Galaxy Digital, Jump Crypto, and Multicoin Capital are preparing to raise $1 billion to establish the largest Solana (SOL) treasury to date. The move highlights growing institutional confidence in Solana’s long-term potential as one of the top blockchain platforms.
According to Bloomberg, the firms are in discussions with investors, with Cantor Fitzgerald leading the deal as banker. The plan involves acquiring control of a publicly listed entity and restructuring it into a digital asset treasury company focused primarily on Solana. If finalized, the treasury would be more than double the size of any existing SOL reserve.
The Solana Foundation has reportedly backed the proposal, with a final decision expected as early as September. None of the firms have issued official statements, but industry analysts believe the treasury could provide stability for SOL’s market and increase long-term adoption.
Solana, currently the sixth-largest cryptocurrency by market cap, has seen its price double since April. Large treasury initiatives are seen as comparable to the corporate Bitcoin and Ethereum strategies, where companies built multibillion-dollar holdings. Ethereum treasuries alone are estimated at over $20 billion, a model Solana could now replicate.
Institutional interest in Solana treasuries has been accelerating. In recent months, Mercurity Fintech Holding announced a $200 million credit line from Solana Ventures for treasury expansion, while Classover Holding partnered with Solana Growth Ventures on a $550 million accumulation deal that boosted its stock by 40%.
Galaxy, Jump, and Multicoin have already been active supporters of Solana. Galaxy previously purchased $620 million worth of SOL from the FTX estate, while Multicoin and Jump have long invested in Solana-based projects. If completed, the $1 billion initiative would cement SOL treasuries as a major pillar in institutional crypto strategy, echoing the approach first pioneered by Michael Saylor’s Bitcoin strategy.
