Solana (SOL) experienced a notable 6% price increase to start the week, following the announcement of a new initiative involving three major players in the crypto sector: Galaxy Digital, Jump Crypto, and Multicoin Capital. This collaboration aims to establish a new Solana treasury.
This offering is being spearheaded by crypto-focused investment manager Galaxy Digital, Jump Crypto, and Multicoin Capital, all of which will provide vital capital for the new treasury fund. Financial advisor C/M Capital Partners will also participate in this venture.
Michael Pruitt, CEO of Forward Industries, expressed his view about the initiative, stating, “Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth.”
Samani, who has been a long advocate of the Solana protocol, believes that the platform is often “misunderstood and undervalued,” stating:
Real economic value is being generated on Solana. An institutional-scale treasury can be deployed in sophisticated ways within the Solana ecosystem to create differentiated value and increase SOL per share at a faster rate than simply being a passive holder.”
Jump Crypto’s Sharma echoed this sentiment, expressing excitement about Forward Industries’ strategy centered on Solana. He emphasized the opportunity to offer investors access to innovative on-chain return sources that extend beyond traditional staking, leveraging Solana’s advanced decentralized finance ecosystem.
With the formation of the new treasury company, SOL’s price skyrocketed toward the key $215 line, outperforming its peers in the top 10 largest cryptocurrencies, including Bitcoin (BTC). However, SOL still trades 27% below the $293 record reached earlier this year.
Featured image from DALL-E, chart from TradingView.com
