Pantera Plans $1.25B Solana Treasury

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Good Morning.

Crypto is pulling in billion-dollar treasuries while still struggling with fragile markets. Institutional capital is anchoring long-term conviction, but sudden liquidation cascades show how thin liquidity can still dictate the short term.

In Today's Email:

• What Matters: Pantera Plans $1.25B Solana Treasury 👀 

• Case Study: $16M XPL Whiplash 🔎 

• Governance & Features: Numerai Lands $500M from JPMorgan 💰️ 

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TOGETHER WITH

Oasys x Babylon Labs: Bitcoin Supercharged

Oasys has announced a collaboration with Babylon Labs that will transform the network into a Bitcoin Supercharged Network (BSN). 

This integration introduces native Bitcoin liquidity and security into the Oasys ecosystem, creating new opportunities at the intersection of gaming and finance.

Bitcoin stakers will soon be able to stake directly into Oasys, unlocking liquidity that can be directed toward real-world asset initiatives while enhancing the strength and resilience of the network. 

By aligning with Babylon Genesis, Oasys is positioning itself as one of the first gaming ecosystems to harness Bitcoin’s unmatched security to power both digital and real-world economies.

This partnership signals a new phase for Oasys. Native Bitcoin will no longer sit idle, it will secure, fuel, and expand the Oasys universe, connecting gaming innovation with the world’s most valuable digital asset.

The future of gaming finance is here. Oasys is taking the next step.

WHAT MATTERS

Pantera Plans $1.25B Solana Treasury

State of play: Pantera Capital is preparing to raise up to $1.25B to convert a publicly traded company into a Solana-focused treasury vehicle.

• The plan begins with $500M in direct funding and continues with another $750M through warrant issuance.

• If successful, the entity, tentatively called Solana Co., would become the largest corporate Solana treasury in existence.

• Public companies currently hold about 3.44M SOL worth around $650M.

• Pantera’s move could more than double the market’s corporate exposure.

• The effort comes as Galaxy Digital, Jump Crypto, and Multicoin Capital pursue a separate $1B Solana treasury project.

Why it matters: These developments show that digital asset treasuries are moving beyond experimental stages and are now attracting large-scale commitments from established firms.

Our take: Pantera’s push to raise $1.25B for a Solana treasury shows how Solana is moving into the same institutional conversation that Bitcoin and Ethereum treasuries once dominated.

For builders and investors: Corporate treasuries can act as long-term holders, reducing circulating supply and adding a backstop of demand.

CASE STUDY

$16M XPL Whiplash

Credits to @mlmabc for the original tweet

A wallet linked to Justin Sun went long millions of XPL on Hyperliquid, wiping the order book and triggering mass liquidations. XPL spiked over 200% to $1.80 in two minutes, netting about $16M in profits.

• The wallet still holds a $10.2M long position.

• This shows how one large trader can move thin markets, with oversized positions causing liquidation cascades, extreme volatility, and quick profits for whales while smaller traders take losses.

• It underlines the risks of leverage and shallow liquidity.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

INSIGHTS

Crypto Faces $900M Flush

Bitcoin dropped to $110,000, its lowest level in seven weeks, sparking a broader crypto sell-off and over $900M in leveraged liquidations, mostly longs.

• Volatility spiked sharply in both BTC and ETH as traders rushed for downside protection ahead of upcoming US economic data.

• Analysts warned of further downside risks, with potential retests of $100,000 for BTC and $4,000 for ETH.

• While some corporate treasuries and funds are selectively buying the dip, technicals show fragility if key levels are lost.

FEATURES & GOVERNANCE UPDATE

Numerai Lands $500M from JPMorgan

AI hedge fund Numerai has secured up to $500M from JPMorgan Asset Management, marking its biggest milestone to date.

• The firm has grown from $60M in assets three years ago to $450M today and delivered a 25% net return last year.

• With the new funding, Numerai plans to expand its team, hiring talent from major tech and trading firms.

• Following the news, its native token Numeraire (NMR) surged 33%.

Other notable feature updates:

• Aave V3 has gone live on Aptos.

• Gauntlet launched a levered RWA strategy.

• Circle launched Circle Gateway on mainnet.

• Kamino introduced the USD Benchmark Rate.

• Cap launched its stablecoin protocol on Ethereum.

• Plasma announced a partnership with Binance Earn.

QUICK BITES

• Pantera Capital seeks $1.25B for Solana treasury firm.

• KindlyMD plans $5B equity offering for BTC treasury push.

• Trump Media, Crypto.com plan $6.4B CRO token treasury.

• Google Cloud is developing its own blockchain for payments.

• US to publish economic data on blockchain, starting with GDP.

• AI hedge fund Numerai secures up to $500M from JPMorgan.

• Donald Trump Jr. invests in Polymarket and joins advisory board.

• SharpLink ETH treasury at $3.6B after adding over 56,000 ether.

• Spot Ethereum ETFs post $444M in daily inflows, outpacing BTC ETFs.

• MetaMask allows users to create wallets with Google or Apple accounts.

• CFTC left with single commissioner as Johnson exits, crypto oversight in limbo.

NOTEWORTHY READS & MEME

• Lili’s thread on Prediction Market 2025 Megathread.

• John Wang’s read on Why I'm Joining Kalshi as Head of Crypto.

• Confugen’s read on if you're in memecoins pivot to prediction markets.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.