Solana News Today: Solana Aims to Fill Its Wall Street Champion Void With $1 Billion Push

Multicoin Capital’s managing partner, Kyle Samani, is expected to assume the role of chairman for a new Solana treasury company, according to sources. This potential development is part of a broader initiative led by Galaxy Digital, Multicoin Capital, and Jump Crypto to raise $1 billion for a Solana-focused digital asset treasury (DAT) initiative. The move underscores growing efforts to bolster Solana’s presence in the DAT landscape, where it currently trails behind Bitcoin and Ethereum.

The initiative would position Solana as a major player in the DAT arena, which has gained momentum as institutional investors increasingly allocate capital to crypto treasuries. Unlike Bitcoin and Ethereum, which have established DATs holding 3.4% and 2.9% of their total supply, respectively, Solana’s DATs collectively control only 1% of its total supply. This gap has prompted DAT executives and industry leaders to seek prominent figures who can amplify Solana’s appeal to Wall Street.

Several names have surfaced as potential leaders for the initiative, including Galaxy Digital CEO Mike Novogratz and Multicoin’s Kyle Samani. Both have substantial influence in the crypto and traditional finance sectors. However, neither has confirmed their involvement in a public-facing role. The reported $1 billion Solana DAT raise, backed by Cantor Fitzgerald as a financial advisor, is expected to close as early as September 8, according to an undisclosed email reviewed by Blockworks.

The initiative aligns with a broader trend of institutional players entering the Solana ecosystem. Galaxy Digital, for instance, recently announced the tokenization of its SEC-registered equity on Solana, marking the first instance of a publicly traded company using a major blockchain for such a purpose. The firm is also reportedly building a significant Solana treasury, potentially making it one of the largest SOL holders globally. These moves highlight Solana’s appeal as a high-performance blockchain for both financial infrastructure and asset management.

Analysts have noted that Solana is well-positioned to replicate Ethereum’s recent resurgence, driven by growing institutional interest and regulatory developments. In the past six months, Ethereum has surged nearly 200% amid strong ETF inflows, stablecoin adoption, and DAT demand. A similar trajectory for Solana could be triggered by the influx of $2.65 billion in capital expected from three Solana-focused DATs. These include Sharps Technology’s $400 million fund, Pantera Capital’s $1.25 billion plan, and the joint $1 billion effort by Galaxy, Multicoin, and Jump Crypto.

The Solana DAT landscape is still evolving, with existing leaders such as Sol Strategies CEO Leah Wald and BMNR chairman Tom Lee playing supporting roles. However, the absence of a high-profile, publicly engaged figure akin to Michael Saylor or Tom Lee has hindered Solana’s ability to capture mainstream investor attention. This vacuum has led DAT executives to consider candidates from traditional finance backgrounds, including former BlackRock executive Joseph Chalom, who was recently compensated with a $7 million stock grant for his role in a similar Ethereum DAT.

Despite these developments, challenges remain. Regulatory compliance and the complexities of securing Wall Street endorsements have slowed progress, with DATs struggling to meet the stringent requirements of institutional investors. Nonetheless, the growing number of Solana DATs and the involvement of major crypto firms indicate a strategic push to elevate Solana’s profile in the institutional space.

With the anticipated launch of multiple Solana-focused ETFs and the ongoing efforts to attract large-scale institutional investment, Solana’s role in the crypto market is set to expand. If the $1 billion DAT initiative and other fundraising efforts materialize as expected, the blockchain could see a significant increase in institutional ownership and market capitalization.

Source: [1] Solana continues to search for its champion on Wall Street (https://blockworks.co/news/solana-wall-street-champion) [2] Galaxy Digital Announces Stock Tokenization on Solana (https://finance.yahoo.com/news/galaxy-digital-announces-stock-tokenization-130713754.html) [3] Galaxy and Superstate Launch Tokenized GLXY Shares on ... (https://www.galaxy.com/newsroom/galaxy-superstate-launch-glxy-tokenized-public-shares) [4] Solana (SOL) Price News: Outperforms BTC, Poised to ... (https://www.coindesk.com/markets/2025/09/03/solana-outperforms-bitcoin-possibly-poised-to-follow-ether-s-recent-200-rally-says-analyst) [5] Is Solana the Next Ethereum? - Arca (https://www.ar.ca/blog/is-solana-the-next-ethereum)