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    Galaxy Digital, Multicoin and Jump Seek $1B Solana Treasury With Cantor Fitzgerald
    Blockchain

    Galaxy Digital, Multicoin and Jump Seek $1B Solana Treasury With Cantor Fitzgerald

    DigicoinvisionBy No Comments2 Mins Read

    Update Aug. 25, 9:01 am UTC: This article has been updated to add more details about the current largest corporate SOL treasuries.

    Digital asset companies Galaxy Digital, Multicoin Capital and Jump Crypto are reportedly working to raise $1 billion to buy Solana. 

    A Bloomberg report citing anonymous sources said on Monday that the three companies are looking to form the largest treasury dedicated to Solana (SOL). It added that the three companies have tapped Cantor Fitzgerald as lead banker.

    The plan reportedly involves taking over a publicly traded entity to create a digital asset treasury company focused on SOL. Bloomberg said that the Solana Foundation has endorsed the efforts of the three companies, backing the treasury move. 

    SOL remains the sixth-largest token by market capitalization, according to CoinGecko. It currently trades at almost $200, up 6.6% in the last 30 days. 

    Cointelegraph reached out to Galaxy Digital for comment but had not received a response by publication. 

    Related: BlackRock launching a SOL ETF in first wave would be ‘messed up’ — Analyst

    Galaxy, Jump and Multicoin to create the biggest SOL reserve

    A combined $1 billion Solana stash would more than double the size of the biggest existing Solana reserve, adding momentum to the network’s recovery post-FTX collapse. 

    At the time of writing, the biggest Solana treasury belongs to Upexi, a supply chain management brand. On Aug. 5, Upexi announced that its SOL holdings had surpassed 2 million SOL, worth about $400 million at current market prices. 

    Upexi said it’s generating additional value to stakeholders through a staking yield and discounted locked Solana tokens. 

    In addition, the DeFi Development Corporation said on Aug. 4 that it had increased its Solana holdings to 1.29 million SOL, worth $240 million at the time of writing. This made the company the second-biggest corporate holder of Solana tokens.

    Bitcoin miner Bit Mining recently announced a strategic shift to Solana. On July 10, the company said it planned to raise between $200 million and $300 million to build a Solana token reserve. 

    While many companies are jumping into SOL as a corporate treasury asset, the $1 billion push from Galaxy, Jump and Multicoin would surpass those efforts. If implemented, the three companies would create the biggest SOL corporate treasury reserve.