Galaxy, Jump and Multicoin join forces for $1b Solana buy

Key Points

• Galaxy, Jump, and Multicoin aim to raise $1 billion in Solana with Cantor Fitzgerald as lead banker.
• The Solana Foundation supports the effort.
• Rivals like Defi Dev, Accelerate, and SOL Strategies are also racing to the $1 billion treasury mark.
• Solana trades under $200, with bearish momentum but oversold conditions hinting at a possible rebound.
• Institutional demand suggests long-term confidence despite short-term volatility.

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Three major crypto investment firms — Galaxy Digital, Multicoin Capital, and Jump Crypto — are reportedly joining efforts to raise as much as $1 billion in Solana (SOL) tokens. If successful, the deal would create one of the largest corporate Solana treasuries in existence, signaling growing institutional interest in the blockchain.

Building the Largest SOL Treasury

According to a Bloomberg report, the three firms are working with Cantor Fitzgerald as lead banker to secure the funding. Sources also revealed that the Solana Foundation, headquartered in Zug, Switzerland, has lent its support to the initiative.

If the venture reaches its target, Galaxy, Jump, and Multicoin would hold a combined treasury larger than any other private or corporate SOL reserve to date. Currently, the top corporate holder is Upexi, which owns 2 million SOL valued at roughly $400 million. Across all companies, Solana treasuries now total $742 million, reflecting an 8.5% increase in corporate holdings.

Despite this momentum, Solana’s corporate dominance remains modest compared to Bitcoin. Corporate treasuries hold approximately 0.69% of all SOL, while Bitcoin’s share sits at 7.03%, valued at an estimated $164 billion.

The Race to $1 Billion

The consortium of Galaxy, Jump, and Multicoin is not the only player with its eyes on a billion-dollar treasury. Several competitors are actively building their SOL reserves, fueling a race to be the first to hit the milestone.

• Defi Dev, the second-largest SOL treasury, currently holds 1.27 million SOL (around $253 million). Earlier this year, it announced plans to raise $1 billion in total to surpass rivals, but still requires an additional $750 million to reach that goal.
• Accelerate, led by Joe McCann, unveiled plans to raise $1.51 billion to buy 7.32 million SOL tokens, positioning itself as the largest private SOL treasury outside of the Solana Foundation.
• SOL Strategies has also emerged as a strong contender, securing $500 million through a convertible note agreement with ATW Partners to fund Solana acquisitions and staking.

This surge of competition illustrates the growing importance of Solana within institutional portfolios, especially as investors diversify beyond Bitcoin and Ethereum.

Solana Price Action: Struggling Below $200

While firms compete to build billion-dollar treasuries, Solana’s market price is under pressure. On August 25, SOL dropped 4.12% in 24 hours, slipping from a recent high of $212 to below the $200 threshold. By 07:51 UTC, it had dipped further to $198.75, reflecting persistent selling pressure.

Technical indicators highlight bearish momentum. The Relative Strength Index (RSI) stands at 26.62, deep in oversold territory, suggesting the potential for a short-term rebound if buyers re-enter the market. However, with the moving average higher at 40.58, sellers continue to dominate. Analysts warn that if the $198 support level fails, SOL could decline further toward $196.

Despite the price slump, institutional appetite remains strong — a sign that major players view the downturn as a buying opportunity in anticipation of long-term growth.

What This Means

The battle to establish the largest Solana treasury underscores a shift in institutional strategies within the crypto sector. While Bitcoin remains the dominant treasury asset, Solana’s growing adoption in DeFi, NFTs, and scalable blockchain infrastructure is positioning it as a serious contender for institutional capital flows.

If Galaxy, Jump, and Multicoin succeed in raising $1 billion, it could mark a new chapter for Solana — one in which large-scale treasuries signal confidence in its future role in the digital asset ecosystem.