Pantera Capital To Join SOL Treasury Race With $1.25B Fundraise

Pantera Capital is planning to raise $1.25 billion to convert a Nasdaq-listed company into a leading SOL treasury firm that’s tentatively called Solana Co.

That’s according to a report from The Information, which said the crypto fund manager aims to raise an initial sum of $500 million, followed by another $750 million via warrants. 

Warrants are agreements that give a capital provider the right to buy company stock in the future at a price established when the warrants were issued. 

If the $1.25 billion is raised and Solana Co. is created, it would mark the largest dedicated effort so far toward creating a SOL treasury firm.

Pantera Capital is preparing a massive $1.25B raise to create a Solana-focused treasury firm, starting with $500M in equity and $750M in warrants. If successful, this entity could hold more SOL than all existing public corporate treasuries combined.

At the same time, firms like… pic.twitter.com/vGHv47vypK

— ApeWitch (@ape_witch) August 26, 2025

“Digital Asset Treasury companies are a great example of the incredible demand in public markets to get exposure to this dynamic space,” said founder Dan Morehead, a former Goldman Sachs and Tiger Global Management trader, at the Wyoming Blockchain Symposium last week.

Pantera Capital Has Already Deployed $300M Into Crypto Treasury Companies

This is not the first crypto treasury related development made by Pantera Capital, which manages about $5 billion in assets.

Earlier this month, the fund manager disclosed that it deployed approximately $300 million into digital asset treasury (DAT) firms. 

In the disclosure, Pantera Capital said that “owning a DAT could offer a higher potential compared to holding tokens directly through an ETF.” This is because DATs are able to generate yield through staking, which increases their respective net asset value per share.

Some of the companies that Pantera has added to its portfolio include Twenty One Capital, DeFi Development Corp, and SharpLink Gaming, giving it exposure to cryptos that include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), Toncoin (TON), Hyperliquid (HYPE), Sui (SUI) and Ethena (ENA).  

Pantera DAT portfolio (Source: Pantera Capital)

The first investment by the Pantera DAT Fund was in BitMine, which it said has “a clear strategic roadmap and the leadership to execute it.” 

This week, Pantera also joined ParaFi Capital in backing Sharps Technology, another SOL-focused treasury firm targeting more than $400 million in capital.

Multiple Nasdaq-Listed Companies Creating Their Own SOL Treasuries

Pantera’s move is the latest in a growing number of Nasdaq-listed firms that are turning their attention to Solana with plans to build their own treasuries around the crypto.

Companies such as Upexi, DeFi Development Corp and BitMining have all been accumulating SOL in recent months. 

Data from CoinGecko shows that there are currently five companies across two countries that collectively hold 3,715,814 SOL valued at more than $700 million. This equates to around 0.69% of SOL’s total supply. 

Upexi is the largest of these Solana treasuries, with its holdings of 2,000,518 SOL. This total is after the company bought another 98,709 SOL in the last 30 days.

DeFi Development is the next biggest corporate SOL holder, with its holdings of 1,270,259 tokens. Similar to Upexi, it also bought more SOL in the last 30 days, adding another 291,769 tokens to its reserves. 

The only other company to buy more SOL in the past month is Exodus Movement, which is currently ranked as the fifth-biggest SOL treasury after its first purchase of 34,578 SOL, according to CoinGecko.

Despite the continued buying pressure from public companies, the price of SOL has dropped slightly over the past month.

While more and more companies are starting to create their own SOL treasuries, the number of these companies is still low compared to the 305 entities that currently hold Bitcoin (BTC) on their balance sheets. 

It’s also less than the 70 companies that currently have an Ethereum (ETH) treasury and collectively hold around 4.3 million tokens valued at over $19.12 billion.  

Pantera Not The Only Company Looking To Make A $1B SOL Treasury Bet

Pantera’s $1.25 billion SOL Treasury play also follows on the heels of a similar move by crypto industry giants Galaxy Digital, Multicoin Capital, and Jump Crypto.

According to Bloomberg, the three crypto industry titans are in talks to raise $1 billion to build their own SOL treasury company. Cantor Fitzgerald has been tapped as the lead banker, with the Solana Foundation backing the deal as well. The deal could close in early September. 

The three companies plan to take a similar approach to Pantera, converting an already-listed public company into a treasury entity.

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