Galaxy Digital, Multicoin, and Jump Crypto in talks to raise $1 billion for Solana purchases
Key Takeaways
- Galaxy Digital, Multicoin Capital, and Jump Crypto are raising $1 billion to build the largest Solana-focused treasury.
- The new treasury would more than double the size of any existing Solana reserve.
Share this article
Galaxy Digital, Multicoin Capital, and Jump Crypto are seeking $1 billion from investors to buy Solana (SOL), Bloomberg reported Monday, noting that the companies have selected Cantor Fitzgerald LP as the lead banker for the transaction.
The effort comes as firms increasingly explore building corporate crypto treasuries centered on major assets such as Bitcoin, Ethereum, Solana, and BNB.
Like their peers, Galaxy Digital, Multicoin Capital, and Jump Crypto plan to establish a digital asset treasury vehicle through the acquisition of a publicly traded entity, according to the report.
Thus far, Upexi, Defi Dev, and Sol Strategies have stood out as the largest Solana treasury entities, with Arthur Hayes-backed Upexi leading at over 2 million SOL valued at over $390 million. Galaxy-backed treasury would be more than twice the size of the largest existing Solana-focused reserve.
The transaction is expected to be finalized in early September. The Solana Foundation reportedly endorses the initiative.
Multicoin Capital was a key early investor in Solana. The crypto-focused venture capital firm led a $20 million Series A round in 2019 that helped fund the blockchain’s initial development.
Galaxy Digital and Jump Crypto have also been deeply tied to Solana through several initiatives.
Jump Crypto is a division of Jump Trading Group , which was the alpha market maker for the now-defunct FTX exchange and absorbed nearly $300 million in losses when Sam Bankman-Fried’s empire collapsed.
Following FTX’s 2022 bankruptcy, Solana staged a comeback as a favored blockchain for meme coin issuers. Last year, Galaxy Digital raised more than $600 million to acquire Solana tokens directly from the FTX estate.
SOL declined as much as 4.5% in the last 24 hours amid a market-wide pullback, with Bitcoin dropping below $ 111,000, according to CoinGecko data .
Share this article
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Has the four-year cycle of Bitcoin failed?
The various anomalies in this cycle—including waning sentiment, weakening returns, disrupted rhythms, and institutional dominance—have indeed led the market to intuitively feel that the familiar four-year cycle is no longer effective.
At an internal Nvidia meeting, Jensen Huang admitted: It's too difficult. "If we do well, it's an AI bubble," and "if we fall even slightly short of expectations, the whole world will collapse."
Jensen Huang has rarely admitted that Nvidia is now facing an unsolvable dilemma: if its performance is outstanding, it will be accused of fueling the AI bubble; if its performance disappoints, it will be seen as evidence that the bubble has burst.
After a 1460% Surge: Reassessing the Value Foundation of ZEC
Narratives and sentiment can create myths, but fundamentals determine how far those myths can go.
The demise of a DAT company
The $1 billion Ethereum DAT plan led by Li Lin and others has been shelved due to the bear market, and funds have been returned. This "going with the flow" approach may reflect consideration of investor sentiment.
Trending news
MoreCrypto prices
More
