Solana Boost? Galaxy, Jump, Multicoin Eye $1B SOL Treasury
Major Firms Target $1 Billion Solana Treasury
Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly seeking to raise $1 billion to establish a substantial treasury focused on Solana (SOL) tokens. According to Bloomberg, Cantor Fitzgerald is the lead banker for the deal, which involves taking control of a publicly listed entity and converting it into a digital asset treasury firm centered on SOL.
If successful, this reserve would be more than double the size of any existing Solana treasury. The Solana Foundation is reportedly supporting the initiative, with a potential deal closure as early as September. As of now, none of the involved parties have released official statements.
Solana, the sixth-largest cryptocurrency by market capitalization, has seen its price double since April. Analysts suggest that a treasury accumulation of this magnitude could stabilize the market and foster long-term appreciation.
Solana Treasury Trend Gaining Momentum
This move aligns with a broader trend of firms establishing Solana treasuries. Previously, Nasdaq-listed Mercurity Fintech Holding (MFH) secured a $200 million equity line of credit from Solana Ventures for a similar treasury-building plan. The company intends to use these funds to strengthen its SOL position and increase institutional exposure.
Earlier, Classover Holding announced a $550 million deal to accumulate SOL in partnership with Solana Growth Ventures, which immediately boosted the company’s stock by 40%. These actions suggest that SOL treasuries are becoming a favored investment strategy, mirroring Michael Saylor’s Bitcoin accumulation strategy.
Galaxy Digital previously raised $620 million to purchase Solana tokens from the FTX estate. Multicoin and Jump have also been long-term supporters of Solana-based projects.
The establishment of large cryptocurrency treasuries is part of a larger trend in corporate balance sheet management, with early adopters betting that SOL can follow in Bitcoin's footsteps.