Pantera Capital has made Solana its biggest cryptocurrency bet, with founder Dan Morehead revealing the firm holds about $1.1 billion worth of SOL.
The disclosure puts numbers behind a conviction trade that has been building for months and signals where one of crypto’s best known investors sees the next leg of growth
The move comes alongside Pantera’s plan to help create a U.S. listed company dedicated to accumulating Solana as a treasury asset.
Reporting in late August said the firm is weighing a raise of up to $1.25 billion for a vehicle informally dubbed Solana Co., beginning with $500 million in capital and an additional $750 million via warrants.
If executed, a single entity could end up holding more SOL than all current public treasuries combined, concentrating influence over supply while formalizing an institutional channel for exposure.
On Monday, Helius Medical Technologies said it secured more than $500 million, in a deal led by Pantera and Summer Capital, to launch a Solana treasury company.
The stock surged on the announcement and highlighted how public-market shells are being repurposed into crypto balance-sheet vehicles. These structures are a way to trade underlying token exposure inside a familiar equity wrapper, though the mechanics can amplify volatility if tokens move sharply.
Morehead pointed to network performance and throughput in recent appearances, with advocates arguing Solana’s low fees and high capacity have turned it into a credible venue for payments, trading, and consumer apps that thesis has resonated across venture and hedge funds after a year when developer activity and stablecoin volumes on Solana gained share.
Spreading risk across multiple public blockchains can be rational if those networks do not perfectly correlate or if they capture different profit centers.
Morehead has said the future will not be winner-take-all, and the firm’s Solana tilt does not preclude positions in Bitcoin or Ethereum.
Around midday Tuesday, SOL traded near $233, a level that leaves the token well off its late 2021 peak but still far above last year’s lows.
If corporate treasuries continue to soak up supply, price discovery may hinge on staking yields, validator health, and the cadence of new applications that actually use the block space Pantera is betting on.
A handful of well-funded treasury companies can support price in quiet markets, but they can also become forced sellers if equity investors demand cash or if hedges backfire.
