Galaxy Digital, Multicoin Capital, and Jump Crypto are collaborating on plans to raise $1 billion for a Solana (SOL) treasury. Cantor Fitzgerald has been tapped as the lead banker for the initiative.
The plan involves acquiring a publicly traded entity to establish a digital asset treasury company specialising exclusively in Solana. The Solana Foundation has reportedly endorsed the effort.
$1B fund would set a new benchmark for Solana holdings
If completed, the $1 billion reserve would become the largest corporate treasury dedicated to Solana, more than doubling the holdings of the current largest institutional holders.
At present, the biggest Solana treasury belongs to supply chain management firm Upexi, which disclosed earlier this month that it had accumulated more than 2 million SOL – valued at around $400 million at current market prices. Upexi said it is generating additional value for stakeholders through staking yields and discounted locked Solana tokens.
The DeFi Development Corporation holds the second-largest treasury with 1.29 million SOL, worth about $240 million. Bitcoin miner Bit Mining has also announced plans to raise between $200 million and $300 million to establish its own Solana reserve.
Solana price momentum
Solana is the sixth-largest cryptocurrency by market capitalisation, according to CoinGecko. At the time of reporting, SOL was trading near US$200, up 6.6% over the past 30 days.
A combined $1 billion investment from Galaxy Digital, Multicoin and Jump would represent a significant vote of confidence in the network, which has been recovering from the fallout of the FTX collapse.
Industry implications
While several firms have been expanding into Solana as a treasury asset, the proposed initiative from Galaxy Digital, Multicoin Capital and Jump Crypto would establish the single largest corporate SOL reserve to date. The move could provide additional market momentum and further position Solana within the portfolios of major institutional players.
