SCHEDULE: Pantera Entities Update Solana Stake

Pantera Capital entities and Daniel W. Morehead have amended their Schedule 13D filing to report the exercise of 1,000,000 warrants and their current beneficial ownership in Solana Co.

Summary

• This filing is an amendment (Amendment No. 2) to a previously filed Schedule 13D, updating beneficial ownership information for Pantera Capital Partners LP, Pantera Blockchain Fund LP, Pantera DAT Opportunities Master Fund SP, Pantera Liquid Token Fund LP, and Daniel W. Morehead (collectively, the 'Reporting Persons').
• On September 11, 2026, Pantera Blockchain Fund LP exercised 1,000,000 Cash Pre-Funded Warrants at an exercise price of $0.001 per share, for a total cash payment of $1,000 to the Issuer.
• The total number of Class A Common Shares outstanding is reported as 61,458,703 as of August 12, 2026, adjusted for the warrant exercise.
• Daniel W. Morehead beneficially owns 5,997,319 shares (9.76%), Pantera Capital Partners LP may be deemed to beneficially own 5,987,319 shares (9.74%), Pantera Blockchain Fund LP holds 5,260,680 shares (8.56%), Pantera DAT Opportunities Master Fund SP holds 581,311 shares (0.95%), Pantera Liquid Token Fund LP holds 145,328 shares (0.24%), and Mr. Morehead directly holds 10,000 shares (0.02%).
• No other plans or proposals relating to the Issuer's business or securities are currently held by the Reporting Persons, though this could change.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as neutral to slightly positive, reflecting an administrative update on warrant exercise and beneficial ownership rather than significant new strategic developments.

Positives

• The exercise of warrants indicates continued investment and confidence in the company's Class A Common Stock.
• The total cash outlay for the warrant exercise was minimal ($1,000), suggesting favorable terms for the fund.
• The Reporting Persons collectively hold a significant stake (9.76% by Mr. Morehead, 9.74% by Pantera Capital Partners LP) in the company, potentially aligning their interests with other shareholders.

Negatives

• The filing is an amendment to a previous filing, indicating ongoing adjustments to ownership rather than a new, significant strategic move.
• The exercise of warrants at a nominal price ($0.001) might suggest the warrants were issued at a significant discount or under specific prior agreements.

Risks

• Depending on future factors, the Reporting Persons may change their investment strategy or formulate new plans regarding their investment in the Issuer.
• The filing does not provide specific details on the underlying reasons for the warrant exercise beyond fulfilling the terms of the agreement.

Future Outlook

The Reporting Persons state that they do not presently have any additional plans or proposals that relate to or would result in any transactions or other matters specified in Item 4 of Schedule 13D. However, they reserve the right to change their purpose or formulate different plans at any time depending on various factors.

Management Comments

• Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of its or his pecuniary interest therein.

Industry Context

StockSavvy.ai notes that this filing pertains to Solana Co, a company operating within the blockchain and cryptocurrency ecosystem. Pantera Capital is a well-known venture capital firm focused on digital assets. This Schedule 13D amendment primarily concerns ownership stakes and warrant exercises, which are common activities for investment firms in this sector, rather than operational updates of the underlying blockchain technology or its applications.

Related Party Transactions

• The exercise of Cash Pre-Funded Warrants by Pantera Blockchain Fund LP was pursuant to an agreement dated September 15, 2025, by and among the Issuer, Pantera Capital Management LP, and Summer Wisdom Holdings Limited. The source of funds was working capital of Blockchain Fund, derived from the working capital of the Funds managed by Pantera.

Stakeholder Impact

• Shareholders: The update clarifies ownership stakes, which can influence market perception and trading activity. The continued significant stake by Pantera entities may be viewed positively by some investors.
• Creditors: No direct impact mentioned.
• Employees: No direct impact mentioned.
• Suppliers/Customers: No direct impact mentioned.

Next Steps

• The Reporting Persons may continue to monitor the Issuer's performance and market conditions.
• The Reporting Persons may adjust their investment strategy or holdings in the future.

Key Dates

Keywords

Solana Co, Schedule 13D, Pantera Capital, Daniel W. Morehead, Warrant Exercise, Beneficial Ownership, Class A Common Stock, Investment Management