Galaxy Digital, Multicoin Capital and Jump Crypto are looking to raise $1 billion to build a treasury dedicated to Solana’s SOL (SOL), Bloomberg reported on Monday.

The three crypto firms have joined hands and have hired Cantor Fitzgerald as the lead banker, the report said, citing people familiar with the matter. They plan to buy out a listed firm and create a digital asset treasury company, the report added.

Digital asset treasuries have become all the rage recently, with many firms copying the strategy popularized by Michael Saylor’s bitcoin (BTC) holding firm Strategy (MSTR).

At press time, Galaxy, Multicoin and Jump did not immediately respond to CoinDesk’s request for comment

The deal is expected to close in early September and has gotten the green light from the Solana Foundation, the report noted.

The combined firm will take on the Toronto-listed SOL Strategies, which recently has filed for a Nasdaq-listing.

Read more: SOL Strategies Files to List on Nasdaq