A Digital Asset Treasury (DAT) vehicle used by Pantera to hold its Solana position. It is suggested as an alternative for investors seeking SOL exposure and demonstrates how a fund can outperform the spot asset.

Cited as a specific example of a vehicle used to actively manage a Solana position, which increased the value of holdings by 850% while the spot price of SOL rose by 84%.

Launched by Pantera as a vehicle for investors to gain exposure to their 'extremely bullish' thesis on Solana, structured as a more institutionally-appealing corporate entity.

Offers public market exposure to SOL with a strategy to outperform holding the token directly through staking, DeFi participation, and capital markets strategies. Success depends on trading at a premium to NAV.

Called a 'huge trade' and superior to ETFs because it can generate and pass on staking yield (~7% for Solana) and acquire tokens below market price, creating additional value for shareholders.

Pantera raised $500 million for this Solana DAT, which plans to actively use its SOL holdings to generate yield, seen as a potential catalyst for Solana DeFi projects.