Galaxy Digital, Multicoin Capital, and Jump Crypto are in talks with investors to raise about $1 billion to buy a large amount of Solana (SOL) and create a company that holds Solana as a treasury.
As per a Bloomberg report, Cantor Fitzgerald is helping them with the deal. They plan to set up a digital asset treasury company by buying a publicly traded company. However, the company’s name hasn’t been revealed.
The Solana Foundation, which supports the Solana blockchain, has approved the plan. The deal is expected to finish in early September. If successful, this would be the biggest Solana treasury in the world, larger than any existing one.
Solana Performance and Other Holders
Solana gained popularity after former FTX CEO Sam Bankman-Fried promoted it, but its value plummeted after FTX failed in 2022. Since then, it has recovered and is now widely utilized in memecoin and DeFi projects.
As per CoinMarketCap, Solana is currently the sixth-largest cryptocurrency. The price is also around $200 per token, though it is still below its all-time high from January.
Upexi Inc. is another company that has already collected over 2 million SOL, worth around $415 million. DeFi Development Corp, formerly a real estate tech firm called Janover, also holds over 1.42 million SOL.
Michael Saylor’s Strategy, which holds the most crypto, was the first to start buying large amounts as a bold, against-the-trend move. Today, it owns around $70 billion worth of Bitcoin. Currently, many companies are following in its footsteps by adding digital assets to their balance sheets. These don’t just include Bitcoin and Ethereum, but also altcoins like Solana, BNB, and XRP.
Also Read: Solana Treasury DeFi Development Corp’s Holdings Rise to $263 Million
