Cryptocurrency firms Galaxy Digital, Multicoin Capital, and Jump Crypto are uniting to establish a Solana treasury by raising $1 billion. This move highlights the growing interest in the Solana ecosystem and its SOL cryptocurrency.
Goals of the Treasury Formation
According to an Aug. 25 Bloomberg report, the three companies plan to create the largest SOL treasury firm, with Cantor Fitzgerald acting as the lead banker. They aim to acquire an existing public company, with support from Solana Foundation, a non-profit dedicated to growing the Solana blockchain.
Growing Interest in Solana
Companies are increasingly considering Solana as part of their digital asset reserves, alongside Bitcoin and Ethereum. The largest SOL treasury belongs to Upexi Inc., which announced holdings exceeding 2 million SOL, valued at approximately $400 million. Other firms, such as DeFi Development Corp and Sol Strategies, are also building their stocks of this altcoin.
Attempts to Launch a Solana ETF
Several firms have filed for spot Solana ETFs, despite no approvals yet. VanEck has taken the lead by filing with the SEC in mid-2024, followed by applications from 21Shares, Bitwise, and others. Final decisions on these filings are expected by October 2025.
The creation of the Solana treasury and ETF applications reflect a rising institutional interest in the altcoin. The success of these initiatives could significantly increase attention towards Solana and its ecosystem.
