Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly working together to raise $1 billion for the creation of a new Solana-focused digital asset treasury company, according to Bloomberg.
Ryan Weeks
The three firms plan to acquire a publicly traded company and convert it into a dedicated crypto treasury vehicle centered on Solana (SOL). The deal, led by investment bank Cantor Fitzgerald, is expected to close in early September.
Backing the effort is the Solana Foundation, the nonprofit supporting the growth and adoption of the Solana blockchain. While representatives from the involved firms have yet to comment publicly, the move highlights growing institutional interest in diversifying corporate treasuries beyond Bitcoin and Ethereum.
Market analysts suggest the initiative could have a notable impact on Solana’s price and broader ecosystem.
“This influx of capital could drive upward pressure on Solana's price by reducing supply and boosting market sentiment, while also attracting more developer activity and ecosystem investment through validated institutional endorsement,” said Nick Ruck, director at LVRG Research.
Corporate crypto treasuries are not a new trend. Inspired by MicroStrategy’s Michael Saylor, many firms have built large holdings of digital assets in recent years, though the majority remain concentrated in Bitcoin and Ethereum. Data shows that public companies currently hold about 3.44 million SOL, with Upexi leading the pack after securing a $500 million credit agreement last month to expand its Solana position.
Solana has become a rising favorite among institutions thanks to its strong performance in decentralized finance (DeFi) and its popularity during last year’s memecoin surge. Today, it ranks as the world’s sixth-largest cryptocurrency with a market capitalization of $108.9 billion. At the time of writing, SOL is trading near $200—up 7.7% over the past month and nearly 27% over the past year.
If successful, the planned $1 billion treasury firm could mark a turning point for Solana’s role in institutional crypto adoption, signaling stronger confidence in the blockchain’s future.
