Crypto firms seek USD 1 bln to buy Solana


Galaxy Digital, Multicoin Capital and Jump Crypto have been in talks with potential backers regarding raising USD 1 billion to accumulate Solana.

This could be the largest treasury dedicated to the digital token. The firms employed Cantor Fitzgerald LP as lead banker for the deal, aiming to create a digital treasury company by taking over an unidentified publicly traded entity.

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Solana gained attention when it was championed by a convicted fraudster, former CRO at FTX. When FTX went bankrupt in 2022, Solana barely survived, but its comeback saw it being adopted by blockchain issuers of meme coins. Multicoin and Jump have previously invested significantly in the ecosystem, with Galaxy Trading raising USD 620 million for a fund that aimed to buy Solana from FTX in 2024, according to Bloomberg.

Crypto hoarding through listed vehicles has this year morphed into a wide-ranging rush to hold digital assets on balance sheets. However, the sprint to create more crypto treasuries gave rise to warnings that sustained market declines could set in motion a wave of forced selling. Galaxy believes that the trend has likely peaked, and new players might face challenges.

The deal would bring together the three crypto firms, which together wield a reserve that’s double the size of the largest existing one focused on Solana. The token has more than doubled from an April low, yet remains well off a January record high. Solana decreased by 2.7% recently, amid a broader retreat in cryptocurrencies.

The Solana Foundation, a nonprofit organisation in Switzerland, approves of the firm’s initiative. The transaction is projected to close in September 2025. The crypto treasury can help drive price gains, with Ether-focused DATs accumulating almost USD 20 billion, according to one estimate.



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