Solana DATs Surge with $2.65B Treasury Fundraising

Solana digital asset treasuries are attracting record funding. Healthcare device firm Sharps Technology raised $400 million in a PIPE deal to establish its Solana digital asset treasury. Pantera Capital plans a $1.25 billion Solana DAT fund, including a $500 million equity raise and $750 million in warrants. Galaxy Digital, Multicoin Capital and Jump Crypto are jointly targeting about $1 billion for another Solana DAT, led by Cantor Fitzgerald. In total, these efforts aim to amass $2.65 billion of SOL (approximately 14.1 million tokens at $188). Actual spot demand depends on acquisition methods: market purchases, in-kind transfers or discounted buys. Sharps secured $50 million of SOL at a 15% discount via the Solana Foundation. Compared to existing DATs holding 3.4 million SOL, this marks a 4.1× increase. Despite this growth, Solana DATs still trail Ethereum’s $14.3 billion and Bitcoin’s $80 billion treasuries. Traders should watch acquisition terms, liquidity impacts and potential sell pressure as equity overhangs convert to tradable SOL.