Galaxy, Jump, and Multicoin align on $1B Solana treasury initiative
Meanwhile Sharps Technology pursues its own $400M Solana treasury strategy
Ivan Babydov/Shutterstock and Adobe modified by Blockworks
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
Galaxy Digital, Multicoin Capital, and Jump Crypto are seeking to raise $1 billion to acquire Solana (SOL). If successful, the effort would establish the largest corporate treasury dedicated to the token to date.
According to Bloomberg, the three firms plan to acquire a publicly traded company and convert it into a dedicated digital asset treasury vehicle, with Cantor Fitzgerald serving as lead banker.
The initiative, which has reportedly received support from the Solana Foundation, is expected to close in early September 2025.
Announced on the same day, Sharps Technology said it priced an over-$400 million private placement aimed at building its own Solana-focused treasury strategy. The Nasdaq-listed company said the plan would involve purchasing SOL both on the open market and directly from the Solana Foundation at a discount.
Investors in the Sharps placement include ParaFi, Pantera, FalconX, Republic Digital, CoinFund, Arrington Capital and other digital asset institutions. The transaction is scheduled to close later in August, subject to customary conditions.
Combined, the two efforts represent a potential $1.4 billion influx into Solana markets, significantly larger than existing treasuries held by companies such as Upexi — worth close to $400 million at current prices — and DeFi Development Corporation, valued near $240 million.
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