$1B Treasury Plan Puts Solana Back in the Spotlight

Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly in talks to raise $1 billion to launch a digital asset treasury company focused on accumulating Solana (SOL), according to Bloomberg.

The strategy involves acquiring a publicly traded company and transforming it into a digital asset treasury vehicle, with the transaction expected to close in early September. The firms have enlisted Cantor Fitzgerald LP as lead banker for the deal, the report said.

The initiative has also gained support from the Solana Foundation, the nonprofit dedicated to advancing the Solana blockchain ecosystem.

“This influx of capital could drive upward pressure on Solana’s price by reducing supply and boosting market sentiment, while also attracting more developer activity and ecosystem investment through validated institutional endorsement,” said Nick Ruck, director at LVRG Research.

The move reflects a broader trend of corporate crypto treasuries, a strategy first popularized by Michael Saylor’s MicroStrategy. While most institutional holdings have been concentrated in Bitcoin and Ethereum, companies are increasingly diversifying into other assets like Solana, BNB, and XRP.

According to The Block’s data dashboard, public Solana treasury companies currently hold around 3.44 million SOL, with Upexi leading the way after securing a $500 million credit agreement last month to acquire more Solana.

Solana has seen strong momentum in recent years, driven by its expanding role in DeFi, NFTs, and last year’s memecoin boom, making it an attractive target for institutional investors.

As of now, Solana ranks as the sixth largest cryptocurrency with a market capitalization of $108.9 billion. It is trading at around $200, reflecting a 7.7% monthly gain and a 26.8% increase over the past year, according to The Block’s SOL price data.