Key Takeaways
Galaxy Digital, Multicoin Capital, and Jump Crypto are raising $1 billion to build the largest Solana-focused treasury.
The new treasury would more than double the size of any existing Solana reserve.
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Galaxy Digital, Multicoin Capital, and Jump Crypto are seeking $1 billion from investors to buy Solana (SOL), Bloomberg reported Monday, noting that the companies have selected Cantor Fitzgerald LP as the lead banker for the transaction.The effort comes as firms increasingly explore building corporate crypto treasuries centered on major assets such as Bitcoin, Ethereum, Solana, and BNB.Like their peers, Galaxy Digital, Multicoin Capital, and Jump Crypto plan to establish a digital asset treasury vehicle through the acquisition of a publicly traded entity, according to the report.Thus far, Upexi, Defi Dev, and Sol Strategies have stood out as the largest Solana treasury entities, with Arthur Hayes-backed Upexi leading at over 2 million SOL valued at over $390 million. Galaxy-backed treasury would be more than twice the size of the largest existing Solana-focused reserve.The transaction is expected to be finalized in early September. The Solana Foundation reportedly endorses the initiative.Multicoin Capital was a key early investor in Solana. The crypto-focused venture capital firm led a $20 million Series A round in 2019 that helped fund the blockchain’s initial development.Galaxy Digital and Jump Crypto have also been deeply tied to Solana through several initiatives.Jump Crypto is a division of Jump Trading Group, which was the alpha market maker for the now-defunct FTX exchange and absorbed nearly $300 million in losses when Sam Bankman-Fried’s empire collapsed.Following FTX’s 2022 bankruptcy, Solana staged a comeback as a favored blockchain for meme coin issuers. Last year, Galaxy Digital raised more than $600 million to acquire Solana tokens directly from the FTX estate.SOL declined as much as 4.5% in the last 24 hours amid a market-wide pullback, with Bitcoin dropping below $ 111,000, according to CoinGecko data.
