The company raising $1B for Solana under the leadership of Cantor looks less like a fund and more like a coronation ceremony for Solana in the Wall Street treasury.
Reports suggest that Galaxy Digital, Jump Crypto, and Multicoin Capital are preparing to make one of the largest corporate bets on Solana to date and plan to raise about $1 billion to acquire the token.
According to Bloomberg, the two companies are in deep negotiations with potential backers and have appointed Cantor Fitzgerald as the lead banker for the deal.
Solana's corporate treasury will expand through a $1B reserve program.
The plan focuses on creating a new digital asset fund company that will be formed by taking over a publicly traded entity that is not disclosed. If completed, this would mark the largest single treasury dedicated to Solana, more than doubling the existing largest reserve.
According to Bloomberg, the deal has received support from the Solana Foundation and is expected to be completed in early September. The companies involved have not publicly commented on the talks.
Solana is currently the sixth largest cryptocurrency by market capitalization, experiencing a significant rebound this year. After dropping to a multi-month low in April, SOL has more than doubled and is now trading close to $200, up 6.6% in the last 30 days.
The resurgence of network activity, rising developer interest, and a wave of corporate entities adding Solana to their treasuries have driven this surge.
So far, Solana's largest institutional holder has been Upexi Inc., a supply chain management company that shifted focus to building a SOL treasury in April. Upexi has accumulated over 2 million tokens, valued at approximately $415 million at current prices.
At the beginning of August, DeFi Development Corp expanded its Solana holdings by adding 110,000 SOL, worth about $22 million at the time. In July, the company completed a $122.5 million convertible bond financing led by Cantor Fitzgerald. The proceeds have been used to consolidate its SOL position and expand its business.
Bitcoin mining company Bit Mining recently announced plans to raise $200 to $300 million to create its own Solana reserve. However, during the month, the company entered the market to purchase 27,191 SOL for $4.5 million and launched its own validator to generate staking returns.
In this context, the $1 billion acquisition proposed by Galaxy, Jump, and Multicoin would dwarf competitors and immediately establish the largest corporate treasury for Solana to date.
Bitcoin pioneered this model, most notably with Strategy's aggressive accumulation strategy, which has built a $70 billion BTC reserve. Ethereum has also seen similar momentum, with digital asset treasury companies accumulating approximately $20 billion worth of ETH.
Analysts say these tools have the potential to drive supply tightness, tighten liquidity in the spot market, and amplify price movements.
For Solana, creating a $1 billion reserve would add new momentum to the recovery that began after the FTX collapse in 2022, when the future of the token was in question.
Multicoin and Jump are both active supporters of the Solana ecosystem, while Galaxy Digital helped raise over $600 million last year to buy SOL from the FTX estate.
If successful, the deal could have a significant impact on the entire market. The $1 billion Solana acquisition would represent a large portion of liquidity supply, potentially triggering a chain reaction on price volatility and staking yields.
Institutional treasuries, buybacks, and dApps drive Solana up to $208.
Solana continued its upward trend this week, rising 8.1% to $208, with daily trading volume exceeding $6.6 billion. This sixth largest cryptocurrency has a market capitalization of $112.5 billion, once again testing a key resistance level that may determine its next breakout.
Institutional interests continue to play a key role. According to the strategic SOL reserve tracker, a total of 9 entities currently hold 6.05 million SOL, valued at approximately $1.21 billion, accounting for 1.05% of the circulating supply.
There is a high level of concentration, with the top five holders including Upexi, DeFi Development Corp, Mercurity Fintech, and iSpecimen controlling 97.5% of the tracked reserves.
Ecosystem activity further supports Solana's momentum. Data shows that decentralized applications based on Solana generated over $27 million in revenue from August 18 to 24.
Axiom and Pumpdotfun dominate with over $18 million in total revenue, accounting for two-thirds of total revenue.
Other contributors include Phantom Wallet, Photon, and Raydium, highlighting strong activity in trading, wallet transactions, and DeFi infrastructure.
Although revenue remains well below the peak in early 2025, this data highlights the ongoing use of DeFi, wallets, and trading platforms.
On-chain dynamics add another layer. Weekly protocol buybacks have surged across the industry, with Solana's share significantly climbing.
Since June, the buyback volume for Solana's protocol has increased by over 300%, reaching $17.8 million last week, accounting for nearly 38% of the total cross-chain buybacks.
This trend reduces the circulating supply and reflects the growing treasury strategies within the Solana ecosystem.
The network continues to outperform competitors. July marked the tenth consecutive month that Solana led Ethereum in decentralized trading volume, reaching $124 billion, 42% higher than Ethereum.
Meanwhile, futures trading volume for Solana listed on the CME has surpassed $12 billion in just five months, solidifying the token's growing institutional footprint.
