Galaxy Digital, Jump Crypto and Multicoin Capital are in talks with potential backers to raise about $1 billion for the purchase of Solana’s SOL token, people familiar with the discussions said
Galaxy Digital, Jump Crypto and Multicoin Capital are in talks with potential backers to raise about $1 billion for the purchase of Solana’s SOL token, people familiar with the discussions said. The planned fund would represent the largest treasury devoted to the asset and underscores resurgent institutional interest in the Solana ecosystem.
The trio has appointed Cantor Fitzgerald LP as lead banker and aims to acquire Toronto-listed SOL Strategies, then relist the vehicle on Nasdaq as a Solana-focused treasury company, according to the report. The transaction has received approval from the Solana Foundation and could close in early September.
The initiative follows a broader move by digital-asset investors to create single-token treasuries, mirroring the accumulation strategy popularized by Michael Saylor’s MicroStrategy for bitcoin. A successful raise would give Galaxy, Jump and Multicoin a sizable position in Solana at a time when the blockchain is positioning itself as a leading alternative to Ethereum.
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Source: https://thedefiant.io/news/blockchains/galaxy-jump-multicoin-seek-1-billion-solana-treasury-029c06fd
