Dan Morehead’s Pantera plots massive $1.25B Solana treasury via Nasdaq takeover
Pantera Capital is orchestrating one of the largest single institutional bids for Solana to date, with sources reporting that founder Dan Morehead is leading a capital raise of up to $1.25 billion.
The firm’s strategy involves converting an existing, unnamed Nasdaq-listed company into a dedicated, publicly-traded investment vehicle focused exclusively on acquiring and holding Solana.
The first phase aims to raise approximately $500 million from a consortium of investors. This initial deal would grant the Pantera-led group new shares in the public company, with the fresh capital being deployed directly into purchasing SOL. A secondary phase includes warrants that could unlock another $750 million in funding. Pantera Capital has committed $100 million of its own funds to anchor the deal.
Once the transaction is complete, the public entity will be renamed “Solana Co.” and will function as a regulated proxy for owning the digital asset. Reports indicate that international investors, particularly from Asia, are already in discussions to participate.
Pantera’s move is the latest and largest in a wave of institutional efforts to create “crypto treasury stocks,” public companies whose primary function is to hold cryptocurrency reserves. Pantera itself has already invested over $300 million in ten such entities in 2025, spanning assets like Bitcoin, Ether, and Solana through vehicles like Twenty One Capital and DeFi Development Corp.
The competition to build a definitive Solana treasury is fierce. Other top-tier asset managers, including Multicoin Capital, Galaxy Digital, and Jump Crypto, are reportedly working to raise a collective $1 billion for a similar Solana-focused public entity.
In a separate but related move, Nasdaq-listed Sharps Technology disclosed its own plan to raise $400 million from investors, including ParaFi and Pantera, . That effort is being supported by the Solana Foundation, which agreed to provide $50 million in tokens at a 15% discount, causing Sharps shares to surge 55% on the news.
Despite the intense institutional interest, the crypto treasury stock model faces significant market headwinds. Recent market declines have pushed the share prices of several of these companies below their net asset value (NAV), meaning the stock is worth less than the crypto it holds.
This dislocation has forced some firms to announce large-scale buybacks to support their stock price. Ether-focused EthZilla recently approved $250 million in share repurchases, while SharpLink announced a massive $1.5 billion buyback plan.