On just August 25, 2025, companies such as Pantera, Sharps Technology, DeFi Development Corp, Galaxy Digital, Multicoin, and Jump Crypto expressed optimism towards SOL and established SOL treasuries. Solana suddenly gained significant attention.

Which companies announced SOL treasury reserve plans? Why do they favor SOL?

1. Pantera
   On August 25, 2025, it was reported that the well-known cryptocurrency fund management company Pantera Capital is raising up to $1.25 billion to transform a publicly listed company into a Solana-focused investment firm. This is the company’s latest move to invest in blockchain infrastructure and digital assets.

The restructuring or acquisition involves a publicly listed shell company. This move is similar to traditional financial strategies, where a public entity is repositioned for specialized investment operations. This approach will enable the company to provide structured exposure to the Solana ecosystem, potentially attracting more investors who are reluctant to hold digital assets directly.

Pantera’s proposed $1.25 billion financing plan reflects strong confidence in Solana’s long-term potential. Pantera is committed to creating a publicly traded investment vehicle to indirectly participate in the development of the Solana ecosystem. It also helps buffer the inherent volatility of direct cryptocurrency holdings, offering a more traditional investment structure backed by a publicly listed entity.

This transformation also highlights the trend of digital assets increasingly integrating into traditional financial frameworks. By transforming a publicly listed company into a Solana treasury enterprise, Pantera effectively bridges the gap between traditional finance and the blockchain economy.

2. Sharps Technology
   On August 25, 2025, medical device manufacturer Sharps Technology announced a $400 million private investment in public equity (PIPE), with investors including ParaFi, Pantera, and Monarq, to establish the world’s largest Solana digital asset treasury. The transaction is expected to be completed around August 28, with Sharps acquiring $50 million worth of SOL tokens at a 15% discount to their 30-day average price. Investors can use locked or unlocked SOL to fund their allocations, receiving pre-funded and bundled warrants in return. This structure directly ties stock exposure to Solana.

Sharps also announced the appointment of Jambo co-founder Alice Zhang as Chief Investment Officer and James Zhang as Strategic Advisor—both are well-known figures in the Solana ecosystem.

3. DeFi Development Corp
   On August 25, 2025, DeFi Development Corp. announced the sale of approximately 4.2 million shares of common stock at a purchase price of $12.50 per share, along with approximately 5.7 million shares of common stock via prepaid warrants at a purchase price of $12.4999 per share and an exercise price of $0.0001 per share. The net proceeds will be used to purchase spot SOL and discounted locked SOL, enabling the company to expand its holdings.

Joseph Onorati, CEO of DeFi Development Corp., stated: “This offering allows us to add a significant amount of SOL to our balance sheet while still driving growth in net asset value per share (NAV/share). Our goal is simple: acquire as much SOL as possible as quickly as possible and compound value per share for investors. This transaction not only expands the absolute size of our SOL treasury but also enhances the efficiency of our SPS growth strategy.”

4. Galaxy Digital, Multicoin, Jump Crypto
   On August 25, 2025, Bloomberg cited anonymous sources reporting that Galaxy Digital, Multicoin, and Jump Crypto are seeking to create the largest crypto treasury reserve specifically for Solana. They have hired Cantor Fitzgerald as the lead banker and appointed Cantor Fitzgerald LP as the lead underwriter for the transaction. The plan is expected to be completed in early September.

The plan involves taking over a publicly listed company to create a digital asset financial firm focused on SOL. This initiative represents the three companies’ recognition of Solana’s technological advantages. The Solana Foundation has endorsed the efforts of these three companies and supports this financial move.