They are betting on Solana. It seems that after Bitcoin (BTC) and Ethereum (ETH), it is Solana's (SOL) turn to attract institutional investors. While Solana's spot exchange-traded funds are still awaiting approval until next October, giant financial companies like Galaxy Digital, Jump Crypto, and Multicoin Capital are looking to invest heavily in Solana. This initiative is part of a broader trend in which companies are seeking to build reserves of cryptocurrencies, or what is known as crypto treasury bonds.
A $1 billion SOL reserve for Galaxy, Jump, and Multicoin companies
According to a Bloomberg report on August 25, 2025, Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks to raise $1 billion to create the largest dedicated reserve for Solana.
According to reports, the three companies appointed Cantor Fitzgerald as a lead banker to complete this deal. However, 'anonymous sources' reported this rumor, and the officials involved have not commented publicly yet.
The plan is to acquire a publicly listed company to create a digital asset treasury (Crypto Treasuries) focused on Solana. The Solana Foundation has approved and supported these efforts, according to these same anonymous sources.
This initiative is part of a broader trend in which companies seek to build reserves of cryptocurrencies. Recently, companies like Upexi and DeFi Development Corporation announced increases in their SOL reserves.
According to CoinGecko data (see below), Upexi currently holds over 2 million SOL, or nearly $395 million at the time of writing this report. DeFi Development Corporation, for its part, holds 1.27 million SOL, which is approximately $251 million at the current SOL price.
So, if the $1 billion fundraising campaign is successful, Galaxy, Jump, and Multicoin will become the largest corporate holders of SOL!
It will far exceed the efforts of Bit Mining, which plans to raise $300 million for its SOL reserve. As the digital asset market continues to grow significantly, it is clear that Solana has become a key asset for institutional investors. If the SOL cash ETFs are approved next October, the investment boom could be enormous.
