Galaxy Digital GLXY, Multicoin Capital, and Jump Crypto are in discussions with investors to raise approximately $1 billion for a Solana SOL/USD-focused treasury vehicle.
What Happened: The initiative, which would become the largest dedicated reserve for the token, is being structured with Cantor Fitzgerald LP as lead banker, Bloomberg reported, quoting sources.
The three firms intend to form a digital asset treasury company by acquiring a yet-unnamed publicly traded entity, the sources said.
If finalized, the move would combine heavyweight players in crypto, creating a reserve more than twice as large as any existing Solana-focused pool.
Solana, currently the sixth-largest cryptocurrency by market capitalization, has surged more than 100% since April, though it still trades below its January peak.
The Solana Foundation, a Zug-based nonprofit supporting the blockchain, has reportedly endorsed the plan.
The deal is targeted for completion by early September.
Neither Galaxy, Multicoin, Jump Crypto, Cantor Fitzgerald, nor the Solana Foundation responded to requests for comment.
Upexi Inc., which shifted its strategy earlier this year to accumulate Solana, has already collected more than 2 million tokens, worth around $415 million, according to its website.
Also Read: EU Pushes Digital Euro Plans Amid US Stablecoin Law, Weighs Public Blockchain Options
Why It Matters: Solana's path has been volatile.
Once boosted by former FTX chief Sam Bankman-Fried, the token nearly collapsed during the exchange's downfall in 2022.
However, Solana has since rebounded and become a go-to blockchain for issuing meme coins.
Both Multicoin and Jump have a history of investing in Solana's ecosystem, while Galaxy previously raised $620 million to buy Solana tokens from the FTX estate, Bloomberg reported last year.
The strategy of amassing digital assets within publicly listed vehicles mirrors earlier bets such as Michael Saylor's Bitcoin hoard at MicroStrategy, which is now valued at roughly $70 billion.
Similar efforts around Ethereum ETH/USD have seen dedicated treasuries accumulate nearly $20 billion, fueling price rallies.
Ether itself recently broke a nearly four-year-old record high, partly driven by such institutional accumulation.
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