Galaxy, Multicoin, and Jump Crypto Plan $1B Vehicle for a Publicly-Traded Solana Treasury

Crypto heavyweights Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly planning to raise $1 billion to create a new SOL treasury. The plan, which is said to be in its advanced stages, is focused on accumulating Solana (SOL) tokens by acquiring and restructuring a publicly traded company.

The plan is to use the restructured public company as a vehicle for managing a substantial Solana treasury. The transaction, with Cantor Fitzgerald LP as the lead banker, is expected to close as early as September.

Besides interest from the notable entities involved in the deal, the Solana Foundation, a nonprofit organization dedicated to advancing the Solana blockchain network, is reportedly in support of the initiative. The Solana Foundation’s support lends credence to the growing institutional endorsement of the cryptocurrency, which has established its prominence as a leading project in decentralized finance (DeFi).

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This is a move to create a publicly-traded, liquid proxy for Solana. It allows traditional investors who can’t or won’t buy crypto directly to gain exposure to SOL by buying a stock, similar to how Strategy (former MicroStrategy) functions as a proxy for Bitcoin.

Crypto analysts consider it a move that will reduce Solana’s circulating supply, boost market sentiment, and encourage more developer activity and ecosystem development. It highlights the growing trend of institutional adoption across different crypto asset classes, including Bitcoin, Ethereum, and XRP.

Most analysts and crypto community members consider the development a potential boost to Solana’s growing demand, with the expectation that it would trigger a rally in SOL’s price. The cryptocurrency recently returned above the $200 landmark, triggering signals of a higher price target. However, a slight retracement early Monday morning caused SOL’s price to return below the $200 price level and trade for $198 at the time of writing.

It is crucial to note that if finalized, the proposed deal would become one of the most significant institutional investments in the Solana ecosystem. Analysts project the possibility of a return of the kind of bullish momentum that Solana experienced in 2024, which overlapped into 2025, when Solana reached an all-time high of $295.