Pantera Capital is searching for to boost $1.25 billion for a Solana treasury, including to the wave of institutional momentum constructing behind the asset.
Pantera Plans To Convert A Nasdaq-Listed Firm Into A Solana Treasury Vehicle
As first reported by The Information, Pantera Capital is planning to boost funds to create a Solana treasury car. Initially, the agency intends to boost round $500 million from traders. It will then put these funds right into a Nasdaq-listed firm, which is able to use them to purchase SOL and convert right into a treasury car known as “Solana Co.”
Pantera Capital is an American enterprise capital and hedge fund specializing in digital belongings and blockchain expertise. The agency grew to become the primary to launch a cryptocurrency fund within the US again in 2013 and in the present day, it manages over $4.8 billion in belongings.
In a letter earlier within the month, Pantera disclosed it has invested over $300 million in digital asset treasury (DAT) corporations. The agency mentioned its funding thesis was based mostly on a easy premise: “DATs can generate yield to develop web asset worth per share, leading to extra underlying token possession over time than simply holding spot.”
Pantera can be an investor in medical agency Sharps Technology’s bid to create a $400 million Solana treasury, in line with a press launch from Sharps on Monday. And now, it appears the corporate is making a extra direct push within the treasury house with its newest proposal. Beyond the preliminary $500 million, the agency additionally plans to boost one other $750 million by means of warrants. If the plan involves fruition, Solana Co. would develop into the most important SOL treasury in existence.
Interestingly, the report about Pantera comes only a day after one other report revealed that Galaxy Digital, Jump Crypto, and Multicoin Capital are planning a $1 billion SOL treasury.
Upexi is at the moment the most important Solana treasury firm with round 2 million tokens (about $383 million on the newest trade charge), so the proposal from Galaxy and others would have already greater than doubled the file. Now, Pantera’s plan may surpass even that.
The digital asset treasury mannequin was popularized by Michael Saylor’s Strategy (previously Microstrategy). Other corporations quickly adopted by placing Bitcoin on their stability sheets, however just lately, altcoins have began to get consideration as nicely.
With Galaxy and companions, Pantera, and Sharps all unveiling Solana treasury plans, there now appears to be an actual shift in institutional momentum behind the cryptocurrency.
So far, treasury corporations have added round 0.75% of the SOL circulating provide to their holdings, in line with information from institutional DeFi options supplier Sentora (beforehand IntoTheBlock).
The breakdown of the treasury firm holdings throughout BTC, ETH, and SOL | Source: Sentora on X
From the chart, it’s seen that the identical determine sits at greater than 9% for Bitcoin and about 3.4% for Ethereum. Thus, it appears SOL continues to be fairly early within the treasury push.
SOL Price
At the time of writing, Solana is floating round $190, down over 3% within the final 24 hours.
The worth of the coin appears to have suffered a plunge throughout the previous day | Source: SOLUSDT on TradingView
Featured picture from Dall-E, Sentora.com, chart from TradingView.com
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