Galaxy Digital, Multicoin Capital, and Bounce Crypto are searching for about $1 billion to assemble a Solana treasury by means of a public firm automobile, in line with Bloomberg, with Cantor Fitzgerald engaged as lead banker and a takeover of a listed entity contemplated for the construction.
The trouble, described as ongoing talks, would create what the report characterizes as the biggest devoted SOL treasury.
The contemplated wrapper mirrors acquainted corporate-treasury mechanics, utilizing public fairness and financing instruments to scale crypto publicity that may later be supported by converts or PIPEs.
Latest exercise round Cantor-backed crypto treasuries reveals the pathway exists in conventional markets, together with a Nasdaq itemizing plan for Bitcoin Normal Treasury Firm by means of a Cantor-affiliated SPAC, which if accomplished would listing a steadiness sheet with greater than 30,000 BTC.
Timing stays a key variable. Bloomberg’s account, as relayed in same-day commerce press summaries, factors to an early September closing aim and a inexperienced mild from the Solana Basis, whereas noting that particulars may change and the events declined to remark. These parts underline that the plan is pre-closing and topic to market and regulatory execution threat.
The selection of Solana aligns with how on-chain buying and selling has shifted this 12 months. OKX’s State of DEX 2025 discovered Solana accounted for roughly 48 p.c of decentralized trade quantity, with exercise skewed to smaller retail trades, whereas Ethereum and its Layer 2s continued to dominate tickets above $50,000. That break up helps clarify why an equity-listed SOL aggregator would possibly goal breadth and liquidity on Solana whereas acknowledging that institutional block move usually retains an ETH bias.
The companies named within the Bloomberg report have already got 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 centered on throughput and vertical integration. These histories present context for why they’d coordinate on a bigger balance-sheet strategy at present.
The potential automobile would additionally enter a discipline of rising SOL treasuries. Upexi disclosed purchases of discounted locked SOL and stated its holdings surpassed $100 million this spring, a part of a pivot towards a SOL-centric treasury technique that features validator operations and financing through fairness and convertibles.
DeFi Growth Corp., which has framed itself as a SOL accumulator, reported crossing 846,000 SOL and reiterated its intent to compound through staking yields. These strikes sign how listed corporations are operationalizing SOL on steadiness sheets.
If the Cantor-advised SOL automobile closes on the timeline described, it might formalize a public-markets route for consolidated SOL acquisition, probably creating an fairness proxy for traders that can’t maintain the token immediately and a repeatable template for future altcoin treasury buildings.
For now, the initiative sits within the discussions stage, with the scale goal, banker position and public-company takeover framework outlined in Bloomberg’s reporting.
