Pantera Capital is reportedly looking to raise as much as $1.25 billion to acquire a public company and turn it into a firm focused on holding Solana. The move comes as other companies are also adopting treasury strategies that involve holding the SOL token.
Institutional interest is rising as major corporations seek to establish corporate reserves through a Solana treasury.
According to reports, Pantera Capital intends to raise $1.25 billion to convert a publicly traded company into a Solana treasury investment firm. The firm will accumulate SOL as a treasury asset and convert an anonymous Nasdaq-listed company into “Solana Co.”, according to a report from The Information on August 26.
The company is anticipated to commence the strategy with a $500 million raise, followed by a distinct $750 million deployment to fund the reserve further. The Pantera-backed company has the potential to become the largest SOL treasury firm ever established, as the combined $1.25 billion would establish it as the most extensive planned SOL-focused treasury.
Pantera’s Solana bid echoes market trend
Pantera Capital is the most recent institution participating in the ongoing trend of institutional interest in SOL. A separate treasury focused on Solana was reported to be in the works of three firms, Galaxy Digital, Multicoin Capital, and Jump Crypto, just one day ago.
According to reports, the Solana Foundation is assisting the three companies in raising approximately $1 billion to finance their strategy.
Subsequently, numerous lesser publicly traded organizations are currently amassing SOL. Upexi, which is listed on Nasdaq, is the current largest corporate holder.
It is reported that the company has approximately 2 billion SOL in reserve, which is equivalent to nearly $380 million at the current price.
NYSE-listed DeFi Development Corp. and Canada-based Sol Strategies are estimated to possess approximately 1.2 million and 370,400 SOL, respectively, making them the token’s second and third-largest corporate holders.
Corporate balance accounts currently contain nearly $700 million in Solana. This figure could experience a significant increase in the coming months, potentially resulting in intense price action for the token, if Pantera Capital and other institutional endeavors, such as Galaxy Digital, are successful.
Solana price dips under $200
At the time of writing, SOL is trading at just over $188, and it has experienced a nearly 8% decline in the past 24 hours. The token experienced a precipitous decline after losing its $200 threshold just one day prior, plummeting to $185 before briefly rebounding to trade at current levels.
The token’s week-long rally, which had brought it close to $212, has been reversed by SOL’s decline, resulting in a mere 4.5% increase in weekly gains.
The market cap has declined by approximately 7% daily, and the 24-hour trading volume has decreased by 10.3% to $10 billion. In the past 24 hours, the open interest in SOL has experienced a significant decline of 16%, which is indicative of the general apprehension in the market regarding the token.
Regarding technical analysis, SOL is currently trading at a price just below the critical resistance zone of $188–$190.
Despite the recent selling pressure, the recent bullish momentum could persist, as evidenced by the fact that short-term EMAs are still above longer-term averages.
The market appears to be in equilibrium, as the Relative Strength Index is approximately 51, indicating that it is neither overbought nor oversold. The anticipated institutional actions, such as Pantera Capital’s $1.25 billion Solana treasury proposal and other corporate SOL holdings, can potentially increase demand and exert upward pressure on the token if these funds accumulate.
The $190–$195 range could be tested soon if SOL maintains its position above the $185 support level. Nevertheless, a decline below $185 could result in the extension of losses, bringing the range of $170–$175 into focus.
