Institutional Giants to Raise $1 Billion to Purchase Solana (SOL)—What is Behind the Move? ⋆ ZyCrypto

Three leading cryptocurrency institutional giants are reportedly working to secure funds to accelerate their goal of accumulating millions of Solana (SOL) tokens. The report suggests heightened interest in the top-performing altcoin and its underlying value. 

According to a report from Bloomberg, Jump Crypto, Galaxy Digital, and Multicoin Capital are collaborating to raise a substantial $1 billion for the accumulation of SOL tokens.

According to insider sources, all three parties pointed to global financial services firm Cantor Fitzgerald LP as the banking firm heading the deal, which would be the largest Solana (SOL) based treasury record thus far.

According to anonymous inside sources, financial firms are seeking to acquire a publicly traded company by establishing a cryptocurrency treasury firm. 

The leading firms preparing for the massive SOL accumulation have yet to make an official response regarding reports detailing the new development. 

Should Galaxy, Jump Crypto, and Multicoin successfully acquire $1 billion worth of SOL, it would mark the largest Solana (SOL) based reserve established thus far. 

Notably, the largest SOL reserve is held by a crypto treasury management firm Upexi, with more than 2 million SOL tokens—valued at $390 million— in its possession. 

DeFi Development Corp (DFDV) and Strategies.Inc., formerly Cypherpunk Holdings Inc., are the second and third largest holders of SOL tokens with 1.42 million (around $273 million) and 420,707 SOL ($74 million) in their possession.

The recent advancement suggests heightened interest in SOL, highlighting the token’s growing appeal amongst institutional investors. 

Meanwhile, Solana (SOL) has declined in price value following the drop in the total crypto market cap, which soared by 2.79% over the last 24 hours, bringing its value to $3.87 trillion at press time. The 6th most valued altcoin by market cap is trading at $213, soaring 2.18% from the last 24 hours.