries went mainstream.