Galaxy Digital Holdings Ltd., Multicoin Capital and Jump Crypto are in talks with potential backers to raise roughly $1 billion for a vehicle that will accumulate Solana’s SOL token, Bloomberg reported, citing people familiar with the negotiations. The planned raise would create the largest single treasury devoted to the cryptocurrency.
Cantor Fitzgerald LP has been hired as lead banker, and the firms are considering acquiring an existing publicly listed company that would serve as the holding vehicle for the SOL reserves, according to the report. The transaction is aiming to close in early September, though the structure and timing could still shift.
The initiative has the support of the Solana Foundation and highlights increasing institutional interest in Solana, which this year accounted for about 48 percent of decentralized-exchange trading volume. If completed, the move would echo corporate-treasury strategies popularized by MicroStrategy’s large-scale bitcoin purchases, offering equity investors indirect exposure to SOL.
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Source: https://thedefiant.io/news/blockchains/galaxy-jump-multicoin-pursue-1-billion-solana-treasury-df744460
