Update Aug. 25, 9:01 am UTC: This article has been updated to add more details about the current largest corporate SOL treasuries.
Digital asset firms Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly seeking to raise $1 billion to acquire Solana.
A Bloomberg report referencing anonymous sources indicated on Monday that the trio aims to establish the largest treasury dedicated to Solana (SOL), having engaged Cantor Fitzgerald as their lead banker.
The strategy reportedly includes acquiring a publicly traded company to form a digital asset treasury firm focused on SOL. Bloomberg stated that the Solana Foundation supports the initiatives from the three companies, endorsing the treasury creation.
SOL currently ranks as the sixth-largest token by market capitalization, as per CoinGecko, trading at nearly $200 and experiencing a 6.6% increase over the last 30 days.
Cointelegraph attempted to contact Galaxy Digital for comments but had yet to receive a reply by the time of publication.
Related: BlackRock launching a SOL ETF in first wave would be ‘messed up’ — Analyst
Galaxy, Jump, and Multicoin to create the biggest SOL reserve
A combined $1 billion Solana reserve would more than double the size of the largest existing Solana treasury, boosting the network’s recovery following the FTX fallout.
As of now, the largest Solana treasury belongs to Upexi, a supply chain management brand. On Aug. 5, Upexi announced that its SOL holdings surpassed 2 million SOL, valued at approximately $400 million based on current market prices.
Upexi stated it is generating additional value for stakeholders through staking yields and discounted locked Solana tokens.
Additionally, the DeFi Development Corporation reported on Aug. 4 that it had increased its Solana holdings to 1.29 million SOL, worth $240 million at that time, making it the second-largest corporate holder of Solana tokens.
Bitcoin mining firm Bit Mining has also recently shifted its strategy to Solana. On July 10, the company announced plans to raise between $200 million and $300 million to build a Solana token reserve.
While numerous companies are adopting SOL as a corporate treasury asset, the $1 billion initiative from Galaxy, Jump, and Multicoin would exceed these efforts. If realized, the trio would establish the largest SOL corporate treasury reserve.
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