Galaxy, Jump, and Multicoin Target $1B to Build Largest Solana Treasury

Three of the crypto industry’s most prominent firms—Galaxy Digital, Jump Crypto, and Multicoin Capital—are preparing one of the largest corporate bets yet on Solana (SOL). According to Bloomberg, the group is in advanced talks with backers to raise $1 billion for a new digital asset treasury company dedicated entirely to Solana.

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The firms have tapped Cantor Fitzgerald as the lead banker on the deal, which would involve buying out a publicly traded company to form the new treasury vehicle. If completed, it would instantly establish the largest single Solana reserve to date—more than doubling the size of any existing corporate treasury.

The transaction has reportedly received the backing of the Solana Foundation and is expected to close in early September. None of the firms have publicly commented on the talks.

Solana’s Treasury Race

The move comes amid a surge of corporate entities building Solana treasuries, following the playbook pioneered by Michael Saylor’s MicroStrategy with Bitcoin.
Strategy (MSTR) accumulated more than $70 billion worth of BTC, while Ethereum-focused treasuries now hold around $20 billion of ETH.
Solana, with its rapidly expanding ecosystem and developer activity, is now becoming the next major target for institutional-scale treasuries.

Until now, the largest Solana holder has been Upexi Inc., a supply chain management company that pivoted in April to accumulate over 2 million SOL (about $415 million at current prices). Other corporate moves have included DeFi Development Corp, which added 110,000 SOL in August after raising $122.5 million in debt led by Cantor Fitzgerald, and Bit Mining, which recently announced plans to raise $200–$300 million to create its own SOL reserve, launching a validator in the process.

Against this backdrop, the proposed $1 billion purchase by Galaxy, Jump, and Multicoin would dwarf the competition, establishing a Solana-focused treasury far larger than any existing effort.

A Strengthening Case for Solana

The timing reflects Solana’s resurgence in 2025. After slumping to multi-month lows in April, SOL has more than doubled year-to-date, trading near $200 as of August, up more than 6% in the past 30 days. The rebound has been driven by rising developer activity, renewed network momentum, and increased corporate adoption.

By anchoring such a large reserve, Galaxy, Jump, and Multicoin are not only signaling long-term confidence in Solana but also positioning themselves as central players in shaping the asset’s corporate treasury market, a trend increasingly viewed as a critical force in crypto’s institutional era.

What Comes Next

If the deal closes as expected in September, the combined firm will inherit the public listing of the target company (reportedly SOL Strategies, a Toronto-listed entity that has filed for a Nasdaq listing) and convert it into a dedicated Solana treasury vehicle. This would mark the largest structured corporate reserve of Solana ever created, and one of the biggest institutional bets on any blockchain outside Bitcoin and Ethereum.

With the Solana Foundation’s blessing and a billion dollars in firepower, Galaxy, Jump, and Multicoin’s joint treasury move could accelerate Solana’s transition from a high-performance blockchain favored by retail and developers into a core institutional asset class.