According to reports, digital asset companies Galaxy Digital, Multicoin Capital, and Jump Crypto are raising $1 billion with the aim of purchasing Solana (SOL) tokens.

Bloomberg reported on Monday, citing anonymous sources, that the three companies plan to establish the largest dedicated treasury for Solana (SOL) to date. Additionally, the companies have appointed Cantor Fitzgerald as the lead underwriter for this fundraising effort.

The plan also includes acquiring a publicly listed company to create a digital asset treasury business focused on SOL. Bloomberg noted that the Solana Foundation has expressed support for the initiatives of the three companies, endorsing the treasury's construction plan.

According to CoinGecko, SOL is currently the sixth-largest token by market capitalization, priced close to $200, with a 30-day increase of 6.6%.

Cointelegraph has sought comments from Galaxy Digital but has not received a response as of the time of publication.

Related: Historical data shows that Ethereum (ETH) gains in August may lead to a downward trend in September.

Original: “Reportedly, Galaxy Digital, Multicoin, and Jump Crypto plan to establish a $1 billion Solana fund”

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