$SOL Three prominent cryptocurrency companies, Galaxy Digital, Multicoin Capital, and Jump Crypto, are collaborating to create what would be the largest investment fund in Solana (SOL), with the goal of raising $1 billion.

The three companies have hired Cantor Fitzgerald as the lead bank for the operation. The plan involves acquiring a company that is already publicly traded and transforming it into a digital asset treasury company.

This treasury strategy has gained popularity, following the model of MicroStrategy's Michael Saylor, which accumulates large amounts of bitcoin (BTC).

This new fund will compete directly with SOL Strategies, a company that is already publicly traded in Toronto and has recently applied for its listing on Nasdaq. The agreement is expected to be finalized in early September, and it has already received approval from the Solana Foundation.