Pantera Capital plans to raise $1.25 billion to create a "Solana public company"! The open interest of a single entity will exceed the total of all public treasury.

The well-known encryption investment firm Pantera Capital is planning to transform a Nasdaq-listed company into a "Solana Co." asset carrier focused on holding Solana (SOL) by raising $1.25 billion. The first phase of the plan aims to raise $500 million, followed by an additional $750 million through warrants. If successfully implemented, its SOL open interest will surpass the total SOL asset holdings of all currently listed companies ($695 million), making it the largest institutional SOL holder globally, which may also trigger discussions on liquidity concentration and fluctuation risk.

1. Pantera's Solana Strategy: From Private Equity Investment to Public Company Transformation

According to The Information, Pantera's transformation plan is divided into two stages:

1. The first round raised 500 million dollars in cash for the direct acquisition of SOL.
2. Raise an additional $750 million to expand Holdings through warrants.

This move continues the $300 million Digital Asset Treasury (DAT) deployment strategy disclosed by Pantera earlier this month, which has covered 8 types of encryption, including SOL, and involves entities such as Twenty One Capital and DeFi Development Corp. Pantera emphasized: "The key to DAT's success lies in the long-term investment value of the underlying tokens."

2. Listed Company SOL Treasury Trend: Current Pattern and Scale Breakthrough

The total value of the SOL treasury of listed companies has exceeded $695 million, accounting for 0.69% of the total supply of SOL. Key cases include:

• DeFi Development Corp (formerly real estate platform Janover): Holds 163,000 SOL (approximately 21 million USD)
• Classover Education Technology Company: Plans to purchase 6,500 SOL through a $500 million convertible note program and participate in staking.
• Canadian Companies: SOL Strategies holds $62 million in SOL, Torrent Capital holds $6.4 million.

If "Solana Co." successfully lands, its single entity open interest will surpass the total of all existing listed companies, fundamentally changing the SOL institutional Holdings landscape.

3. Market Impact: Symbolic Meaning and Potential Risks Coexist

Analyst Shawn Young pointed out: "This move is not only a scale breakthrough, but also has symbolic significance – it shows that Solana is shifting from a retail-driven chain to an ecosystem supported by credible institutions on a large scale." However, centralized holdings also bring new risks:

1. Liquidity distortion: A single entity controlling a large circulation may reduce the market's free floating amount.
2. Pressure Period Fluctuation Intensifies: Large Holdings operations may amplify market fluctuations.
3. Narrative Control Controversy: Similar to MicroStrategy's influence on Bitcoin, corporate balance sheets may overly dominate the narrative of token valuation.

Four, Conclusion

If Pantera's "Solana Co." plan comes to fruition, it will set a new milestone for institutional allocation of SOL, injecting strong credit endorsement into the Solana ecosystem. However, historical experience (such as the case of corporate bitcoin treasuries) shows that institutional concentration of holdings is a double-edged sword, which can both boost market confidence and lead to liquidity imbalance. Investors need to closely monitor the progress of this plan and changes in the free circulation of SOL, rationally assessing the balance between concentration risk and ecological development potential.