Galaxy Digital, Jump Crypto and Multicoin Capital, the three most influential companies in the Crypto industry, are in talks to raise a $1 billion financial fund dedicated to purchasing and holding. Solana.
The efforts supported by the Solana Foundation are the biggest reserve of its kind for digital assets, according to unnamed sources. Bloomberg.
Sources said the group has registered Cantor Fitzgerald as the lead banker for transactions that involves the acquisition of an unclearly traded company.
This strategy to accumulate digital assets on corporate balance sheets is based on Michael Saylor's strategy. Bitcoin.
“I think this will add to the compelling narrative that companies with the Department of Digital Assets Treasury are smart strategies,” said Steve Gregory, founder of Crypto Trading Platform Vtrader. Decryption.
He added that Solana Treasury makes strong financial sense considering the staking rate of the network of over 7%.
But despite this bullish news, Solana was unable to respond positively, falling nearly 6% today, according to Crypto Price Aggregator Coingecko.
This shows that the market is still entangled from the sale of Bitcoin Whale over the weekend.
There is evidence of conflicting signals between news and price action in futures market data.
On August 24, the aggregated Open Interest against Solana hit a record high of $6.34 billion, according to Coinanalyze data. Coupled with rising funding rates since early July, this suggests that speculative traders remain primarily bullish on their long-term outlook for their assets.
The recent market crash confirms this speculative position, with liquidation data showing that the majority of forced closures are in a long position.
According to Coinanalyze, the liquidation of long Solana contracts over the past two days totaled $22 million and $18 million on August 25th and 24th, respectively, but with short positions of just $6.41 million and $13.43 million, respectively.
The potential Treasury has set a strong long-term precedent, but Gregory said its short-term impact is mitigated by wider market uncertainty.
“I think a reasonable Solana will get an ETF soon,” he said. “But what I think can have a much bigger and more complicated effect is that it's already trusted by Wall Street and is pushing for buying that story.”
Gregory warned that potential Solana ETFs “will not see the same influx as Bitcoin or Ethereum.”
