Crypto-focused venture firm Pantera Capital is reportedly planning to raise $1.25 billion to create a dedicated Solana treasury or investment firm by acquiring a Nasdaq-listed company and converting it into a Solana treasury vehicle.

According to The Information, Pantera plans to start with a $500 million raise, followed by an additional $750 million through warrants.

This story is an excerpt from the Unchained Daily newsletter.

The report follows Pantera’s own disclosure earlier this month that it had deployed $300 million in digital asset treasuries (DAT) across various tokens and geographies.

Pantera also joined forces with ParaFi Capital to back medical device firm Sharps Tech in its initiative to build a Solana treasury. Sharps, which plans to raise $400 million for this initiative, saw its stock price rally 96% to an intraday high of $14.53 on Monday after its announcement.