Key Takeaways
- Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks to raise $1 billion for a Solana treasury.
- The plan involves acquiring a public company and converting it into a Solana-focused reserve.
- The deal could materialize as soon as September, backed by the Solana Foundation and Cantor Fitzgerald.
The corporate treasury playbook that helped propel Bitcoin (BTC) and, more recently, Ethereum (ETH) into the spotlight may now be coming for Solana (SOL).
Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly in discussions to raise $1 billion to create the largest Solana-focused treasury to date—an ambitious plan that could take shape as early as September.
According to reports, the firms intend to acquire an existing public company and convert it into a dedicated Solana reserve.
Backed by the Solana Foundation and advised by Cantor Fitzgerald as lead banker, the venture would mark a milestone in Solana’s bid to cement itself as the third major corporate treasury asset, after Bitcoin and Ethereum.
Building the Largest Solana Treasury
If finalized, the move would immediately eclipse existing Solana reserves held by companies like Upexi, which owns around 2 million SOL—roughly $400 million at current prices.
Few institutions have yet committed to SOL as a treasury strategy, with only five known public companies reporting holdings. Among them are Upexi and DeFi Dev, which together control more than 3 million SOL.
By contrast, a $1 billion treasury would create an institutional anchor for Solana, reducing circulating supply while signaling confidence to developers and investors alike.
For a network long positioned as a fast, low-cost blockchain for applications ranging from DeFi to NFTs, that kind of capital could also help stabilize price action and accelerate ecosystem growth.
Following the Bitcoin and Ethereum Blueprint
The strategy borrows heavily from a trend set in motion by MicroStrategy in 2020, when the software firm—now rebranded as Strategy—began allocating billions into Bitcoin.
That play not only transformed its balance sheet but also helped drive institutional legitimacy for BTC as a corporate reserve.
Ethereum followed in 2025, when firms like Bitmine and Sharplink began adding ETH to their treasuries instead of Bitcoin, helping push ETH to new all-time highs above $4,950.
Now, with Solana still trading more than 30% below its record $294, backers of the proposed treasury believe the timing is ripe for a similar revaluation.
A Bet on Solana’s Next Chapter
While Ethereum’s surge was fueled in part by treasury demand, Solana’s ecosystem presents a different value proposition.
The chain’s throughput and developer traction have made it a favorite for consumer-facing applications, from payments to gaming.
Institutional adoption in the form of a $1 billion treasury could reinforce that trajectory, making SOL a credible long-term reserve asset rather than a speculative bet.
For Galaxy, Jump, and Multicoin, the initiative is also a statement of conviction: that Solana is poised to take its place alongside Bitcoin and Ethereum as one of crypto’s “reserve-grade” assets.
Whether the market embraces that vision could become clearer in the months ahead—if the deal closes on schedule in September.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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