By Solana treasury plays gain ground as Pantera Capital eyes $1.25b fund: report
Institutional interest continues to grow as more heavyweights look to launch corporate reserves via a Solana treasury.
Summary
- Pantera Capital is reportedly planning to raise up to $1.25 billion to convert a Nasdaq-listed company into a Solana-focused treasury firm.
- Other firms are pursuing similar initiatives, with corporate SOL holdings now totaling approximately $700 million.
- SOL recently dipped below the $200 mark, recording a nearly 8% drop in the past 24 hours.
Pantera Capital is reportedly planning to raise up to $1.25 billion to transform a publicly traded company into a Solana (SOL) treasury investment firm. According to an August 26 report from The Information, the firm will convert an unnamed Nasdaq-listed company into “Solana Co.” and accumulate SOL as a treasury asset.
The company is expected to start with a $500 million raise to kickstart the strategy, followed by a separate $750 million deployment to further fund the reserve. The combined $1.25 billion would make this the largest planned SOL-focused treasury, potentially positioning the Pantera-backed company as the biggest SOL treasury firm ever created.
Pantera’s Solana bid echoes market trend
Pantera Capital is the latest to join the ongoing wave of institutional interest in SOL. Just a day ago, three firms, including Galaxy Digital, Multicoin Capital, and Jump Crypto, were reported to be in talks to build a separate Solana-focused treasury. The three companies are said to be pushing to raise roughly $1 billion to fund their strategy, with support from the Solana Foundation.
Meanwhile, several smaller publicly traded companies are already accumulating SOL. The current largest corporate holder is Nasdaq-listed Upexi, which reportedly holds around 2 billion SOL in reserve, worth nearly $380 million at current prices.
NYSE-listed DeFi Development Corp. and Canada-based Sol Strategies are estimated to hold about 1.2 million and 370,400 SOL, respectively, making them the second and third-largest corporate holders of the token.
Cumulatively, nearly $700 million worth of Solana is now held across corporate balance sheets. If Pantera Capital and other institutional efforts like Galaxy Digital succeed, this figure could rise sharply in the coming months, potentially driving strong price action for the token.
Solana price dips under $200
Trading just over $188 at the time of writing, SOL has dumped nearly 8% over the past 24 hours. The sharp decline came after the token lost its $200 mark just a day ago, hitting a low of $185 before recovering slightly to trade near current levels.
SOL’s dip reverses its week-long rally, which had pushed the token close to $212, leaving weekly gains at just 4.5%. Market cap is down roughly 7% on the day, with 24-hour trading volume falling 10.3% to $10 billion. Similarly, open interest in SOL has dropped sharply 16% in the last 24 hours, reflecting the overall cautious market sentiment around the token.
On the technical side, SOL is trading just below key resistance around $188–$190. Short-term EMAs remain above longer-term averages, signaling that recent bullish momentum could continue, despite the recent selling pressure.
The Relative Strength Index sits near 51, suggesting the market is balanced and neither overbought nor oversold. The expected institutional moves, like Pantera Capital’s $1.25 billion Solana treasury bid and other corporate SOL holdings, could boost demand and put upward pressure on the token if these funds start accumulating.
If SOL holds above the $185 support level, it could test the $190–$195 range in the near term. However, a drop below $185 could extend losses, bringing $170–$175 into focus.
