Finance

Jump, Galaxy, Multicoin Plot Biggest Solana Treasury…

6 hours ago
Bitcoin Ethereum News

Three crypto giants are moving to create the largest Solana treasury yet. Bloomberg reports Jump Crypto, Galaxy Digital, and Multicoin Capital are in talks with investors to raise $1 billion for a massive Solana buy-and-hold play.

The plan? Simple. Raise $1B. Acquire Solana (SOL). Hold long-term.

Cantor Fitzgerald is the lead banker for the deal, per the report. Sources say the plan involves buying a publicly traded company and turning it into a digital asset treasury vehicle. That company would focus on one thing, Solana accumulation.

The deal could close by early September 2025. The Solana Foundation reportedly backs the initiative.

So far, none of the parties, Jump, Galaxy, or Multicoin, have confirmed. Still, each firm has history with Solana.

Galaxy alone raised $600M after the FTX collapse to scoop up SOL from the bankruptcy estate.

If this deal goes through, it would create the biggest Solana-focused treasury to date.

How Big Is $1B for Solana?

For perspective:

  • Upexi Inc. holds a $415M Solana treasury.
  • BIT Mining unveiled a $300M Solana treasury last month.

This new plan would more than double Upexi’s position.

Solana (SOL) trades at $196.70 with a market cap of $106.61B, per CoinMarketCap.

Solana-based digital asset products, ETFs, ETPs, and funds, saw $12M inflows last week. That marks 11 straight weeks of positive flows.

Meanwhile, Bitcoin products bled $1B. Ethereum products saw $440M outflows.

The contrast is striking. While the top two assets lost capital, Solana products kept pulling in new money.

Sharps Technology Joins the Party

Sharps Technology (Nasdaq: STSS) also wants a piece. The company announced a $400M+ private placement, closing August 28, to set up the largest Solana treasury yet.

It signed a Letter of Intent with the Solana Foundation for a $50M SOL purchase at a 15% discount.

More capital keeps lining up for Solana.

A $1B Solana treasury signals deep institutional interest. It could bring liquidity, long-term stability, and more mainstream exposure for Solana.

Past moves show this isn’t a one-off. After FTX collapsed, investors kept betting on Solana despite market chaos. Galaxy’s $600M purchase is proof.

Now, this deal aims to consolidate Solana holdings on a scale never seen before.

The community sees this as validation for Solana’s long-term growth story.

What’s Next For Solana

If the $1B raise closes by September, Solana could see one of its largest buying waves ever.

SOL’s price action will be closely watched. A treasury that size could tighten supply while signaling institutional conviction.

Investors also wonder if other chains will get similar treatment. For now, Solana leads the treasury race.

Jump Crypto, Galaxy Digital, and Multicoin Capital are betting big on Solana. With Cantor Fitzgerald steering the deal and Solana Foundation backing, the plan could reshape Solana’s position in crypto markets.

Whether the $1B treasury triggers more inflows or sparks a new wave of institutional buying, the coming weeks will tell.

For now, all eyes stay on September.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Source: https://nulltx.com/jump-galaxy-multicoin-plot-biggest-solana-treasury-what-this-means-for-solana/