Galaxy, Jump, Multicoin Eye Biggest-Ever Solana Treasury With $1 Billion Plan

Solana could see its biggest treasury bet to date with Galaxy Digital, Jump Crypto, and Multicoin Capital reportedly lining up a $1 billion plan. Galaxy, Jump, Multicoin Are In Talks Over New Solana Treasury As reported by Bloomberg , Galaxy Digital, Jump Crypto, and Multicoin Capital are looking to raise funds to accumulate $1 billion in ￰0￱ three intend to acquire a publicly traded entity, the identity of which is yet unknown, to create a digital asset treasury ￰1￱ names involved here are all big in their respective ￰2￱ Digital, led by CEO Michael Novogratz , manages about $9 billion in assets and has long positioned itself as a bridge between traditional finance and digital ￰3￱ Crypto is the Web3 development arm of Jump Trading, a firm with a focus on high-frequency trading ￰4￱ company is working on Firedancer , a new validator client for Solana aimed at boosting the network’s resilience and transaction ￰5￱ Capital is a thesis-driven investment firm that invests in cryptocurrencies and blockchain companies.

Notably, it has been a backer of SOL and its ecosystem since the early ￰6￱ three firms have hired Cantor Fitzgerald LP as lead banker for the deal, according to the ￰7￱ effort has also won endorsement from the Solana Foundation and could be finalized in early ￰8￱ is the latest example of companies exploring digital asset ￰9￱ Saylor-led Strategy (formerly Microstrategy) popularized the idea with its Bitcoin accumulation, and today, not just BTC, but also altcoins are making their way to the balance sheets of ￰10￱ the $1 billion plan goes through, Galaxy and company would have created the largest treasury for ￰11￱ present, Upexi is the leading SOL treasury with about $400 million in ￰12￱ Price Has Slipped Below $200 After Latest Decline The cryptocurrency market has seen a shock during the past day, and Solana hasn’t been spared as its price has gone down by around 3%.

Over the weekend, the coin had managed to surpass $210, but this drawdown has meant the asset is back at $197. Below is a chart that shows how the asset’s recent performance has ￰13￱ SOL has witnessed this drawdown, it’s holding onto a chunk of its recent gains, which means it remains the best performer among the top coins with a weekly return of more than 8%. That said, the decline may have changed things from a technical analysis perspective. Earlier, analyst Ali Martinez shared a chart showcasing the beginning of a potential breakout for SOL’s 12-hour price from an ascending triangle ￰14￱ price retrace has now meant that the coin is back inside the consolidation channel, possibly canceling out the bullish signal.