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Galaxy Digital, Multicoin Capital, and Jump Crypto have joined forces to raise $1 billion for the creation of the largest Solana (SOL) treasury. The initiative, led by Cantor Fitzgerald, aims to more than double the size of existing Solana corporate reserves, surpassing Upexi’s current holdings of $400 million [1].

The Solana Foundation has endorsed this effort, which plans to acquire a publicly traded entity to establish the treasury. The transaction is expected to finalize in early September 2024 [1]. SOL currently trades at approximately $196 per token, making it the sixth-largest cryptocurrency by market capitalization [1].

The proposed treasury would dwarf existing corporate Solana holdings. Upexi leads as the largest corporate holder with over 2 million SOL tokens valued at approximately $400 million. DeFi Development Corporation holds the second-largest position with 1.29 million SOL tokens valued at about $240 million [1].

Multicoin Capital, an early Solana investor, led a $20 million Series A funding round in 2019. Galaxy Digital has previous experience with large Solana transactions, including raising over $600 million to acquire SOL tokens directly from the FTX estate last year. Jump Crypto operates as a division of Jump Trading Group, which served as the primary market maker for the now-defunct FTX exchange [1].

The transaction is expected to close in early September. The proposed treasury would more than double the size of any existing Solana corporate reserve, demonstrating the companies’ confidence in the blockchain platform’s future prospects [1].

References:
[1] https://parameter.io/galaxy-digital-multicoin-capital-and-jump-crypto-plan-1-billion-solana-treasury-fund/