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Institutions Race to Build Billion-Dollar Solana Treasuries as Sharps Secures $400 Million

Firms are pursuing listed-company takeovers to create equity vehicles for SOL exposure under Cantor Fitzgerald’s guidance, with closings targeted in late August and early September.

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A billion-dollar Solana reserve? Wall Street giants jump onto SOL
Crypto giants galaxy, jump and multicoin seek $1b to raise largest solana treasury: report

Overview

  • Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks to raise about $1 billion for a Solana-focused treasury, hiring Cantor Fitzgerald and planning to acquire a public company, with Solana Foundation support reported and an early September close targeted.
  • Pantera Capital is pursuing a separate plan to convert a Nasdaq-listed company into a Solana treasury vehicle in a raise that could reach $1.25 billion, according to The Information, starting with $500 million and followed by $750 million.
  • Sharps Technology announced a $400 million PIPE to build a Solana treasury and signed a letter of intent with the Solana Foundation to buy $50 million of SOL at a 15% discount, with closing expected around August 28.
  • DeFi Development Corp. disclosed definitive agreements for a $125 million equity offering to expand its SOL holdings, while existing public-company treasuries led by Upexi total roughly $700–745 million in SOL.
  • SOL traded below $200 despite the flurry of treasury plans, and all proposals face execution, regulatory, and concentration risks as structures rely on tools such as PIPEs, convertibles, and warrants.