Galaxy Digital, Multicoin Capital, and Jump Crypto are currently in talks to raise approximately $1 billion in order to establish a Solana treasury through a public company vehicle, as reported by Bloomberg. Cantor Fitzgerald is leading the effort, with plans to potentially acquire a listed entity to structure the treasury.
This initiative aims to create the largest dedicated SOL treasury, utilizing traditional corporate-treasury mechanisms to scale crypto exposure through public equity and financing tools. Similar strategies have been seen in the market recently, with Cantor-backed crypto treasuries making waves, such as the Nasdaq listing plan for Bitcoin Standard Treasury Company.
The choice to focus on Solana aligns with the shifting landscape of on-chain trading, with Solana accounting for a significant portion of decentralized exchange volume according to OKX’s State of DEX 2025 report. This indicates a strategic move to target breadth and liquidity on Solana, while also recognizing the dominance of Ethereum and its Layer 2 solutions for larger transactions.
Galaxy Digital and Multicoin Capital have established connections within the Solana ecosystem, with Galaxy launching Solana index-tracking funds in 2021. Multicoin has also publicly expressed a long-term Solana thesis centered around throughput and vertical integration, providing further context for their involvement in this treasury-building endeavor.
As this potential vehicle enters the arena of emerging SOL treasuries, it joins other players like Upexi and DeFi Development Corp. who have been actively accumulating SOL and integrating it into their balance sheet strategies. If the Cantor-advised SOL vehicle succeeds in closing within the projected timeline, it could pave the way for a public-markets approach to consolidated SOL acquisition, offering an equity proxy for investors unable to directly hold the token.
Currently, the initiative remains in the discussion phase, with details outlined in Bloomberg’s reporting including the size target, banker role, and public-company takeover framework. The outcome of this endeavor could set a precedent for future altcoin treasury structures, providing a repeatable template for similar ventures in the future.