Galaxy, Jump and Multicoin seek $1 billion to create Solana treasury firm: Bloomberg

Galaxy Digital, Jump Crypto, and Multicoin Capital are in discussions seeking to raise $1 billion to jointly establish a digital asset treasury firm to accumulate Solana, according to Bloomberg.

The plan is to acquire a publicly traded company and turn it into a digital asset treasury company, where the transaction is expected to close in early September, according to the report . The trio of firms has reportedly enlisted Cantor Fitzgerald LP as lead banker for the deal.

The Solana Foundation, the nonprofit dedicated to the growth of the blockchain network, is also backing the initiative, the report said. The Block has reached out to Galaxy, Multicoin, Jump, Cantor and the Solana Foundation for confirmation and further comments.

"This influx of capital could drive upward pressure on Solana's price by reducing supply and boosting market sentiment, while also attracting more developer activity and ecosystem investment through validated institutional endorsement," said Nick Ruck, director at LVRG Research.

Following the success of Michael Saylor's strategy, dozens of companies have established corporate crypto treasuries . While most of these holdings are concentrated in bitcoin and Ethereum, a growing number of firms are diversifying into other altcoins, including Solana, BNB, and XRP.

According to The Block's data dashboard, public Solana treasury companies hold around 3.44 million SOL, led by Upexi, which entered a $500 million credit agreement last month to buy more Solana.

Solana itself has gained significant traction in recent years, particularly for its role in DeFi and last year's memecoin fever, making it a prime target for institutional investors. 

Solana is currently the sixth largest cryptocurrency in the world, with $108.9 billion in market capitalization, The Block's SOL price page shows. It is trading at around $200, up 7.7% in the past month and 26.8% in the past year.