Galaxy Digital, Jump Crypto, and Multicoin Capital have announced plans to raise $1 billion for the purchase of Solana (SOL) tokens. The move suggests growing confidence in the token’s ability to compete as one of the leading blockchain platforms.
Galaxy Digital, Jump, and Multicoin to Build Solana Treasury
According to Bloomberg, Galaxy Digital, Jump, and Multicoin Target are reportedly in discussions with investors to secure $1 billion in capital for a Solana treasury. This would establish the most extensive Solana-focused treasury to date. Cantor Fitzgerald has been tapped as the lead banker for the deal.
The plan involves acquiring control of a publicly listed entity and transforming it into a digital asset treasury company with a primary focus on the roken. If finalized, the reserve would be more than twice the size of any existing Solana treasury.
Furthermore, the Solana Foundation, based in Zug, Switzerland, is said to have given its backing to the proposal. The deal could be sealed as early as September, though none of the involved parties has issued official comments.
Solana, currently the sixth-largest cryptocurrency by market capitalization, has doubled in price since April. Analysts suggest that treasury accumulation at this scale further stabilizes the market and fuels long-term appreciation.
Ethereum-focused treasury companies are estimated to have built holdings worth more than $20 billion. As a result, Ethereum surpassed a record high that had been there for almost four years.
Galaxy Digital, Jump, and Multicoin Target could pave the way for Solana to follow a similar path by competing in this race. The sheer scale of the reserve could also give the firms greater influence over market liquidity, governance, and development within Solana’s growing ecosystem.
Solana Treasuries Trend Gains Pace
This development follows a broader trend of listed firms turning to Solana treasuries as a long-term strategy. Just last month, Nasdaq-listed Mercurity Fintech Holding (MFH) secured a $200 million equity line of credit from Solana Ventures to pursue a similar treasury-building plan. The company stated that the funds would be used to strengthen its position in SOL and expand institutional exposure.
Earlier in June, Classover Holding also announced a $550 million deal to accumulate the altcoin in partnership with Solana Growth Ventures. The agreement immediately boosted the company’s stock by 40%.
These moves signal that SOL treasuries are becoming a favored investment approach. This echoes the long-standing strategy pioneered by Michael Saylor’s Bitcoin strategy.
Notably, Galaxy had previously raised $620 million to buy Solana tokens from the FTX estate. Meanwhile, Multicoin and Jump have both been long-time backers of Solana-based projects.
The new initiative is part of a larger trend in corporate balance sheet management of cryptocurrency assets. Pioneers of this model are placing bets that the token may emulate Bitcoin’s success.
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Source: https://coingape.com/just-in-galaxy-digital-jump-and-multicoin-target-1b-raise-to-build-solana-treasury/
