- Pantera Capital is reportedly eyeing to raise $1.25 billion to convert a public entity into a Solana treasury company.
The race to become the largest holder of Solana (SOL) is about to go into full swing. Following news about the plan of Galaxy Digital, Multicoin Capital, and Jump Crypto to stockpile $1 billion worth of the token for a new SOL treasury company, reports emerged that Pantera Capital is also entering the fray.
Pantera Capital’s Fundraise for a Solana Treasury Company
According to The Information, Pantera Capital is replicating Galaxy Digital and its partners’ strategy to raise $1.25 billion to convert a public entity under Nasdaq into a Solana treasury company. The source suggested that it will carry the name “Solana Co.” to reflect the focus of its business.
The report claimed that Pantera will implement its Solana accumulation strategy in tranches. It will begin with a $500 million fundraise, followed by another $750 million raise through stock warrants.
If the rumors check out, the Pantera-backed company will become the world’s largest Solana treasury, surpassing Upexi’s 2 million SOL ownership and the company that Galaxy and its cohorts will acquire.
The move borrows inspiration from Strategy’s (formerly MicroStrategy) “volatility harvesting,” which capitalizes on crypto price swings to raise funds and accumulate more assets. What elevates it from the Bitcoin (BTC) giant, though, is its capability to harness more yield-bearing mechanisms from SOL’s staking and decentralized finance (DeFi) ecosystem.
In light of the latest developments, Solana co-founder Raj Gokal boldly declared that Solana treasuries will boost the growth of SOL.
“Solana treasuries are going to be monstrous,” said Gokal. “It only takes one epic corner for the race to change leads.”
Pantera’s Deployment of $300M for DATs
Pantera Capital has yet to comment on the matter. However, the company has recently emphasized the importance of Digital Asset Treasury companies (DATs) and disclosed that it has deployed $300 million in those firms.
Pantera’s Cosmo Jiang, General Partner, and Erik Lowe, Head of Content, explained that DATs have the potential to build significant yield to grow net asset value per share. It results in more underlying token ownership over time than simply owning spot shares.
The company’s DAT crypto portfolio coverage includes Bitcoin, Ethereum (ETH), Solana, BNB, Toncoin (TON), Hyperliquid (HYPE), Sui (SUI), and Ethena (ENA). So far, it has already financed DATs across the US, the UK, and Israel. One of its most notable investments is in BitMine Immersion, the world’s largest ETH treasury company.
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