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Galaxy Digital, Multicoin Capital, and Jump Crypto are seeking about $1 billion to assemble a Solana treasury through a public company vehicle, according to Bloomberg, with Cantor Fitzgerald engaged as lead banker and a takeover of a listed entity contemplated for the structure.
The effort, described as ongoing talks, would create what the report characterizes as the largest dedicated SOL treasury.
The contemplated wrapper mirrors familiar corporate-treasury mechanics, using public equity and financing tools to scale crypto exposure that can later be supported by converts or PIPEs.
Recent activity around Cantor-backed crypto treasuries shows the pathway exists in traditional markets, including a Nasdaq listing plan for Bitcoin Standard Treasury Company through a Cantor-affiliated SPAC, which if completed would list a balance sheet with more than 30,000 BTC.
Timing remains a key variable. Bloomberg’s account, as relayed in same-day trade press summaries, points to an early September closing goal and a green light from the Solana Foundation, while noting that details could change and the parties declined to comment. These elements underline that the plan is pre-closing and subject to market and regulatory execution risk.
The choice of Solana aligns with how on-chain trading has shifted this year. OKX’s State of DEX 2025 found Solana accounted for roughly 48 percent of decentralized exchange volume, with activity skewed to smaller retail trades, while Ethereum and its Layer 2s continued to dominate tickets above $50,000. That split helps explain why an equity-listed SOL aggregator might target breadth and liquidity on Solana while acknowledging that institutional block flow often retains an ETH bias.
The firms named in the Bloomberg report already have touchpoints with the ecosystem. Galaxy launched Solana index-tracking funds in 2021 alongside the Bloomberg Galaxy Solana Index, establishing an early institutional product set tied to SOL pricing.
Multicoin has publicly articulated a multi-year Solana thesis focused on throughput and vertical integration. These histories provide context for why they would coordinate on a larger balance-sheet approach today.
The prospective vehicle would also enter a field of emerging SOL treasuries. Upexi disclosed purchases of discounted locked SOL and said its holdings surpassed $100 million this spring, part of a pivot toward a SOL-centric treasury strategy that includes validator operations and financing via equity and convertibles.
DeFi Development Corp., which has framed itself as a SOL accumulator, reported crossing 846,000 SOL and reiterated its intent to compound via staking yields. These moves signal how listed companies are operationalizing SOL on balance sheets.
If the Cantor-advised SOL vehicle closes on the timeline described, it would formalize a public-markets route for consolidated SOL acquisition, potentially creating an equity proxy for investors that cannot hold the token directly and a repeatable template for future altcoin treasury structures.
For now, the initiative sits in the discussions stage, with the size target, banker role and public-company takeover framework outlined in Bloomberg’s reporting.
