Pantera Capital, a crypto fund manager, is seeking to raise up to $1.25 billion to convert a Nasdaq-listed public company into a Solana-focused investment firm named "Solana Co." The initiative aims to create the largest corporate Solana treasury by accumulating $SOL tokens as treasury assets. The fundraising plan includes an initial $500 million raise, followed by an additional $750 million through warrants. If successful, this new entity would surpass existing public firms that currently hold approximately 3.44 million SOL, valued at around $695 million, representing about 0.69% of the total Solana supply. This move reflects a growing trend among companies to capitalize on the increasing interest in Solana ahead of potential exchange-traded fund (ETF) approvals.