Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly raising $1 billion to create the largest digital asset reserve focused on Solana. Bloomberg reports suggest that the initiative may involve purchasing a publicly listed company to convert it into a SOL-backed treasury.
New Solana Reserve
Cantor Fitzgerald is reportedly lined up as the lead banker for this deal, with the Solana Foundation backing the initiative. If successful, this reserve would surpass all known corporate reserves of Solana.
Current Solana Price Dynamics
Currently, Solana is trading at $198, having increased by 9.6% in the past week. Analysts suggest that a price breakout at the $211 level could lead to an upward movement towards $222.
Corporate Interest in Solana Growth
Upexi currently leads with 2 million SOL, valued at $400 million, among corporate reserves. Meanwhile, DeFi Development Corp holds 1.29 million SOL. Reports also indicate that Bit Mining aims to raise up to $300 million in its own SOL holdings, illustrating growing corporate interest in the network.
Investment into the SOL reserve reflects institutional confidence in Solana's potential. This project, combined with increasing interest in the platform, lays the groundwork for further growth of both the platform and its cryptocurrency.
