Solana News Today: Solana's Institutional Breakthrough: Treasuries Surpass $695M as Pantera, Galaxy, and Others Drive the Largest Ever Raise

Pantera Capital is reportedly in the process of raising $1.25 billion to convert a Nasdaq-listed company into a public vehicle focused on accumulating Solana (SOL) as a treasury asset, according to reports from The Information and other financial news platforms. The proposed firm, to be named Solana Co., will initially raise $500 million, with the potential to raise an additional $750 million through warrants, marking one of the largest dedicated efforts to create a public Solana treasury vehicle. Pantera itself plans to invest $100 million in the new venture.

This initiative follows Pantera’s recent disclosure that it has deployed approximately $300 million into digital asset treasury (DAT) firms across various tokens and geographies. These DATs are designed to accumulate and stake tokens to generate yield and grow net asset value. According to Pantera, the long-term investment merit of the underlying token is the most critical factor in the success of a DAT.

The investment strategy is part of a broader trend where smaller Nasdaq-listed companies are pivoting to Solana treasury strategies. For example, DeFi Development Corp, which transitioned from a real estate financing platform to an AI services firm, has doubled its Solana holdings to over 163,000 tokens, valued at around $21 million. Classover , an edtech company, purchased 6,500 SOL as part of a $500 million convertible note plan for acquiring and staking the token. Upexi has also significantly expanded its Solana holdings, with its reserves valued at $398 million.

Public Solana treasuries now exceed $695 million, representing approximately 0.69% of the total supply, according to data from CoinGecko. With Pantera’s proposed raise, this figure is expected to grow significantly, potentially positioning Solana as one of the most actively adopted assets in the emerging treasury strategy space. The move underscores growing institutional interest in Solana, with firms such as Upexi, DeFi Development Corp, and Bit Mining all accumulating SOL reserves in recent months.

The trend is not limited to U.S. firms. Canadian companies such as SOL Strategies and Torrent Capital collectively hold over $68 million worth of Solana. Sharps Technology , a small medical device and pharmaceutical packaging company, has also joined the trend, announcing a $400 million fundraise to build a Solana treasury. Pantera, along with ParaFi Capital, is backing this initiative. The investment into Sharps comes after several other small public companies have announced the establishment of digital asset treasuries, a strategy first popularized by companies like Strategy, which began buying Bitcoin in 2020.

The increased institutional adoption of Solana is also reflected in broader market movements. Galaxy Digital , Multicoin Capital, and Jump Crypto are reportedly in talks to raise $1 billion for a new Solana-focused treasury, which would create the largest reserve fund targeting the cryptocurrency to date. If completed, these efforts could significantly impact the perception of Solana in the institutional investment community, signaling a shift from a retail-driven asset to one with credible institutional backing.

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