Three crypto behemoths are currently discussing with potential investors to raise a whopping $1 billion for the creation of a Solana treasury.
Bloomberg reported the development today, naming Jump Crypto, Galaxy Digital, and Multicoin Capital as companies involved in the deal. Under the deal, the companies plan to raise $1 billion to buy and hold Solana.
The report claimed the companies selected investment bank Cantor Fitzgerald as the lead banker for the deal. According to the sources, the plan involves acquiring an already publicly traded company and transforming it into a digital asset treasury company.
The restructured treasury company will primarily focus on accumulating and holding Solana, with a target investment of $1 billion. The sources claimed that the Solana Foundation has endorsed the deal, which is expected to close by early September 2025.
In the meantime, none of the involved parties has confirmed the authenticity of the report. It is worth noting that Jump Crypto, Galaxy Digital, and Multicoin Capital have previously been linked to Solana-related investments.
In particular, following the collapse of the FTX exchange, Galaxy raised over $600 million to purchase SOL tokens from the FTX bankruptcy estate.
Largest Solana Treasury Ever
Despite no official confirmation from Galaxy, Multicoin, or Jump, the deal could give birth to the biggest Solana-focused treasury ever.
The $1 billion Solana treasury proposal is more than twice the size of Upexi Inc.’s Solana treasury, which is worth around $415 million at the time of publication. It also exceeds BIT Mining’s $300 million Solana treasury initiative unveiled last month.
SOL Remains Stagnant
In the meantime, the report has not had an immediate impact on Solana’s price. Amid a broader market downturn, the sixth-biggest cryptocurrency by market price is down 3.74% over the past 24 hours to $200.09.
Meanwhile, SOL maintains a double-digit gain of 10.47% over the past week and a monthly upsurge of 6.6%.
While firms are interested in building Solana-focused treasuries, the token could also feature in the United States’ digital asset stockpile. President Donald Trump has already signed an executive order for a crypto stockpile with backing for SOL’s inclusion in it.
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