 
 
The digital asset market has bagged new treasury firms accumulating coins to boost financials and hedge against inflation. In the past months, publicly listed firms backing Solana (SOL) have entered the scene, drawing inspiration from Bitcoin (BTC) and Ethereum (ETH) treasury companies. The obvious effect can be seen across the board with the market hitting new all-time highs.
Solana Bulls Eye Massive Spike
At the time of writing, Solana trades at $189, down 7% due to the general market correction, but has recorded sparks across the 30-day window. These uphill movements took the asset above the $200 mark in previous weeks, signalling attention from large-scale institutional players.
As an institutional favorite, SOL trajectory is hinged on positive on-chain factors, large-scale accumulations, and anticipated spot ETFs in the United States. Above all, several analysts opine that the influx of treasury firms has bolstered the entire community. Galaxy Digital, Multicoin, and Jump Crypto are considering a $1 billion raise to buy Solana. The companies are seeking to build the largest Solana treasury and have picked Cantor Fitzgerald as lead banker, according to sources familiar with the matter.
Similarly, Solana Foundation has endorsed the move as it aims to draw more capital to the network and build on its growing momentum since the collapse of FTX in 2022. The news received bullish traction in terms of institutional frenzy, although it recorded slow price movement. Galaxy’s proposed SOL treasury comes on the heels of a positive run in institutional assets flows.
Meanwhile, BIT Mining announced plans to raise $300 million towards an SOL ETF, marking its pivot to the network. The company will convert its present crypto assets to SOL and hold the same to boost its balance sheet.
 
“This transition positions BIT Mining to capture emerging opportunities across the broader blockchain value chain, while also establishing itself as a publicly traded vehicle for investors seeking exposure to the Solana ecosystem. We’re excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space,” the company said.
Furthermore, Sharps Technologies announced a private placement aiming to raise $400 million for an SOL treasury. Investors for the offering include ParaFi, Pantera, Bastion Trading, CoinFund, Arrington Capital, etc. Like early SOL accumulation firms, Sharps cites its digital infrastructure and efficiency compared to other networks as reasons for the adoption.
Source: https://zycrypto.com/solana-bulls-eye-massive-spike-as-treasury-firms-plan-1-7-billion-sol-accumulation-spree/