Trump Media, Yorkville Acquisition, Crypto.com to Form Digital Asset Treasury Company

Yorkville Acquisition, Trump Media, and Crypto.com are forming a digital asset treasury company. Trump Media & Technology Group Corp. is a social media and technology-focused company with a social media platform called Truth Social, a TV streaming platform called Truth+, and two other brands. The company operates its own CDN, data centers, and streaming technology infrastructure.

Pantera Capital, a prominent crypto investment firm, has announced plans to raise $1.25 billion to form Solana Co., a public company focused on holding Solana (SOL) as its primary treasury asset. This move aims to create the largest Solana treasury entity in the public market, significantly increasing institutional interest in the token [1].

Pantera Capital's strategy involves acquiring a Nasdaq-listed company, renaming it "Solana Co.," and using the funds to accumulate SOL. The initial raise includes $500 million upfront, followed by $750 million through warrants. If successful, this initiative would more than double existing public SOL treasuries, currently totaling around $695 million [1].

The growing interest in Solana is evident in the increasing number of firms adopting the token in their treasury strategies. Smaller Nasdaq firms are shifting to Solana through equity raises and token accumulation. For instance, Classover, an edtech platform, acquired 6,500 SOL earlier this year, while Canadian firms like SOL Strategies and Torrent Capital have combined Solana holdings exceeding $68 million [1].

Other major firms are also exploring similar efforts. Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly preparing a $1 billion Solana treasury vehicle, which may close as early as September. Cantor Fitzgerald is expected to lead the deal, with support from the Solana Foundation [1].

The formation of "Solana Co." could have significant market effects. Analysts suggest that the concentrated holdings might increase price volatility during periods of trading stress. However, the move also indicates a rising confidence in Solana’s long-term role in digital finance.

References:
[1] https://cryptonewsland.com/pantera-capital-targets-1-25-billion-to-convert-public-company-into-solana-focused-digital-asset-treasury/