Galaxy Digital, Multicoin, Jump Crypto plan $1B Solana fund: Report

Digital asset companies Galaxy Digital, Multicoin Capital and Jump Crypto are reportedly working to raise $1 billion to buy Solana.

A Bloomberg report citing anonymous sources said on Monday that the three companies are looking to form the largest treasury dedicated to Solana ($SOL). It added that the three companies have tapped Cantor Fitzgerald as lead banker.

The plan reportedly involves taking over a publicly traded entity to create a digital asset treasury company focused on $SOL. Bloomberg said that the Solana Foundation has endorsed the efforts of the three companies, backing the treasury move.

Related: BlackRock launching a $SOL ETF in first wave would be ‘messed up’ — Analyst

$SOL remains the sixth-largest token by market capitalization, according to CoinGecko. It currently trades at almost $200, up 6.6% in the last 30 days.

Cointelegraph reached out to Galaxy Digital for comments but had not received a response by publication.

This is a developing story, and further information will be added as it becomes available.