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Pantera Capital Plans Major Acquisition to Establish "Solana Co."
Pantera Capital, a prominent investment firm in the digital asset sphere, is reportedly preparing to invest US$1.25 billion (approximately AU$1.9 billion) to acquire and rebrand a Nasdaq-listed company into "Solana Co." This new venture will focus on creating a publicly traded entity with a balance sheet that emphasises holdings in SOL, the native cryptocurrency of the Solana blockchain.
Details of the Bid
According to a report by The Information, Pantera will make the acquisition in two stages: an initial bid of US$500 million (around AU$760 million) followed by an additional US$750 million (about AU$1.14 billion) via warrants. If the plan succeeds, it would culminate in the largest corporate treasury of SOL in existence.
Currently, public companies hold approximately 3.44 million SOL, which is valued at around US$650 million (about AU$988 million), as per research by CoinGecko.
Strategic Focus on Solana
Earlier this month, Pantera disclosed that it had allocated about US$300 million (approximately AU$456 million) into Digital Asset Technology (DAT) companies across various jurisdictions. The firm’s treasury reportedly includes investments in eight different assets, with Solana being one of its most significant positions. Other investments include stakes in companies like Twenty One Capital, DeFi Development Corp, and Sharplink.
In its recent blockchain investor letter, Pantera highlighted that the long-term success of a DAT is heavily reliant on the underlying token’s investment merit.
Recent Market Movements
As for the performance of SOL, it is currently trading at approximately US$197 (around AU$303), reflecting an increase of nearly 6% over the past 24 hours. This uptick comes amid a broader recovery in the cryptocurrency market following a significant downturn earlier in the week, which saw Bitcoin plummet beneath the US$110K (about AU$169K) mark, resulting in the loss of over US$200 billion (AU$307 billion) from the market.
In summary, Pantera Capital’s ambitious bid to create "Solana Co." signals a robust commitment to the Solana ecosystem and highlights a strategic move within the rapidly evolving cryptocurrency landscape.
