Galaxy Digital, Multicoin Capital, and Jump Crypto are seeking about $1 billion to assemble a Solana treasury through a public company vehicle, according to Bloomberg, with Cantor Fitzgerald engaged as lead banker and a takeover of a listed entity contemplated for the structure.

The effort, described as ongoing talks, would create what the report characterizes as the largest dedicated SOL treasury.

The contemplated wrapper mirrors familiar corporate-treasury mechanics, using public equity and financing tools to scale crypto exposure that can later be supported by converts or PIPEs.

Recent activity around Cantor-backed crypto treasuries shows the pathway exists in traditional markets, including a Nasdaq listing plan for Bitcoin Standard Treasury Company through a Cantor-affiliated SPAC, which if completed would list a balance sheet with more than 30,000 BTC.

Timing remains a key variable. Bloomberg’s account, as relayed in same-day trade press summaries, points to an early September closing goal and a green light from the Solana Foundation, while noting that details could change and the parties declined to comment. These elements underline that the plan is pre-closing and subject to market and regulatory execution risk.

The choice of Solana aligns with how on-chain trading has shifted this year. OKX’s State of DEX 2025 found Solana accounted for roughly 48 percent of decentralized exchange volume, with activity skewed to smaller retail trades, while Ethereum and its Layer 2s continued to dominate tickets above $50,000. That split helps explain why an equity-listed SOL aggregator might target breadth and liquidity on Solana while acknowledging that institutional block flow often retains an ETH bias.

The firms named in the Bloomberg report already have touchpoints with the ecosystem. Galaxy launched Solana index-tracking funds in 2021 alongside the Bloomberg Galaxy Solana Index, establishing an early institutional product set tied to SOL pricing.

Multicoin has publicly articulated a multi-year Solana thesis focused on throughput and vertical integration. These histories provide context for why they would coordinate on a larger balance-sheet approach today.

The prospective vehicle would also enter a field of emerging SOL treasuries. Upexi disclosed purchases of discounted locked SOL and said its holdings surpassed $100 million this spring, part of a pivot toward a SOL-centric treasury strategy that includes validator operations and financing via equity and convertibles.

DeFi Development Corp., which has framed itself as a SOL accumulator, reported crossing 846,000 SOL and reiterated its intent to compound via staking yields. These moves signal how listed companies are operationalizing SOL on balance sheets.

If the Cantor-advised SOL vehicle closes on the timeline described, it would formalize a public-markets route for consolidated SOL acquisition, potentially creating an equity proxy for investors that cannot hold the token directly and a repeatable template for future altcoin treasury structures.

For now, the initiative sits in the discussions stage, with the size target, banker role and public-company takeover framework outlined in Bloomberg’s reporting.

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Solana is seeing a sharp rise in institutional demand, with publicly traded companies now holding over $591 million worth of SOL. According to new data from CoinGecko, four firms—Upexi, DeFi Developments Corp, SOL Strategies, and Torrent Capital—have collectively acquired more than 3.5 million SOL, marking one of the strongest waves of corporate accumulation in the asset’s history.

Solana Sees Massive Institutional Buying Spree

Institutional appetite for Solana is accelerating at a pace not seen before, signaling a shift in market sentiment as major players seek exposure to SOL. A new report by CoinGecko reveals that four publicly listed companies have collectively acquired more than 3.5 million SOL, now valued at over $591 million. 

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Leading the pack is Upexi, a Solana treasury company. Since late April 2025, Upexi has acquired 1.9 million SOL at an average cost of $168.63 per token, investing approximately $320.4 million. According to CoinGecko, the company’s position is currently valued at $319.5 million, slightly down by $0.9 million. However, the entire amount is staked, earning an 8% annual yield as of June 30. 

Close behind is DeFi Developments Corp, an AI-powered online platform, with approximately 1,182,685 SOL in its treasury. The company has maintained an aggressive pace of accumulation, most recently adding 181,303 SOL on July 29 at an average price of $155.33 per token. CoinGecko reveals that DeFi Dev Corp acquired its total position at an average price of $137.07, making its holdings now worth $198.9 million, with an unrealised gain of $36.8 million.

SOL Strategies, a Toronto-based investment firm, holds 392,667 SOL, acquired steadily from mid-2024 to July 2025. Purchased at an average price of $158.12, the company’s position is now worth $66 million, reflecting a $3.9 million gain. Finally, Torrent Capital, a publicly traded investment company, has acquired 40,039 SOL. CoinGecko notes that the firm bought its Solana holdings in 2025 at an average price of $161.84. Now valued at $6.7 million, this smaller but well-timed bet is sitting on a profit of approximately $0.2 million. 

Overall, these four companies control roughly 0.65% of Solana’s circulating supply and about 0.58% of its total supply. 

How Public Companies Are Buying SOL

Moving forward, CoinGecko also reveals important details on how each company approaches its SOL allocation. While all four companies’ methods of accumulation differ, they share a growing confidence in Solana’s long-term prospects.  

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According to the report, Upexi moved quickly, building the largest SOL treasury within four months and signaling a high-conviction and long-term bet. DeFi Developments Corp has taken a more tactical approach, adding to its position during market dips while remaining committed to holding. 

On the other hand, SOL Strategies built its stake gradually over 13 months through dollar-cost averaging and staking rewards, reflecting a disciplined, long-term strategy. Lastly, Torrent Capital took on a more strategically timed move, securing gains ahead of Solana’s rally in 2025. 

Featured image from Adobe Stock, chart from Tradingview.com

Ethereum is trading just below the $2,500 mark, struggling to reclaim higher ground as bearish momentum picks up across the broader crypto market. After repeated failed attempts to break past resistance, ETH now sits under heavy selling pressure, raising concerns about a deeper correction. Bulls appear to be losing control as overall market sentiment weakens amid global economic uncertainty and the persistent weight of rising US Treasury yields. Some market participants are now bracing for a significant downturn if Ethereum fails to hold above key demand zones.

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However, not everyone is turning bearish. Some prominent analysts maintain a highly bullish long-term view, arguing that Ethereum still has significant upside this cycle. According to Ted Pillows, Ethereum could reach $10,000 before the cycle ends. From his perspective, current price action represents a temporary dip rather than a trend reversal, and accumulating during weakness is the smarter move for long-term investors.

While short-term uncertainty dominates headlines, long-term conviction remains strong among Ethereum supporters who point to rising institutional interest, declining exchange supply, and the overall maturing of the Ethereum ecosystem as reasons to stay optimistic. For now, ETH’s position just under $2,500 sets the stage for a critical test in the days ahead.

Ethereum Analysts Eye Breakout Potential

Ethereum is currently testing a crucial support level at $2,500 after repeatedly reaching the $2,700 resistance over the past few weeks. This zone has proven difficult to break, but bulls are still holding the line. If ETH manages to reclaim the upper range and close above it, analysts believe it could ignite the altseason the market has been waiting for.

Despite Ethereum’s underperformance over the past year, marked by a lack of sustained momentum and significant selling pressure, the recent price action suggests a shift. Over the past few weeks, ETH has entered a more bullish phase, supported by increasing on-chain activity and stronger demand.

Some analysts remain firmly bullish. Ted Pillows, for example, has projected that Ethereum is headed above $10,000 this cycle. While short-term volatility may cause concern, long-term conviction remains strong. For many investors, the message is clear: embrace the dips, accumulate strategically, and avoid panic selling.

Technical sentiment across the board is turning cautiously optimistic. Market watchers point to Ethereum’s resilience at the $2,500 level as a sign of building strength. If this support holds and bulls step in with volume, the breakout above $2,700 could be swift and aggressive.

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ETH Tests Key Support As Bulls Defend $2,500

Ethereum is currently trading around $2,488 after a 2% daily drop, showing continued weakness below the crucial $2,700 resistance zone. The chart highlights a clear consolidation range forming since early May, with ETH repeatedly failing to close above the 200-day SMA, currently around $2,680. This long-term moving average is acting as a significant barrier, preventing any breakout momentum from gaining traction.

Support remains at the lower boundary of the range near $2,470–$2,500, where buyers have consistently stepped in to absorb selling pressure. This area coincides with the 34-day EMA at $2,386 and the 100-day SMA just below current levels, forming a dense cluster of technical support.

However, volume has been declining, suggesting that neither bulls nor bears have clear control. If Ethereum loses the $2,470 level decisively, the next key area to watch lies near $2,300, where the 50-day SMA could act as a cushion.

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Conversely, reclaiming $2,700 with strength could signal the beginning of a larger move to the upside. Until then, ETH remains stuck in a range, and traders will be watching closely for a decisive break—up or down to define Ethereum’s next major trend.

Featured image from Dall-E, chart from TradingView

Two of the most chaotic token explosions of the year – Movement Lab’s Movement Scandal and the collapse of the Mantra’s OM – are sending shockwaves through the crypto market production business.

In both cases, a rapid price crash unlocked the hidden actor, suspicious tokens, revealing a secondary contract that claimed blind market participants to blind.

Unlike traditional finance, where market manufacturers offer orderly bidding spreads in regulated venues, crypto market manufacturers often operate like high stakes trading desks.

They’re not just quoting prices. They negotiate pre-launch token allocations, accept lockups, structuring the liquidity of central exchanges, and sometimes fair or advised interests.

As a result, there is a dark space where liquidity regulations are caught up in private trade, toconemics and, in many cases, insider politics.

In late April, Coindesk Exposé showed that some Movement Lab executives had conspired with their own market makers to abandon the $38 million move in open markets.

Now, some companies are questioning whether they are too casual to trust counterparties. How do you hedge positions if the token unlock schedule is opaque? What happens when a handshake quietly overrides DAO’s suggestion?

“Our approach currently includes a broader preliminary discussion and educational sessions with the project team, ensuring a thorough understanding of the mechanisms of market production,” Hong Kong-based Metalpha’s Metalpha Making Division told Coindesk in an interview.

“Our trading structure has evolved to emphasize long-term strategic alignment against short-term performance metrics, which incorporates certain safeguards against unethical behaviors such as excessive token damping and artificial trading volumes.”

Behind the scenes, the conversation is intensifying. The terms of the transaction are being examined more carefully. Some liquidity desks are reassessing how they take on token risks.

Others are demanding more severe transparency – or walking completely away from dark projects.

“The project no longer accepts an honorable reputation at face value. We have witnessed whether even established players can exploit shadow allocations or engage in harmful token sales practices.” “The era of presumed trust concludes,” he argued.

Beneath the refined surface of the token is the announcement of the announcement and the sorting of market production agreements. There is another layer of cryptocurrency. In the secondary OTC market, locked tokens quietly exchange hands before they hit the public eye before they win the cliff.

Trading beneath these tables, often struck between early supporters, funds and syndicates, is currently distorting supply dynamics and findings of distorted prices, some traders say. And for market makers tasked with providing orderly fluidity, they are becoming increasingly opaque and dangerous variables.

“The secondary OTC market has changed the dynamics of the industry,” said Min Jung, an analyst at Presto Research, which runs the market production division. “When you look at tokens with questionable price actions like $layer, $om, $mov, etc., they are often the most aggressively traded in the secondary OTC market.”

“The entire supply and vesting schedule is skewed due to these out-of-market transactions, and because of liquid funds, the real challenge is to get a sense of when the supply is actually unlocked,” Jung added.

In a market where prices are fiction and supplies are negotiated in the back room, actual risk is not volatility for traders. I believe float is what the white paper and founders say.

Read more: Movement Lab secretly promises millions of people with tokens that promise to be advisors, leaked documentary show