Galaxy Digital, Jump Crypto and Multicoin Capital are reportedly in advanced talks with investors to raise around $1 billion to establish what could become the world’s largest Solana treasury. According to a Bloomberg report, the firms are working with financial services giant Cantor Fitzgerald to execute the deal.
The plan involves acquiring a publicly traded company and transforming it into a digital asset treasury firm primarily holding Solana. While the identity of the target company remains undisclosed, the Solana Foundation has already given its approval. The transaction is expected to close by early September, marking a milestone for Solana and institutional adoption of altcoins.
Solana’s Rocky Journey and Revival
SOL gained mainstream attention during the FTX era, championed by disgraced former CEO Sam Bankman-Fried. However, the token’s value collapsed following FTX’s dramatic downfall in late 2022. Since then, SOL has staged a comeback, positioning itself as a leading blockchain for DeFi applications, NFTs and memecoins.
Today, SOL is the sixth-largest cryptocurrency by market capitalisation, with prices hovering near $200 per token, still below its January all-time high but showing strong resilience.
Institutional Interest Growing Beyond Bitcoin
The proposed $1 billion treasury move echoes the bold strategy pioneered by Michael Saylor’s MicroStrategy, which famously shifted its corporate treasury into Bitcoin. MicroStrategy now holds nearly $70 billion worth of BTC, setting a precedent for companies seeking crypto exposure on their balance sheets.
Unlike earlier waves of institutional buying that focused primarily on Bitcoin and Ethereum, firms are now eyeing altcoins such as SOL, BNB and XRP. This diversification signals growing confidence in the broader digital asset ecosystem.
Other Solana Heavyweights
Upexi Inc. has already accumulated over 2 million SOL, valued at approximately $415 million, while DeFi Development Corp (formerly real estate tech firm Janover) holds more than 1.42 million SOL. If Galaxy, Jump and Multicoin succeed, their new treasury would eclipse these figures, cementing its place as the largest Solana reserve globally.
The move could potentially transform market dynamics for Solana, signalling a new era of institutional-scale accumulation in the altcoin space.
