Pantera Capital seeks to raise $ 1.25 billion for a Solana treasure, adding to the wave of construction of institutional momentum behind the asset.
Pantera plans to convert a company listed at NASDAQ to Solana cash vehicle
As indicated for the first time by information, Pantera Capital plans to collect funds to create a Treasury vehicle in Solana. Initially, the company intends to remove around $ 500 million from investors. He will then put these funds in a company listed at the Nasdaq, which will use them to buy soil and convert into a treasury vehicle called “Solara Co.”
Pantera Capital is an American venture capital and a hedge fund specializing in digital assets and blockchain technology. The company became the first to launch a cryptocurrency fund in the United States in 2013 and today it manages more than $ 4.8 billion in assets.
In a letter earlier in the month, Pantera revealed that he has invested more than $ 300 million in digital assets (DAT) companies. The company said that its investment thesis was based on a simple premise: “Dats can generate a yield to increase the value of net assets per share, which has led to a more underlying tokens over time than simply hold a spot.”
Pantera is also an investor in the Sharps Technology medical firm offers to create a Solana treasure of $ 400 million, according to a press release of sharp objects on Monday. And now, it seems that the company makes a more direct push in the space of the Treasury with its last proposal. Beyond the initial $ 500 million, the company also plans to raise an additional $ 750 million thanks to the mandates. If the plan materializes, Solana Co. would become the largest existing Treasury soil.
Interestingly, the Pantera report comes just one day after another report revealed that Galaxy Digital, Jump Crypto and Multicoin Capital provide for a soil treasure of $ 1 billion.
The Upexi is currently the largest cash company in Solana with around 2 million tokens (around $ 383 million at the last exchange rate), so Galaxy and others have already more than doubled the record. Now the Pantera plan could even exceed this.
The digital active ingredient model was popularized by Michael Saylor’s strategy (formerly Microstrategy). Other companies quickly followed by putting Bitcoin on their balance sheets, but recently Altcoins also started to attract attention.
With Galaxy and Partners, Pantera and the sharp objects which reveal all the plans of the Treasury of Solana, there now seems to be a real change in the institutional momentum behind the cryptocurrency.
Until now, cash companies have added approximately 0.75% of the supply of soil circulation to their assets, according to data from the supplier of Sentora institutional challenge solutions (previously Intotheblock).
The breakdown of the treasury company holdings across BTC, ETH, and SOL | Source: Sentora on X
From the table, it is visible that the same figure is more than 9% for Bitcoin and approximately 3.4% for Ethereum. Thus, it seems that soil is still early in the push of the treasure.
Soil price
At the time of writing the editorial staff, Solana floats around $ 190, down more than 3% in the last 24 hours.
The price of the coin seems to have suffered a plunge during the past day | Source: SOLUSDT on TradingView
Dall-E, Sentora.com star image, tradingView.com graphic
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