Pantera Capital is seeking to raise $1.25 billion for a Solana treasury, adding to the wave of institutional momentum building behind the asset.Pantera Plans To Convert A Nasdaq-Listed Firm Into A Solana Treasury VehicleAs first reported by The Information, Pantera Capital is planning to raise funds to create a Solana treasury vehicle. Initially, the firm intends to raise around $500 million from investors. It will then put these funds into a Nasdaq-listed company, which will use them to buy SOL and convert into a treasury vehicle called “Solana Co.”Pantera Capital is an American venture capital and hedge fund specializing in digital assets and blockchain technology. The firm became the first to launch a cryptocurrency fund in the US back in 2013 and today, it manages over $4.8 billion in assets.In a letter earlier in the month, Pantera disclosed it has invested over $300 million in digital asset treasury (DAT) companies. The firm said its investment thesis was based on a simple premise: “DATs can generate yield to grow net asset value per share, resulting in more underlying token ownership over time than just holding spot.”Pantera is also an investor in medical firm Sharps Technology’s bid to create a $400 million Solana treasury, according to a press release from Sharps on Monday. And now, it seems the company is making a more direct push in the treasury space with its latest proposal. Beyond the initial $500 million, the firm also plans to raise another $750 million through warrants. If the plan comes to fruition, Solana Co. would become the largest SOL treasury in existence.Interestingly, the report about Pantera comes just a day after another report revealed that Galaxy Digital, Jump Crypto, and Multicoin Capital are planning a $1 billion SOL treasury.Upexi is currently the largest Solana treasury company with around 2 million tokens (about $383 million at the latest exchange rate), so the proposal from Galaxy and others would have already more than doubled the record. Now, Pantera’s plan could surpass even that.The digital asset treasury model was popularized by Michael Saylor’s Strategy (formerly Microstrategy). Other companies soon followed by putting Bitcoin on their balance sheets, but recently, altcoins have started to get attention as well.With Galaxy and partners, Pantera, and Sharps all unveiling Solana treasury plans, there now seems to be a real shift in institutional momentum behind the cryptocurrency.So far, treasury companies have added around 0.75% of the SOL circulating supply to their holdings, according to data from institutional DeFi solutions provider Sentora (previously IntoTheBlock).From the chart, it’s visible that the same figure sits at more than 9% for Bitcoin and about 3.4% for Ethereum. Thus, it seems SOL is still quite early in the treasury push.SOL PriceAt the time of writing, Solana is floating around $190, down over 3% in the last 24 hours.