Galaxy Digital, Multicoin Capital and Jump Crypto are taking bold action to showcase institutional interest in altcoins by joining forces and raising $1 billion to establish an exclusive Solana (SOL) digital asset treasury, according to multiple reports.
An Innovative Treasury Solution Strategy
As reported by Bloomberg and Cointelegraph, Cantor Fitzgerald has been selected as their lead banker to execute this ambitious plan. As per Cointelegraph and Bloomberg respectively, MEXC’s three members have retained Cantor Fitzgerald for this mission.
The proposed publically traded company would serve as the largest Solana Treasury ever seen before, surpassing current benchmarks set by Mitrade, CoinDesk and AInvest.
The Solana Foundation, which oversees Solana’s development and community growth, has given their support for increasing Solana’s legitimacy within the ecosystem, according to CoinDesk +13, Cointelegraph +13 and AInvest’s +13 rankings.
How It Compares: Solana Treasury Landscape
If successful, this $1 billion initiative would more than double current corporate Solana holdings. Current top treasuries include Upexi which holds over 2 million SOL (valued at about $400 million), and DeFi Development Corporation with approximately 1.29 million SOL valued at $240 million (CryptoDnes.bg, AInvest +12 and Parameter =12).
Bit Mining, CoinDesk and AInvest all estimate their target reserves of $200-300 Million as part of their strategy for growth.
An Approach for Institutional Adoption
Market analysts see this development as part of an institutional treasuries trend – most notably Michael Saylor’s groundbreaking use of MicroStrategy with Bitcoin — but now targeting Solana Mitrade +10 AInvest +10 MEXC
Solana offers impressive staking yields of more than 7%, making it attractive for long-term investments and active network participation. AInvest +1
The proposed fund may include equity financing instruments – like PIPEs or convertible instruments- via acquisition of an publicly listed company, thus streamlining regulatory and operational access for traditional finance channels; CryptoDnes.bg offers market response and execution outlook.
Market participants have taken notice: Galaxy Digital stock declined nearly 4% following this news, which signaled both intrigue and caution among participants in the digital asset space (Cointelegraph +9, Investing.com +9 and MEXC +9)
Industry insiders anticipate an expedient turnaround, suggesting an expected close date as early as September.
This coincides with a growing need among institutions to diversify beyond Bitcoin and Ethereum – particularly to capitalize on rising interest in Solana’s utility for areas such as DeFi, NFTs, memecoin activity XT’s Crypto Economy AInvest’s AInvests Crypto Economy Why Does This Matter
Institutional Support: Solana could gain institutional backing through a successful launch, cementing their standing among investors.
Liquidity & Stability: Consolidating large SOL holdings may reduce supply, while bolstering price resilience.
Ecosystem Impact: Endorsed by the Solana Foundation, this fund could enhance developer trust and ecosystem expansion.
Access Routes: The structure may provide investors with compliant equity-based routes to Solana exposure, making token holding less of an intimidating prospect.
