- Galaxy Digital, Multicoin Capital, and Jump Crypto plan to take over a publicly traded entity, which they will transform into a Solana treasury company.
- The group, via the public entity, will allocate $1 billion to establish its Solana reserves, making it the world’s largest SOL treasury company.
Corporate interest in Solana (SOL) continues to gain traction. On Monday, details emerged of a group led by Galaxy Digital staging to establish the largest reserve based on the token.
According to Bloomberg, Galaxy Digital is already in advanced talks with Multicoin Capital and Jump Crypto for what would be its biggest crypto venture. Citing anonymous sources, the news outlet revealed that the group plans to take over a publicly traded company to fast-track the creation of a digital asset treasury company focused on accumulating SOL.
The three have also reportedly agreed to raise $1 billion to stockpile Solana tokens. Meanwhile, they have forged an agreement with financial services firm Cantor Fitzegerald for the custody of the SOL assets.
Details about their plans remain scarce, as the collective has yet to issue an official confirmation or statement regarding the matter. If it materializes, the new entity will carve itself at a prominent footing within the Solana ecosystem. Its status will be akin to Strategy’s (former MicroStrategy) positioning within the realm of Bitcoin (BTC) and BitMine’s stronghold within the Ethereum (ETH) market.
Largest Solana Treasury Companies
At Solana’s prevailing $196 per token exchange rate, a $1 billion investment can result in around 5.102 million tokens. This will immediately propel the public entity controlled by Galaxy Digital, Multicoin Capital, and Jump Crypto to become the largest public Solana treasury globally.
As the crypto community awaits an update from the group, the public company that holds such a distinction is Upexi. The entity traded under Nasdaq has already grown its SOL portfolio to 2 million tokens, equivalent to roughly $334 million as of its disclosure in the first week of August.
Furthermore, Upexi gets a yield of approximately 8% from staking its Solana holdings, earning a $65,000 daily revenue. On the other hand, its SOL per common share is rated at 0.0339 or $5.68 per common share. Other public institutions with notable SOL treasuries are DeFi Development with 1.18 tokens as of its end-of-July filing, SOL Strategies with 214,342 SOL as of its February declaration, and Bit Mining with 27,191 SOL as of early August.
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