Digital asset companies Galaxy Digital, Multicoin Capital and Jump Crypto are reportedly working to raise $1 billion to buy Solana.
A Bloomberg report citing anonymous sources said on Monday that the three companies are looking to form the largest treasury dedicated to Solana (SOL). It added that the three companies have tapped Cantor Fitzgerald as lead banker.
The plan reportedly involves taking over a publicly traded entity to create a digital asset treasury company focused on SOL. Bloomberg said that the Solana Foundation has endorsed the efforts of the three companies, backing the treasury move.
Related: BlackRock launching a SOL ETF in first wave would be ‘messed up’ — Analyst
SOL remains the sixth-largest token by market capitalization, according to CoinGecko. It currently trades at almost $200, up 6.6% in the last 30 days.
Cointelegraph reached out to Galaxy Digital for comments but had not received a response by publication.
This is a developing story, and further information will be added as it becomes available.
Read the full article here
