Solana News Today: Galaxy Digital, Jump Crypto, Multicoin to Raise $1B for Largest Solana Treasury

Galaxy Digital, Jump Crypto, and Multicoin Capital are advancing plans to raise up to $1 billion to establish what could become the largest corporate Solana (SOL) treasury in history. According to multiple reports, the trio is working through a dedicated Solana-focused treasury vehicle and has secured the backing of the Solana Foundation and Cantor Fitzgerald as lead banker for the deal. The transaction is said to be in an advanced stage, with an expected close by early September [1][2].

The initiative marks a strategic shift from speculative trading to long-term infrastructure investment. The firms are reportedly exploring the acquisition of a publicly traded entity to serve as the legal vehicle for the new treasury. If successful, the purchase would more than double the current largest corporate Solana holdings, which sit at approximately $400 million with Upexi, a supply chain-focused company. Another major holder, the DeFi Development Corporation, controls around $240 million in SOL [1]. Meanwhile, Bitcoin miner Bit Mining is also reportedly pivoting toward Solana, seeking to raise between $200 million and $300 million for its own reserves [1].

This move aligns with a broader trend of institutional diversification into digital assets, especially in the wake of the FTX collapse, which reshaped risk perceptions across the crypto industry. Analysts have suggested that continued accumulation and long-term holding of SOL by major players could signal increased confidence in the network and potentially stabilize its ecosystem [4].

SOL is currently the sixth-largest cryptocurrency by market capitalization, trading near $200. According to CoinGecko, the token has appreciated by nearly 6.6% over the past 30 days [1]. However, the market remains volatile, and broader macroeconomic conditions continue to influence investor sentiment. The recent price action, which saw the token fall below $200, reflects ongoing selling pressure. Technical indicators show the Relative Strength Index at 26.62, indicating an oversold condition. This may suggest a potential short-term bounce if buyers step in at critical support levels [1].

Other players are also vying to establish $1 billion SOL treasuries. Defi Dev, the second-largest holder, is aiming to raise $750 million more to reach its target. Similarly, Accelerate, led by Joe McCann, plans to raise $1.51 billion to acquire 7.32 million SOL tokens, aiming to become the largest private holder outside the Solana Foundation. SOL Strategies is another competitor, having recently secured $500 million in funding for Solana purchases and staking through a convertible note agreement with ATW Partners [1].

The competitive landscape highlights a growing consensus among institutional investors that Solana could play a central role in the next phase of crypto adoption. However, the exact use of the acquired tokens—whether for staking, development, or other purposes—remains undisclosed [1]. As the market continues to evolve, the success of this $1 billion initiative may serve as a bellwether for broader institutional engagement with the Solana network.

Sources:

[1] Galaxy Digital, Multicoin, Jump Crypto plan $1B Solana fund (https://cointelegraph.com/news/galaxy-digital-multicoin-jump-crypto-1b-solana-treasury)

[2] Crypto Giants Galaxy, Jump, Multicoin Look to Raise $1B (https://www.coindesk.com/business/2025/08/25/crypto-giants-galaxy-jump-and-multicoin-seek-usd1b-to-raise-largest-solana-treasury-report)

[3] Galaxy Digital Leads $1B Solana Treasury Push to (https://coincentral.com/galaxy-digital-leads-1b-solana-treasury-push-to-reshape-crypto-markets/)

[4] Solana News Today: Galaxy Jump Multicoin Raise $1 (https://www.ainvest.com/news/solana-news-today-galaxy-jump-multicoin-raise-1-billion-solana-purchase-market-surge-2508/)

[5] Galaxy, Multicoin, and Jump Seek $1B to Acquire Solana (https://coinpedia.org/crypto-live-news/galaxy-multicoin-and-jump-seek-1b-to-acquire-solana/amp/)