Galaxy, Jump, Multicoin Eye $1B Solana Grab — Is a SOL Supply Squeeze Coming?

Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly preparing one of the largest corporate bets yet on Solana, with plans to raise around $1 billion to acquire the token.

According to Bloomberg, the firms are in advanced talks with potential backers and have tapped Cantor Fitzgerald as the lead banker for the deal.

The plan centers on creating a new digital asset treasury company, which would be formed by taking over an undisclosed publicly traded entity. If completed, it would mark the largest single treasury dedicated to Solana, more than doubling the size of the biggest existing reserve.

BREAKING: @galaxyhq , @jump_ and @multicoincap are reportedly seeking $1B to purchase $SOL, according to Bloomberg. pic.twitter.com/XBaR268XEG

According to the Bloomberg report, the transaction has received the backing of the Solana Foundation and is expected to close in early September. None of the firms involved have publicly commented on the talks.

Solana, currently the sixth-largest cryptocurrency by market capitalization, has staged a sharp rebound this year. After dropping to multi-month lows in April, SOL has more than doubled and now trades near $200, up 6.6% over the past 30 days.

The surge has been fueled by renewed network activity, rising developer interest, and a wave of corporate entities adding Solana to their treasuries.

Until now, the largest institutional holder of Solana has been Upexi Inc., a supply chain management company that pivoted in April to focus on building a SOL treasury. Upexi has accumulated more than 2 million tokens worth about $415 million at current prices.

Early in August, DeFi Development Corp expanded its Solana holdings by adding 110,000 SOL, worth about $22 million at the time, to its holdings. In July, the company closed a $122.5 million convertible debt raise led by Cantor Fitzgerald. Proceeds have been used to bolster its SOL position and expand operations.

Bitcoin mining firm Bit Mining recently announced plans to raise between $200 million and $300 million to create its own Solana reserve. However, that month, the company entered the market, purchasing 27,191 SOL for $4.5 million and launching its own validator to generate staking yields.

Against this backdrop, the proposed $1 billion purchase by Galaxy, Jump, and Multicoin would dwarf the competition, instantly establishing the largest Solana corporate treasury to date.

Bitcoin pioneered the model, most visibly through Strategy’s aggressive accumulation strategy that has built a $70 billion BTC reserve. Ethereum has seen similar momentum, with digital asset treasury companies accumulating around $20 billion worth of ETH.

Analysts say these vehicles have the potential to drive supply squeezes, tightening liquidity in spot markets and amplifying price movements.

For Solana, the creation of a billion-dollar reserve would add fresh momentum to a recovery that began after the collapse of FTX in 2022, when the token’s future was thrown into doubt.

Multicoin and Jump have both been active backers of Solana’s ecosystem, while Galaxy Digital previously helped raise more than $600 million to buy SOL from the FTX estate last year.

If successful, the deal could have market-wide implications. A billion-dollar Solana grab would represent a substantial portion of liquid supply, with potential knock-on effects for price volatility and staking yields.

Solana extended its rally this week, climbing 8.1% to $208 with daily trading volumes above $6.6 billion. At a market capitalization of $112.5 billion, the sixth-largest cryptocurrency is once again testing a major resistance level that could determine its next breakout.

Institutional interest continues to play a pivotal role. According to the Strategic SOL Reserve tracker, nine entities now collectively hold 6.05 million SOL, worth about $1.21 billion, representing 1.05% of the circulating supply.

The concentration is significant, with the top five holders, including Upexi, DeFi Development Corp, Mercurity Fintech, and iSpecimen, controlling 97.5% of tracked reserves.

Ecosystem activity further supports Solana’s momentum. Data shows that Solana-based decentralized applications generated over $27 million in revenue between August 18 and 24.

Axiom and Pumpdotfun dominated with over $18 million combined, representing two-thirds of the total.

REPORT: @Solana DApps generated $27M+ revenue over the past 7 days.

•⁠ ⁠Axiom Exchange: $9.19 million
•⁠ ⁠Pumpdotfun: $9.08 million pic.twitter.com/1PgsM4vlbb

Other contributors included Phantom Wallet, Photon, and Raydium, highlighting strong activity across trading, wallet transactions, and DeFi infrastructure.

Although revenue remains well below the peaks seen earlier in 2025, the figures highlight ongoing usage across DeFi, wallets, and trading platforms.

On-chain dynamics add another layer. Weekly protocol buybacks have surged industry-wide, with Solana’s share climbing sharply.

Solana Data Insights – @Solana Projects Now Account for 40% of Weekly Token Buybacks Across Crypto

@ario_57_

Key takeaways:

• Weekly token buybacks jumped from $14.5M to $46.8M in just two weeks (+158%).

• Solana protocols now account for 40% of weekly buybacks, up… pic.twitter.com/OZ8SOv668P

Buyback volumes across Solana protocols rose more than 300% since June, reaching $17.8 million last week and accounting for nearly 38% of total cross-chain buybacks.

The trend reduces circulating supply and reflects growing treasury strategies within Solana’s ecosystem.

The network also continues to outpace competitors. July marked the tenth consecutive month Solana led Ethereum in decentralized exchange volume, hitting $124 billion, 42% higher than Ethereum.

This week in data by @SolanaFloor:

Solana outpaced Ethereum in DEX trading volume for the 10th consecutive month, reaching $124B in July, 42% higher than Ethereum. pic.twitter.com/TT0nb8wrtm

Meanwhile, CME-listed Solana futures surpassed $12 billion in trading volume within just five months, cementing the token’s growing institutional footprint.

The post Galaxy, Jump, Multicoin Eye $1B Solana Grab — Is a SOL Supply Squeeze Coming? appeared first on Cryptonews.