Solana News Today: Wall Street Firms Push $1 Billion Solana Treasury Amid Rising DEX Demand

Several Wall Street firms, including Galaxy Digital, Multicoin Capital, and Jump Crypto, are reportedly working toward assembling a $1 billion Solana (SOL) treasury through a public company vehicle, as reported by Bloomberg [1]. Cantor Fitzgerald is serving as the lead banker for the initiative, which may involve a takeover of a listed entity to structure the investment [1]. If completed, this would represent the largest dedicated SOL treasury to date [1].

The proposed treasury mechanism mirrors traditional corporate treasury strategies, using public equity and financing tools to scale exposure to Solana, which could later be supported by convertible notes or private investment in public equity (PIPE) offerings [1]. The structure reflects growing interest in institutional-grade crypto investment vehicles, as seen in recent developments such as the Nasdaq listing plan for the Bitcoin Standard Treasury Company via a Cantor-affiliated SPAC, which, if finalized, would hold over 30,000 BTC [1].

According to the report, the initiative is currently in the discussion phase, with an early September closing target and a green light from the Solana Foundation, though details remain subject to change [1]. The parties involved have not commented publicly on the matter [1].

The timing of the proposal aligns with shifting trends in on-chain trading. OKX’s State of DEX 2025 found that Solana accounted for approximately 48% of decentralized exchange (DEX) volume, largely driven by smaller retail trades, while Ethereum and its Layer 2 solutions dominated transactions above $50,000 [1]. This suggests a potential market niche for an equity-listed SOL aggregator that targets liquidity and breadth on Solana, even as institutional investors continue to favor Ethereum for larger transactions [1].

The firms involved already have a track record in Solana-related initiatives. Galaxy Digital, for instance, launched Solana index-tracking funds in 2021 alongside the Bloomberg Galaxy Solana Index, establishing early institutional exposure to the asset [1]. Multicoin Capital has publicly outlined a long-term Solana thesis, emphasizing the network’s throughput and vertical integration potential [1].

Other entities are also building SOL-centric treasuries. Upexi reported purchases of discounted locked SOL with holdings exceeding $100 million in 2024, part of a broader strategy that includes validator operations and financing through equity and convertibles [1]. DeFi Development Corp., which identifies as a SOL accumulator, announced that it holds over 846,000 SOL and plans to compound its position through staking yields [1].

If the Cantor-advised vehicle closes as anticipated, it could formalize a public-market pathway for consolidated SOL acquisition, offering investors an equity proxy for indirect exposure to the token and potentially creating a scalable model for future altcoin treasuries [1]. However, the proposal remains subject to market and regulatory execution risks [1].

Source:

[1] Wall Street Giants Plot $1 Billion Solana Treasury As DEX Volumes Surge (https://cryptoslate.com/wall-street-giants-plot-1-billion-solana-treasury-as-dex-volumes-surge/)