Galaxy Digital, Jump Crypto, and Multicoin Capital are looking to raise $1 billion this year to build the biggest Solana treasury ever created. The three firms are in talks with investors and have chosen Cantor Fitzgerald as lead banker for the deal.
Bloomberg, which first reported the plan, said the move has already received backing from the Solana Foundation in Switzerland, with a final decision possible as early as September.
The proposal involves taking control of a publicly traded company and turning it into a digital asset treasury business centered on Solana. If successful, the reserve would be more than double the size of any existing Solana treasury and mark one of the boldest bets on the token to date.
The plan comes as Solana has doubled in price since April and now ranks as the sixth-largest cryptocurrency by market value.
Meanwhile, institutional interest in Solana is on the rise. For instance, Upexi, a supply chain management brand, has reported Solana holdings of more than two million SOL, valued at around $400 million. DeFi Development Corporation follows with 1.29 million SOL worth about $240 million. The planned $1 billion fund would surpass both, creating the largest Solana treasury to date.
Other companies have also joined the Solana treasury trend. Nasdaq-listed Mercurity Fintech Holding secured a $200 million equity line from Solana Ventures to expand its holdings, while Classover Holding revealed a $550 million deal in June that quickly lifted its stock price.
At the same time, Bitcoin miner Bit Mining has shifted strategy as well, announcing plans to raise up to $300 million for its own Solana reserve.
Galaxy Digital, Jump, and Multicoin have long supported Solana’s ecosystem. Galaxy raised $620 million to purchase SOL from the FTX estate, while both Jump and Multicoin have invested in Solana-based projects.
Their latest plan mirrors the strategy once led by corporate Bitcoin and Ethereum treasuries, which collectively grew into multi-billion-dollar holdings.
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