$1 Billion Bet: Galaxy, Jump, and Multicoin Team Up to Hoard Solana

A new push is underway to create one of the largest single treasuries in the crypto market, this time centered on Solana.

Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly working together to raise $1 billion to acquire the token, marking what could be a major consolidation effort around the sixth-largest cryptocurrency.

Building a Solana-focused treasury

According to Bloomberg, the three firms have tapped Cantor Fitzgerald LP as lead banker for the deal and are speaking with potential backers.

The plan involves taking over a publicly traded entity to create a dedicated digital asset treasury company, a structure that would mirror other listed vehicles that hold crypto on balance sheets.

If completed, the move would result in a Solana treasury more than twice the size of the largest one currently in existence. The Solana Foundation, based in Zug, Switzerland, has reportedly endorsed the initiative. Sources close to the matter suggested the deal could close in early September.

The effort comes as Upexi Inc., another company focusing on Solana accumulation, disclosed that it holds more than 2 million tokens valued at around $415 million. In contrast, the combined push by Galaxy, Jump, and Multicoin would represent a far larger pool of capital dedicated to the network.

Solana’s recovery and market context

Solana’s path has been marked by volatility. Once heavily backed by Sam Bankman-Fried before FTX’s collapse in 2022, the project faced doubts about its survival.

Yet the blockchain has since staged a strong rebound, becoming a favored platform for memecoins and high-volume token launches. Its token price has more than doubled since April, although it remains below its all-time high earlier this year.

The creation of a large-scale treasury could add fresh demand.

Similar structures have had an impact on other assets, Ethereum-focused digital asset treasuries (DATs) are estimated to hold about $20 billion in ETH, contributing to Ethereum’s recent rally to near-record levels, according to Bloomberg.

Meanwhile, Galaxy, Multicoin, and Jump are no strangers to Solana.

Galaxy previously raised $620 million to acquire SOL from the FTX estate, while both Jump and Multicoin have long supported projects building on the chain.

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