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Rita Dfouni
- To establish a treasury vehicle specifically for Solana, Pantera Capital is raising $1.25 billion.
- With Cantor Fitzgerald, cryptocurrency behemoths Galaxy, Jump, and Multicoin are planning a $1 billion SOL treasury fund.
- Although $695 million SOL is now held by public Solana treasuries, concentration increases the risk of volatility.
With major cryptocurrency companies announcing billion-dollar treasury initiatives intended at establishing SOL as a long-term asset, institutional interest in Solana is at an all-time high. The actions demonstrate how the blockchain has become a popular alternative to traditional treasuries because to its high staking yields and expanding popularity.
Pantera Capital takes the lead in the $1.25 billion project
In order to transform a Nasdaq-listed business into “Solana Co.,” a public entity devoted exclusively to holding SOL as a treasury asset, Pantera Capital is reportedly financing up to $1.25 billion. A $500 million fundraising campaign is anticipated to kickstart the endeavor, with an extra $750 million coming via warrants. This comes after Previously the firm revealed that it had invested $300 million in digital asset treasury companies in several different countries.
The Solana Foundation is supporting Galaxy Digital, Jump Crypto, and Multicoin Capital in their separate efforts to raise about $1 billion for a treasury fund with a Solana focus. As the main banker for the deal involving the purchase of a publicly traded firm, Cantor Fitzgerald has been chosen. This fund would dwarf Solana’s current treasury scale if it were successful.
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A $400 million private placement was announced by Sharps Technology to create one of the biggest Solana treasury plans to date. FalconX, Monarq, Pantera, and ParaFi are among the investors. To further solidify institutional support, the Solana Foundation will provide $50 million in SOL at a 15% discount.
Why Solana treasuries are surging
Compared to conventional treasury dividends, Solana offers better profits with 7% stake rates. With an average of 3.8 million daily active wallets this year and over 7,500 new developers in 2024, the blockchain is also the most busy in terms of transactions, fees, and developer growth.
Currently, $695 million, or 0.69% of the entire supply, is held in SOL by public Solana treasuries. A single organization might have more SOL than all of the current treasuries put together if these suggested ideas are successful. Although this institutional support indicates maturity, analysts caution that concentrated holdings may potentially lower free float and raise volatility during stressful times.
Key support for SOL/USD is at $183, while resistance is close to $215. If purchasing pressure persists, institutional treasury accumulation may serve as a trigger for a breakout.
