With the support of the Solana Foundation and Cantor Fitzgerald, this massive funding could turn the tide for SOL.
Key Points
Top cryptocurrency companies are supporting a massive SOL funding initiative that could exceed all existing reserves. The project is expected to turn SOL into a significant asset in institutional portfolios.
Reportedly, Galaxy Digital, Multicoin Capital, and Jump Crypto are joining forces to take bold actions within the Solana [SOL] ecosystem.
A recent report by Bloomberg stated that these three are seeking to raise $1 billion to establish the largest Solana treasury ever.
What's going on?
If successful, the $1 billion reserve will far exceed the existing corporate SOL treasury bills.
The current largest holder is Upexi (a supply chain management brand), which recently disclosed that it holds over 2 million SOL, worth approximately $400 million.
Following closely are DeFi development companies that raised 1.29 million SOL (approximately $240 million). Even Bitcoin [BTC] miner Bit Mining has turned to Solana and announced plans to raise up to $300 million for its own reserves.
Compared to these, this push will more than double Upexi's reserve size, creating an unparalleled corporate Solana reserve.
The market strength of Solana adds context to this push: SOL is currently the sixth-largest cryptocurrency by market capitalization, trading close to $200; it rose 6.6% last month.
How are they progressing?
Reportedly, these companies are planning to take over a publicly listed company to establish a digital asset finance firm focused on Solana.
Cantor Fitzgerald is responsible for leading the banking operations of this deal. The project is supported by the Solana Foundation, so it is expected to bring significant credibility to Solana as a financial asset.
Not just another crypto reserve
This is significant for several reasons.
First, it will solidify Solana's position as a strong competitor in the corporate finance sector, which has previously been dominated by Bitcoin.
Secondly, it builds momentum for Solana's recovery after the FTX collapse, which had a heavy impact on the ecosystem.
Finally, the participation of big names proves to TradFi and crypto-native investors that Solana will continue to exist.
If this plan is implemented, the Solana treasury could serve as a benchmark for how companies view blockchain tokens as long-term strategic assets.
Thank you for reading, see you next time!
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