Galaxy, Jump and Multicoin team up to buy $1b Solana

Galaxy, Jump and Multicoin have joined forces to raise up to $1 billion worth of Solana tokens. This bid puts the three crypto giants in a race towards building one of the largest SOL treasuries.

In a recent Bloomberg report, it’s been revealed that Galaxy Digital, Multicoin Capital and Jump Crypto are in talks to raise roughly $1 billion to build a Solana (SOL) treasury.

Insiders say the three firms have tapped Cantor Fitzgerald as the lead banker for the deal. In addition, people familiar with the matter claim that the deal has also received support from the Solana Foundation in Zug, Switzerland.

If the venture succeeds, the three crypto giants could become the joint owners of the largest SOL treasury ever created.

According to data from CoinGecko, the largest corporate holder of the token is the SOL-focused treasury company Upexi with 2 million SOL, which is worth nearly $400 million. At the moment, the total SOL held by companies has gone up by 8.5%, reaching as much as $742 million. SOL dominance among corporate treasuries sits at a rate of 0.69%.

The number is still a far cry from Bitcoin (BTC) treasury dominance, which has reached 7.03%, with a total value held in corporate treasuries reaching $164 billion.

The race to $1b Solana

Galaxy, Jump and Multicoin are not the only ones vying to establish a $1 billion-worth SOL treasury. Many of the industry’s SOL-focused players are accumulating more SOL to become the first to reach $1 billion in value.

In April this year, the second-largest SOL treasury, Defi Dev, has also pledged to raise as much as $1 billion to buy enough SOL to establish the largest corporate treasury in the world.

At press time, Defi Dev holds 1.27 million SOL, which is equal to $253 million according to current market prices. It still needs to raise around $750 million more to reach its ongoing goal.

On the other hand, the Joe McCann-led firm Accelerate also announced plans to raise $1.51 billion to acquire 7.32 million SOL tokens. The company aims to become the largest private SOL treasury outside of the Solana Foundation.

SOL Strategies is also a strong contender for the $1 billion mark, considering it recently secured $500 million in funding for Solana purchases and staking through a convertible note agreement with ATW Partners.

Solana trades below $200

On August 25, SOL has gone down by 4.12% in the past 24 hours. It fell from its previous high at $212 and touched well below the $200 threshold. At around 7:51 UTC it took a 1.34% dive and landed at $198.75. The candlesticks indicate a period of consistent selling pressure, pushing the price downward after multiple failed attempts to reclaim the $200 psychological resistance.

The quick recovery attempt following the highlighted drop was weak, suggesting that sellers remain dominant. If the price fails to hold above the $198 support zone, it could fall even lower to around $196.

On the momentum side, the Relative Strength Index is sitting at 26.62, which is deep in the oversold region. Meanwhile, its moving average is higher at 40.58, showing strong bearish momentum. This oversold condition suggests that a technical bounce or short-term relief rally could occur if buyers step in at these levels.