Notable investors Galaxy Digital, Multicoin Capital, and Jump Crypto are in discussions to raise $1 billion for a purchase of Solana to create a company with assets in this cryptocurrency.
Plan to Create a Company with Solana Assets
According to a Bloomberg report, Galaxy Digital, Multicoin Capital, and Jump Crypto are in talks with investors to raise approximately $1 billion to purchase significant volumes of Solana (SOL). They plan to establish a digital asset treasury company that holds Solana as its treasury. Cantor Fitzgerald is assisting with the deal. The name of the new company has not been disclosed. The Solana Foundation, which supports the Solana blockchain, has approved the plan, and the deal is expected to be finalized in early September. If successful, this would result in the largest Solana treasury in existence.
Solana's Status and Other Major Holders
Solana gained popularity after being promoted by former FTX CEO Sam Bankman-Fried, but its value dropped after FTX's collapse in 2022. Since then, Solana has recovered and is widely used in memecoin and DeFi projects. According to CoinMarketCap, Solana currently ranks as the sixth-largest cryptocurrency. Its price is around $200 per token, although this still falls below its all-time high from January. Additionally, companies like Upexi Inc. have already amassed over 2 million SOL, worth around $415 million. DeFi Development Corp., formerly a real estate tech company, also holds over 1.42 million SOL.
Cryptocurrency Purchase Strategy
Michael Saylor's strategy, which holds the largest crypto reserves, was among the first to start acquiring large amounts of assets as a bold, contrarian move. Today, it possesses around $70 billion worth of Bitcoin. There is a growing trend where many companies are following suit by adding digital assets to their balance sheets, including not just Bitcoin and Ethereum, but also altcoins like Solana, BNB, and XRP.
The strategy to purchase Solana assets near the billion-dollar mark indicates a growing interest in this cryptocurrency, which could significantly influence the market.
