Galaxy Digital, Jump Crypto, and Multicoin Capital are in discussions to raise roughly $1 billion to create the largest treasury dedicated to Solana, Bloomberg reports. The three firms have engaged Cantor Fitzgerald LP as lead banker and plan to form a digital asset treasury company by acquiring an unnamed publicly traded entity.
If completed, the treasury would more than double the size of the current largest Solana-focused reserve. Solana, the sixth-largest cryptocurrency by market capitalization, has more than doubled since its April low but remains well below its January record high. On Monday, SOL slipped as much as 2.7% amid a broader retreat in the cryptocurrency market.
The Solana Foundation, a nonprofit based in Zug, Switzerland, has endorsed the initiative. Sources say the transaction is expected to close in early September. Requests for comment from Galaxy, Multicoin, Jump, Cantor, and the Solana Foundation were not immediately returned.
Upexi, which shifted its focus to Solana acquisitions in April, has accumulated over 2 million SOL tokens worth roughly $400 million. Multicoin and Jump have also invested heavily in the Solana ecosystem, while Galaxy Trading raised about $620 million last year to buy Solana from the FTX estate.
Solana first gained widespread attention under former FTX CEO Sam Bankman-Fried. Following FTX’s collapse in 2022, the blockchain’s survival was uncertain. Since then, it has recovered and become a go-to network for highly speculative memecoins, capitalizing on social media-driven trends.
Solana Treasury Part of Broader Crypto Adoption
The effort mirrors a growing trend of public companies and funds holding digital assets on their balance sheets. Michael Saylor’s Strategy pioneered this with Bitcoin, now holding roughly $70 billion.
However, experts such as Galaxy CEO Michael Novogratz noted that the trend may have peaked and that new entrants could face difficulty attracting capital.
Crypto treasuries also influence token prices. Ether-focused treasuries currently hold an estimated $20 billion, helping ETH surpass its nearly four-year-old record high last week.
This planned Solana treasury underscores both rising institutional interest in SOL and the broader trend of consolidating digital assets in structured corporate holdings, reflecting growing confidence in blockchain assets among major crypto investors.
