A group of leading digital asset firms is preparing to form the largest Solana-focused treasury in the market. Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly working with Cantor Fitzgerald to raise $1 billion for SOL purchases, according to a Bloomberg report published on Monday.
The move comes as Solana continues to attract institutional attention and corporate treasuries increase their exposure to the token. Solana currently trades near $200, securing its position as the sixth-largest cryptocurrency by market capitalization.
The reported plan involves creating a digital asset treasury company by taking over a publicly traded entity. This new entity would focus on holding Solana as a core treasury asset. Bloomberg cited unnamed sources, adding that the Solana Foundation has endorsed the proposal.
The planned $1 billion fund would create the largest corporate Solana reserve to date. It would also more than double the size of the largest existing treasury. The approach mirrors a growing trend in which companies accumulate Solana to generate yield and participate in its ecosystem.
Several firms have already announced large Solana reserves in recent months. Upexi, a supply chain management company, disclosed earlier this month that its holdings had surpassed two million SOL, valued at around $400 million at current prices. The company said its strategy includes staking yields and discounted locked Solana tokens for stakeholders.
The DeFi Development Corporation also boosted its Solana position this month. The firm now holds about 1.29 million SOL, worth approximately $240 million, making it the second-largest corporate Solana holder. Bitcoin miner Bit Mining announced in July that it would shift part of its strategy to Solana, aiming to raise up to $300 million for a new token reserve.
These announcements show that Solana is increasingly being treated as a corporate treasury asset. The planned $1 billion fund from Galaxy Digital, Jump Crypto, and Multicoin would outpace all other initiatives in scale and visibility.
On the same day, Sharps Technology revealed a major pivot toward digital assets. Notably, the Nasdaq-listed company, previously focused on medical devices and pharmaceutical packaging, announced a $400 million private placement to build a Solana treasury.
The transaction will follow the private investment in public equity (PIPE) model, with participation from institutional investors including Pantera Capital, ParaFi, FalconX, and Phoenix Capital. The company’s strategic advisor, James Zhang, described Solana as “internet capital markets, the next evolution in global finance.” He said the network leads in staking yield, chain revenue, and app revenue among blockchains.
Meanwhile, Alice Zhang, newly appointed Chief Investment Officer and Board member at Sharps Technology, said the firm sees Solana’s performance as a key driver for its pivot. “Global adoption of Solana’s ecosystem is accelerating,” she stated, adding that the company’s new strategy will be led by a team with experience in scaling institutional digital asset platforms.
The shift marks another example of a publicly traded company redirecting resources toward digital asset treasuries. Sharps Technology joins a growing list of firms positioning themselves within Solana’s expanding ecosystem.
