Pantera Capital Plans $1.25B Raise to Build Nasdaq-Listed Solana Vehicle
Pantera Capital is getting ready to lift as a lot as $1.25 billion to remodel a Nasdaq-listed firm into “Solana Co.,” a public automobile constructed to build up Solana (SOL) as a treasury asset, in accordance with a report from The Information.
Key Takeaways:
- Pantera Capital plans to lift $1.25B to construct a Nasdaq-listed Solana treasury automobile.
- The agency has already deployed $300M into digital asset treasury firms, together with Solana-focused initiatives.
- Public Solana treasuries now exceed $695M, with Pantera’s transfer set to additional broaden adoption.
The plan reportedly includes an preliminary $500 million elevate, adopted by $750 million by way of warrants.
If accomplished, it will mark one of many largest devoted efforts to create a public Solana treasury automobile.
Pantera Deploys $300M Into Digital Asset Treasury Corporations
The transfer follows Pantera’s disclosure earlier this month that it has already deployed about $300 million into digital asset treasury (DAT) companies.
“Crucial factor of a DAT’s success is the long-term funding benefit of the underlying token,” Pantera famous in a current blockchain letter.
Its DAT portfolio contains stakes in Twenty One Capital, DeFi Improvement Corp, and SharpLink Gaming.
Pantera additionally joined ParaFi Capital this week in backing Sharps Expertise, one other Solana-focused treasury agency focusing on greater than $400 million in capital.
The push comes amid a wave of smaller Nasdaq-listed firms pivoting into Solana methods.
Institutional curiosity has been rising, with firms such as Upexi, DeFi Development Corp, and Bit Mining all accumulating SOL reserves in current months.
DeFi Improvement Corp, which shifted from actual property financing to digital belongings, doubled its SOL holdings in July to greater than 163,000 tokens price round $21 million.
Classover, an edtech firm, bought 6,500 SOL in June as a part of a $500 million convertible observe plan for buying and staking the token.
Canadian companies have additionally joined the pattern: SOL Methods and Torrent Capital collectively maintain greater than $68 million price of SOL.
Altogether, public Solana treasuries now exceed $695 million, representing roughly 0.69% of whole provide, in accordance with CoinGecko.
Pantera’s proposed elevate would considerably broaden that determine, cementing Solana’s place as some of the actively adopted belongings within the rising treasury technique area.
Galaxy, Leap, and Multicoin Plan $1B Solana Treasury Guess
As reported, Galaxy Digital, Leap Crypto, and Multicoin Capital are in talks to raise around $1 billion to build the largest Solana treasury to this point.
Bloomberg reported that Cantor Fitzgerald has been tapped because the lead banker, with the Solana Basis backing the deal, which may shut in early September.
The plan includes taking on a publicly traded firm and changing it right into a digital asset treasury automobile devoted to Solana.
If finalized, it will greater than double the dimensions of the biggest present Solana company reserve, dwarfing holdings by firms like Upexi and DeFi Improvement Corp.
A $1 billion Solana treasury would mark one of many largest institutional commitments to the community, echoing comparable company treasury fashions seen with Bitcoin and Ethereum.
Analysts say such a transfer may tighten provide, amplify volatility, and additional speed up Solana’s resurgence after the 2022 FTX collapse.
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