Daniel Walker
According to Bloomberg, Galaxy Digital, Jump Crypto, and Multicoin Capital are working together on a massive $1 billion fundraising initiative to create a digital asset treasury company centered on Solana (SOL). The plan reportedly involves acquiring a publicly traded company and transforming it into a Solana-based treasury firm, with the deal expected to close in early September.
The effort is being supported by the Solana Foundation, the nonprofit driving Solana’s blockchain ecosystem. To manage the deal, the firms have brought in Cantor Fitzgerald LP as the lead banker. This collaboration signals strong institutional confidence in Solana’s long-term potential.
Market Impact: A Supply Shock Ahead?
Experts believe this large-scale Solana purchase could have a major impact on the market. Nick Ruck, director at LVRG Research, noted that such an influx of capital would likely:
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Reduce available Solana supply, driving upward price momentum.
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Improve market sentiment by signaling institutional validation.
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Attract new developers and investors into the Solana ecosystem.
Following the Bitcoin Treasury Model
The strategy mirrors the playbook of Michael Saylor’s Bitcoin treasury approach, which inspired dozens of companies to hold digital assets on their balance sheets. While Bitcoin and Ethereum still dominate most corporate treasuries, more firms are diversifying into altcoins like Solana, BNB, and XRP.
Currently, public Solana treasury companies hold about 3.44 million SOL, with Upexi recently securing a $500 million credit deal to expand its Solana holdings.
Solana’s Rising Institutional Appeal
Solana has become one of the most attractive blockchains for institutional investors thanks to its fast transactions, strong DeFi presence, and last year’s memecoin boom. As of now, Solana ranks as the sixth-largest cryptocurrency, boasting a $108.9 billion market cap. SOL is trading near $200, up 7.7% in the past month and 26.8% over the past year.
