On August 25, Galaxy Digital, Jump Crypto and Multicoin Capital jointly announced plans to raise $1 billion to form the largest digital asset treasury dedicated to Solana’s SOL token. According to sources cited by Bloomberg, the three firms have engaged Cantor Fitzgerald as lead banker and will target a combination of equity contributions and debt facilities to fund the acquisition of a publicly listed entity.
The proposed vehicle will absorb SOL Strategies, a Toronto-listed fund that has recently filed for a Nasdaq listing. By consolidating existing treasuries and deploying new capital, the group seeks to centralize Solana exposure under a single, institutionally oriented entity. The new treasury aims to provide scale for onchain initiatives and offer a consolidated balance sheet for staking, programmatic liquidity provision and potential RWA tokenization on the Solana network.
Digital asset treasuries, popularized by billion-dollar Bitcoin holdings in U.S. corporate balance sheets, have become a cornerstone for institutional engagement with crypto markets. This collaboration marks the first joint treasury by multiple firms focusing on a single underlying token, reflecting confidence in Solana’s high-throughput architecture and expanding developer ecosystem.
Industry analysts highlight that a $1 billion treasury fund could substantially increase onchain SOL velocity, particularly in staking protocols and decentralized finance ecosystems. Enhanced treasury depth may also bolster market stability by providing counterparty liquidity during periods of heightened volatility. The participating firms have yet to disclose specific allocation strategies but indicate that a mix of spot, options and structured finance instruments will form part of the overall investment program.
Regulatory approvals in key jurisdictions, including the U.S. and Canada, remain pending. The deal is expected to close in early September, subject to customary due diligence, shareholder consents and final listing approvals for SOL Strategies on Nasdaq. The Solana Foundation has granted preliminary support for the transaction, viewing it as a strategic enhancement to onchain staking incentives and project funding mechanisms.
Observers note that success of this treasury could spur similar multi-party funds across other Layer 1 and Layer 2 ecosystems. It may also set precedent for collaborative capital pools to underwrite development grants, infrastructure upgrades and RWA issuance on decentralized platforms. As digital asset markets mature, such institutional vehicles could serve as vital intermediaries between traditional finance and blockchain-native value creation.
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