Crypto giants Galaxy, Multicoin and Jump are seeking to raise $1 billion for a Solana treasury, with Cantor Fitzgerald as their lead banker.
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$188.45. 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.
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.
Source: https://cointelegraph.com/tags/blockchain
