Amid rising institutional confidence in altcoins like Solana, investment firm Galaxy Digital has teamed up with Multicoin Capital and Jump Crypto, according to a Bloomberg report. The partnership aims to collectively raise $1 billion to create the largest Solana (SOL) treasury.
The Solana Treasury Plan
According to the report, the plan includes acquiring a public company and reorganizing it into a SOL-focused treasury entity. The ambitious project is backed by Cantor Fitzgerald, which has been newly appointed as the lead banker for the fundraising initiative.
Sources say the fundraising initiative has already earned the endorsement of the Solana Foundation, and plans are underway for the deal to be completed before September 15. There is no doubt that if executed, the fund could shift market dynamics by moving more institutional capital into Solana’s network, thereby boosting its liquidity further.
However, it’s worth noting that details regarding the partnership are still emerging, as there has not been any official confirmation from the involved parties at press time. Nonetheless, if realized, it would be one of the largest bets placed on the Solana ecosystem to date.
Notably, it is not the first time Galaxy Digital executives have spearheaded crypto treasury ventures. David Namdar, co-founder of Galaxy Digital, now leads Binance Network Company (BNC) as it focuses on acquiring BNB. The initiative follows a $500 million private placement led by YZi Labs, positioning BNC as the world’s largest corporate holder of BNB.
Corporate SOL Treasury Leaderboard
The corporate Solana treasury sector is growing rapidly, with several publicly listed firms allocating millions of SOL to their balance sheets. According to data from the Strategic SOL Reserve analytics platform, the sector is now led by Upexi, which holds 2 million SOL ($396.3 million).
Close behind is DeFi Dev Corp. (formerly Janover), which manages 1.42 million SOL, including 158,886 staked SOL, amounting to $281.4 million in assets. The firm’s strategy of liquid and staked Solana positions shows it’s diversifying by holding and earning yield within the ecosystem.
Other players include Mercurity Fintech with 1.08 million SOL ($214.7 million), iSpecimen with 1 million SOL ($198.1 million), and SOL Strategies with 401,426 SOL ($79.5 million). Other smaller entrants like Classover and Artelo Biosciences are experimenting with modest allocations under $15 million. Today, these treasuries control over 6.05 million SOL, valued at roughly $1.2 billion.
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