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Galaxy Digital, Jump Crypto, and Multicoin Capital are raising $1 billion.
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The funds will be used to create a Solana-focused treasury firm.
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The Solana Foundation is also backing the plan.
The Plan
Galaxy Digital, Jump Crypto, and Multicoin Capital are seeking $1 billion to launch a Solana-focused digital asset treasury firm, Bloomberg reported. The trio intends to acquire a publicly traded company and transform it into a treasury vehicle.
Institutional Backing
The Solana Foundation is supporting the effort, which is expected to close in early September. Cantor Fitzgerald has been brought in as the lead banker for the deal.
Impact on Solana
Analysts say the large-scale accumulation could push Solana’s price higher, reduce supply in circulation, and bring more credibility to the ecosystem. Currently, public Solana treasury firms hold about 3.44 million SOL, with growing institutional interest diversifying beyond Bitcoin and Ethereum.
