Galaxy, Jump and Multicoin plan $1B Solana reserve fund
Galaxy Digital, Jump Crypto and Multicoin Capital are in talks to raise $1 billion to build a Solana reserve fund. They plan to purchase SOL tokens and merge with a public shell company, with Cantor Fitzgerald as lead bank. The combined entity would hold over 3.44 million SOL, more than twice the assets of the current largest reserve. The Solana Foundation in Zug supports the move, aiming to complete the deal by early September. Upexi, already holding a leading position, signed a $500 million credit facility last month to buy SOL. Solana’s market cap stands at $107.7 billion, trading at $199.41, up 6.9% monthly and 27.7% year-to-date. The Solana reserve push could strengthen institutional demand and market stability.
Bullish
Raising $1 billion for a Solana reserve fund brings significant institutional backing to SOL. By locking in millions of tokens, the initiative reduces circulating supply and boosts buying pressure. Similar to Bitcoin reserve trusts, this move can enhance market confidence and set price support levels. Short-term, traders may see price spikes as demand surges. Long-term, the fund may stabilize volatility and attract further institutional investment. The consolidation of Galaxy, Jump and Multicoin’s capital power underscores strong faith in Solana’s ecosystem. Overall, this development is likely to drive SOL’s price higher and strengthen its market position.