Bloomberg: Galaxy, Multicoin, Jump Eye $1B Solana Treasury

Bloomberg said in its most recent report that Galaxy, Multicoin Capital, and Jump Crypto are planning to build a Solana treasury with a $1 billion raise

It is revealed by an insider that Galaxy Digital, Multicoin Capital, and Jump have engaged Cantor Fitzgerald as lead banker for the deal, with some others claiming that the deal has gained support from the Solana Foundation in Zug, Singapore.

If the deal completes successfully, then the trio is expected to become one of the top Solana holders in the market, as per CoinMarketCap. Solana is the 6th most prominent crypto in terms of adoption, market capitalization, price, volume, and authenticity.

Solana’s adoption among institutions has peaked

Over the past few quarters, companies and institutions have shown their strong dedication to including cryptocurrencies in their portfolio and primary treasury reserve assets, and Bitcoin has remained top of the race.

However, after Bitcoin, Ethereum, and Solana have taken their place in the portfolio of the companies, and according to the data from CoinGecko, Upexi stands at the top with 2,000,518 SOL, followed by DeFi Dev holding 1,270,259 SOL.

Sol Strategies is ranked third with 370,420 SOL in balance, Torrent Capital has more than 40k SOL, and Exodus Movement holds 34,578 SOL.

A quick overview of Solana prices

At press time, Solana is exchanging hands at $196.32 with a loss of 3.71% in the past 24 hours, and its market has reached $106.07 billion with a decline of 3.71%.

Intraday, it traded highest at $213.01 and has mirrored its lowest trading price of 195.39, yet in the past 30 days, its high remains at $213.01, but it has fallen lowest at $156.08.

Despite intraday losses in price, Solana grew nearly 4.44% in a month and 24.24% in the 52-week time frame. Also, the market dominance of Solana has continued to grow, and with an uptick of 6.53% in a week, it has now reached 2.79%.

In the weekly frame, the market cap of Solana is up by 2.93%, around 5.63% in a month, and over 16.43% in the year-to-date time frame.

Market experts argued that if Solana continued to follow a bullish path, there weree higher chances of it breaking its all-time high and establishing a new ATH somewhere above $295.00.

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