Pantera Capital is raising a massive $1.25 billion fund to transform a Nasdaq-listed company into a Solana-only public vehicle.
According to The Information, the company will eventually be renamed “Solana Co.,” and its primary focus is simple: holding SOL tokens as treasury assets.
The structure consists of $500 million in direct equity and $750 million in warrants.
If all goes according to plan, Solana Co. has the potential to become the largest public SOL holder, surpassing the combined holdings of all other companies, which currently hold around $695 million, or 0.69% of the total circulating supply.
A new wave of public companies is entering Solana
Before Pantera, several smaller Nasdaq-listed companies had already taken a similar path. DeFi Development Corp, for example, now holds over 163,000 SOL at a valuation of around $21 million.
Edtech company Classover also purchased 6,500 SOL through a $500 million convertible note scheme. So, Pantera appears to simply be continuing the new wave that’s starting to form around Solana.
On the other hand, Pantera’s big move certainly has consequences. The massive concentration of ownership could reduce market liquidity, especially if they eventually sell the asset.
This is similar to the debate surrounding companies aggressively hoarding Bitcoin. However, some analysts see this opportunity as strengthening Solana’s position among institutional investors, as the presence of a large public entity would convey a more serious image.
Technical outlook points to $220 target
It’s not just the fundamentals that are interesting. From a technical perspective, crypto analyst Lingrid sees SOL still moving between ascending support and channel resistance. After a fake-break at the upper level, the price is now digesting the increase quite healthily.
A pullback to the $186–$190 area is considered normal and is actually forming a more solid base. As long as this area holds, the market structure remains intact.
Furthermore, Lingrid believes that if SOL can break through the $198–$202 zone again, the door to its next target will be wide open. The $212–$220 level is the next target area, which could be reached if momentum continues.
In short, maintaining the $186–$190 base is crucial, while a breakout above $202 could trigger a new rally.