- Pantera Capital is reportedly planning a US$1.25 billion bid to acquire and rebrand a Nasdaq-listed company into “Solana Co.”, a publicly traded vehicle with a balance sheet focused on holding SOL.
- The investment firm will make the bid in two stages, with the goal of creating the largest corporate Solana treasury to date.
- Pantera has been aggressively accumulating digital assets, with over US$300 million already allocated to various firms and tokens, including a significant position in Solana.
Digital asset investment firm Pantera Capital is preparing a US$1.25B (AU$1.9B) bid to rebrand a Nasdaq-listed firm into “Solana Co.”, a publicly traded vehicle with a balance sheet built around SOL holdings.
That’s according to a report from The Information. Accordingly, the fund will start first with a bid of US$500M (AU$760M) and then another US$750M (AU$1.14B) through warrants. If successful, it would become the largest corporate Solana treasury to date.
Public companies currently hold about 3,44 million SOL valued near US$650 million (AU$988 million), according to CoinGecko research.
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All In On Solana
Earlier this month the firm disclosed it had already allocated about US$300M (AU$456M) into DAT firms spanning multiple jurisdictions and tokens.
The company said its treasury portfolio covers eight assets, with Solana among its largest positions, and has stakes in companies including Twenty One Capital, DeFi Development Corp, and Sharplink.
“The most important element of a DAT’s success is the long-term investment merit of the underlying token,” the firm wrote in its blockchain investor letter.
The price of SOL is currently trading at US$197 (AU$303), an increase of nearly 6% in the last 24 hours.
Its surge, though modest, comes as the crypto market steadily recovers from a steep correction this week, which saw Bitcoin dropping below the US$110K (AU$169K) level, erasing over US$200B (AU$307B) from the crypto market.
Related: Australia’s Monochrome Bitcoin ETF Tops $177M AUM With 1,002 BTC
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