According to Bloomberg, Galaxy Digital, Jump, and Multicoin Target are in talks with investors to raise $1 billion in capital for a Solana treasury. This would establish the largest treasury focused on Solana to date. Cantor Fitzgerald has been appointed lead banker for the operation.
The plan involves acquiring control of a publicly traded entity and transforming it into a digital asset treasury primarily focused on the token. If realized, the reserve would more than double the size of any existing Solana treasury.
Additionally, it is said that the Solana Foundation, based in Zug, Switzerland, has backed the proposal. The deal could close in September, although neither party involved has issued official statements.
Solana, currently the sixth largest cryptocurrency by market capitalization, has doubled its price since April. Analysts suggest that treasury accumulation on this scale further stabilizes the market and drives long-term appreciation.
It is estimated that treasury-focused companies on Ethereum have accumulated holdings worth over $20 billion. As a result, Ethereum surpassed an all-time high that had stood for nearly four years.
Galaxy Digital, Jump, and Multicoin Target could pave the way for Solana to follow a similar path by competing in this race. The magnitude of the reserve could also grant companies greater influence over liquidity, governance, and market development within the growing Solana ecosystem.
Last month, Mercurity Fintech Holding (MFH), which is listed on Nasdaq, secured a $200 million capital credit line from Solana Ventures to implement a similar treasury consolidation plan. The company stated that the funds would be used to strengthen its position in SOL and expand its institutional exposure.
In early June, Classover Holding also announced a $550 million deal to acquire the altcoin in collaboration with Solana Growth Ventures. The deal immediately boosted the company's stock by 40%.
These moves indicate that SOL Treasury bonds are becoming a preferred investment option. This reflects the long-standing strategy driven by Michael Saylor, a pioneer in Bitcoin.
