Galaxy Digital, Multicoin and Jump Crypto plan $1B Solana fund: Report

Digital-asset firms Galaxy Digital, Multicoin Capital and Jump Crypto are reportedly working together to raise $1 billion to buy Solana (SOL). According to the report, the three groups have tapped Cantor Fitzgerald to act as lead banker for the effort.

The plan is said to involve acquiring a publicly traded entity and converting it into a digital-asset treasury company focused on building and holding a significant SOL reserve. The Solana Foundation has reportedly endorsed the initiative.

If completed, a combined $1 billion Solana reserve would more than double the size of the largest existing corporate Solana treasury and mark the biggest single corporate play into SOL. At the time of the report, SOL was the sixth-largest token by market capitalization and trading near $200, showing a roughly 6.6% gain over the prior 30 days.

The article notes several other sizable corporate Solana holdings for context. Upexi, a supply-chain management brand, announced in early August that its SOL holdings had surpassed 2 million tokens, worth about $400 million at market prices, and it has pursued staking yield strategies and discounted locked token programs. The DeFi Development Corporation recently increased its Solana holdings to about 1.29 million SOL, roughly $240 million at the time of the report.

Other corporate moves into Solana have included Bitcoin miner Bit Mining, which announced a strategic shift to build a SOL reserve and aimed to raise $200–300 million for that purpose. The $1 billion push from Galaxy, Jump and Multicoin would eclipse these prior efforts and create the largest corporate SOL treasury if it comes to fruition.

Cointelegraph reached out to Galaxy Digital for comment but had not received a response by the time of publication.