Crypto Banter's Ran Neuner Questions True Nature of Multi-Billion Dollar Solana Treasury Funds

Crypto Banter founder Ran Neuner has publicly raised concerns regarding recent multi-billion dollar Solana treasury fund announcements, suggesting they primarily serve to provide liquidity for early investors holding locked tokens rather than representing fresh capital injections into the ecosystem. His reaction, captured in a tweet stating, > "I thought you said we weren't announcing yet???", hints at an unexpected or perhaps misleading public presentation of these developments.

The announcements involve major players in the crypto investment space, including Galaxy Digital, Pantera Capital, Multicoin Capital, and Jump Crypto, collectively aiming to raise over $2 billion for Solana-focused initiatives. These funds were initially perceived as significant new investments poised to bolster the Solana blockchain's growth and market position.

However, Neuner, a prominent voice in crypto analysis, argues that a substantial portion of these newly announced funds consists of previously acquired, locked Solana tokens. These tokens were reportedly purchased at deeply discounted rates from FTX's liquidators following the exchange's collapse. For instance, Pantera Capital is said to be raising $1.25 billion, with only an estimated $500 million in new cash, while the remaining $750 million comes from locked tokens. Similarly, Galaxy Digital's $1 billion fund is reportedly composed of $300 million in cash and $700 million in locked tokens.

According to Neuner, this strategy allows these investment firms to transfer their illiquid, locked Solana holdings into a treasury vehicle. In exchange, they receive liquid shares in the new fund, effectively converting their locked assets into immediately tradable capital without directly selling large quantities of Solana on the open market. This mechanism helps prevent potential price depreciation that could arise from the scheduled unlocks of these substantial token holdings.

The involvement of firms like Multicoin Capital, an early Solana investor with significant token allocations, further underscores this dynamic. Neuner suggests that by channeling these tokens into treasury vehicles, large holders can manage their future unlocks in a way that minimizes impact on the broader market, thereby safeguarding the value of their remaining portfolio. This approach, while not illegal, presents a different picture than a straightforward cash infusion into the Solana ecosystem.