Galaxy Digital leads talks to raise $1B for SOL treasury with Multicoin Capital, Jump Crypto

Galaxy Digital, Multicoin Capital, and Jump Crypto are in advanced discussions with potential backers to raise about $1 billion for Solana (SOL), according to people familiar with the ￰0￱ initiative, first reported by Bloomberg, would become the largest treasury devoted to the token and bring together three of the most viewed names in the cryptocurrency ￰1￱ comes just 10 days after Galaxy Digital secured $1.4 billion in financing to transform its Helios facility in West Texas from crypto mining into artificial intelligence and high-performance computing infrastructure, as covered by ￰2￱ moves past FTX woes, treasury interest spreads The firms have enlisted Cantor Fitzgerald LP as lead banker for the ￰3￱ said the structure could involve creating a digital asset treasury company by taking control of an unidentified publicly traded ￰4￱ familiar with the negotiations requested anonymity from Bloomberg, citing the sensitivity of the ￰5￱ completed, the deal would result in a reserve more than twice the size of the largest existing Solana-focused ￰6￱ Solana Foundation, a nonprofit headquartered in Zug, Switzerland, has given its backing to the ￰7￱ familiar with the matter said the transaction is targeted to close in early ￰8￱ has been on the comeback trail after nearly collapsing during the FTX implosion in late ￰9￱ promoted by former FTX chief executive Sam Bankman-Fried, the network’s survival was questioned after the exchange’s collapse, and the token dropped to as low as $9 by the end of the ￰10￱ then, Solana has rebounded by over 2,066% to trade at around $195, becoming one of the most popular blockchains for issuing memecoins, more commonly described as speculative tokens whose performance is based on social media ￰11￱ the time of this publication, the token, ranked as the sixth-largest cryptocurrency by market capitalization, has almost doubled from April lows of $105, although it is still below a January ￰12￱ Capital and Jump Crypto were among the earliest institutional backers of the Solana ￰13￱ year, Galaxy Digital raised roughly $620 million for a fund to purchase Solana from the FTX ￰14￱ vehicles race for Solana exposure The planned billion-dollar venture is not the first attempt to establish SOL treasury ￰15￱ Inc., a Florida-based e-commerce firm that changed its focus to Solana in April, reported holding more than 2 million tokens worth about $415 ￰16￱ new consortium will also take over Toronto-listed SOL Strategies, a company that recently filed for a Nasdaq listing under the ticker ￰17￱ filing included a 40-F form, required for Canadian companies seeking to offer securities in the United ￰18￱ Strategies ￰19￱ seen as more conservative in acquiring tokens but “forward-thinking” in its approach to ecosystem ￰20￱ a note to investors published in June, Cantor Fitzgerald analyst Thomas Shinske said the blockchain is being considered by financial firms beyond its feasibility for making ￰21￱ said Solana’s utility could expand as tokenized securities become more widely ￰22￱ also mentioned staking as an advantage for Solana-based treasury vehicles, adding that returns from staking combined with treasury operations could allow Solana-focused firms to grow faster on a per-share basis than Bitcoin-focused treasuries.

“Combining staking with treasury operations should result in Solana treasury companies growing SOL per share faster than BTC treasury companies growing BTC per share, all else equal,” Shinske ￰23￱ your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.