 
 
Bloomberg reported Monday that Galaxy Digital, Multicoin Capital, and Jump Crypto are in talks to raise $1 billion from investors to create a treasury dedicated to Solana (SOL), adding momentum to the network’s recovery post-FTX failure.
Galaxy, Multicoin, Jump To Raise $1 Billion In SOL Buying Power
According to individuals privy to the matter, the three crypto companies have joined hands and have tapped Cantor Fitzgerald as the lead banker for the transaction.
The plan reportedly involves buying a publicly listed firm and turning it into a digital asset treasury company centered on SOL, where the deal is expected to close in early September.
Solana is currently the industry’s sixth-largest cryptocurrency with a $106.4 billion market capitalization. SOL was trading hands at $197.28 at publication time, up 8.1% in the last seven days, according to CoinGecko data. Solana has staged an impressive comeback as a favored blockchain for meme coin issuers since FTX’s dramatic implosion in 2022.
Bloomberg revealed that the Solana Foundation, the nonprofit dedicated to the growth of the blockchain network, supports the efforts of the three companies and endorses the treasury move.
 
A string of companies is increasingly exploring establishing corporate crypto treasuries following the success of Michael Saylor’s strategy. While most of these holdings are concentrated in Bitcoin and Ethereum, a growing number of companies are diversifying into other altcoins, including Solana, BNB, and Ripple’s XRP.
So far, Upexi, Defi Development, and Toronto-listed SOL Strategies have stood out as the biggest Solana treasury entities, with Arthur Hayes-backed Upexi leading with over 2 million SOL worth around $400 million at current prices.
A combined $1 billion Solana stash by Galaxy, Jump, and Multicoin would be more than twice the size of the biggest existing Solana reserve. In other words, if implemented, the trio would create the biggest SOL corporate treasury reserve.
Source: https://zycrypto.com/crypto-titans-galaxy-jump-and-multicoin-seek-1-billion-to-create-largest-solana-treasury/
