Global digital asset fund management Pantera Capital is preparing to raise $1.25 billion for a new Solana-focused treasury firm. The initiative could establish the largest corporate Solana reserve to date. According to The Information, the company plans to convert a publicly traded business into a U.S.-listed Solana treasury vehicle. The new entity, tentatively named Solana Co., is expected to oversee one of the largest institutional holdings of Solana to date. The fundraising plan will take place in two stages. Pantera aims to secure $500 million in the first phase, followed by an additional $750 million through a warrant issuance program. If both rounds succeed, the treasury could reach $1.25 billion, far exceeding existing Solana corporate reserves. Competitive Race Among Institutions The development comes soon after news of another initiative involving Galaxy Digital, Jump Crypto, and Multicoin Capital. Bloomberg reported that these firms are collectively raising $1 billion to establish their own Solana treasury company. Together, these initiatives show a broader shift in the market. Digital asset treasuries (DATs), once led by smaller players, are now attracting multi-billion-dollar commitments from established financial groups. This suggests that Solana is moving beyond retail adoption and into the balance sheets of large corporations. Pantera’s Growing Commitment to Digital Treasuries Pantera has been steadily increasing its involvement in Solana and other digital asset treasuries. Earlier this month, the firm disclosed that it had already invested over $300 million in treasury-focused ventures. Most recently, Pantera participated in a $400 million private placement by Sharps Technology, which aims to build a significant Solana reserve. Beyond Solana, the company's treasury portfolio includes a diverse range of tokens, such as Bitcoin, Ethereum, BNB, Toncoin, Hyperliquid, Sui, and Ethena. According to Pantera, DATs have advantages over simply holding tokens or ETFs. They can generate yield and increase net asset value per share, which allows investors to accumulate more tokens over time. This compounding effect, the firm argues, makes treasuries a more attractive option than static holdings. Growing Adoption Among Nasdaq-Listed Companies While Pantera and other large asset managers are driving the latest wave, smaller Nasdaq-listed firms have also moved into Solana. For instance, DeFi Development Corp pivoted from real estate to digital assets and in July doubled its Solana holdings to more than 163,000 SOL, valued at approximately $21 million. In another case, edtech company Classover acquired 6,500 SOL as part of a $500 million convertible note plan to expand its token holdings and staking activity.  Meanwhile, Canadian firms such as SOL Strategies and Torrent Capital collectively oversee more than $68 million in Solana reserves. Public Solana Treasuries Near $700 Million These corporate moves highlight the larger trend of Solana accumulation across the market. Institutional and corporate buying has already created a sizeable pool of reserves. Data from CoinGecko shows that public treasuries now hold about $695 million worth of SOL, equal to nearly 0.69% of the total circulating supply. If Pantera’s $1.25 billion fundraising is completed, the weight of institutional reserves could grow dramatically. Such an expansion would elevate Solana into the ranks of blockchains with the deepest corporate backing, rivaling established assets like Bitcoin and Ethereum. Solana Market Snapshot The surge in public Solana treasuries is unfolding against a backdrop of ongoing price swings. At the latest update, Solana was trading at $188.67, reflecting a 5.38% daily decline. Over the past week, however, it recorded a 3.97% gain.  These numbers illustrate that, while institutional reserves increase, Solana’s market price remains subject to short-term volatility.Global digital asset fund management Pantera Capital is preparing to raise $1.25 billion for a new Solana-focused treasury firm. The initiative could establish the largest corporate Solana reserve to date. According to The Information, the company plans to convert a publicly traded business into a U.S.-listed Solana treasury vehicle. The new entity, tentatively named Solana Co., is expected to oversee one of the largest institutional holdings of Solana to date. The fundraising plan will take place in two stages. Pantera aims to secure $500 million in the first phase, followed by an additional $750 million through a warrant issuance program. If both rounds succeed, the treasury could reach $1.25 billion, far exceeding existing Solana corporate reserves. Competitive Race Among Institutions The development comes soon after news of another initiative involving Galaxy Digital, Jump Crypto, and Multicoin Capital. Bloomberg reported that these firms are collectively raising $1 billion to establish their own Solana treasury company. Together, these initiatives show a broader shift in the market. Digital asset treasuries (DATs), once led by smaller players, are now attracting multi-billion-dollar commitments from established financial groups. This suggests that Solana is moving beyond retail adoption and into the balance sheets of large corporations. Pantera’s Growing Commitment to Digital Treasuries Pantera has been steadily increasing its involvement in Solana and other digital asset treasuries. Earlier this month, the firm disclosed that it had already invested over $300 million in treasury-focused ventures. Most recently, Pantera participated in a $400 million private placement by Sharps Technology, which aims to build a significant Solana reserve. Beyond Solana, the company's treasury portfolio includes a diverse range of tokens, such as Bitcoin, Ethereum, BNB, Toncoin, Hyperliquid, Sui, and Ethena. According to Pantera, DATs have advantages over simply holding tokens or ETFs. They can generate yield and increase net asset value per share, which allows investors to accumulate more tokens over time. This compounding effect, the firm argues, makes treasuries a more attractive option than static holdings. Growing Adoption Among Nasdaq-Listed Companies While Pantera and other large asset managers are driving the latest wave, smaller Nasdaq-listed firms have also moved into Solana. For instance, DeFi Development Corp pivoted from real estate to digital assets and in July doubled its Solana holdings to more than 163,000 SOL, valued at approximately $21 million. In another case, edtech company Classover acquired 6,500 SOL as part of a $500 million convertible note plan to expand its token holdings and staking activity.  Meanwhile, Canadian firms such as SOL Strategies and Torrent Capital collectively oversee more than $68 million in Solana reserves. Public Solana Treasuries Near $700 Million These corporate moves highlight the larger trend of Solana accumulation across the market. Institutional and corporate buying has already created a sizeable pool of reserves. Data from CoinGecko shows that public treasuries now hold about $695 million worth of SOL, equal to nearly 0.69% of the total circulating supply. If Pantera’s $1.25 billion fundraising is completed, the weight of institutional reserves could grow dramatically. Such an expansion would elevate Solana into the ranks of blockchains with the deepest corporate backing, rivaling established assets like Bitcoin and Ethereum. Solana Market Snapshot The surge in public Solana treasuries is unfolding against a backdrop of ongoing price swings. At the latest update, Solana was trading at $188.67, reflecting a 5.38% daily decline. Over the past week, however, it recorded a 3.97% gain.  These numbers illustrate that, while institutional reserves increase, Solana’s market price remains subject to short-term volatility.