The Daily: Galaxy, Jump, and Multicoin lead $1.65B Solana treasury, El Salvador buys 21 BTC to mark bitcoin law anniversary, and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Monday! With Fed rate cuts now looking increasingly likely, bitcoin is holding onto September gains after its late-August slide — but may not be out of the woods yet.

In today's newsletter, Galaxy, Jump, and Multicoin lead a $1.65 billion private placement for a Solana treasury strategy. Plus, President Bukele says El Salvador purchased 21 BTC to mark its bitcoin law anniversary, Strategy buys another 1,955 BTC for $217 million amid its S&P 500 snub, and more.

Meanwhile, MegaETH launches its native USDm stablecoin with Ethena to subsidize sequencer fees.

Let's get started.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe !

Galaxy, Jump, and Multicoin lead $1.65 billion offering for Solana treasury strategy

Nasdaq-listed Forward Industries announced $1.65 billion in cash and stablecoin commitments for a private investment in public equity offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital to launch a Solana treasury strategy.

• Galaxy, Jump Crypto, and Multicoin will provide Forward Industries with capital and strategic support, aiming for it to become the foremost publicly traded institutional participant in the Solana ecosystem.
• C/M Capital Partners, one of Forward Industries' largest existing shareholders, is also a participant in the transaction, according to a press release.
• Multicoin co-founder and Managing Partner Kyle Samani will become Chairman of Forward Industries' board, with Galaxy President and CIO Chris Gerraro and Jump Crypto CIO Saurabh Sharma also joining the board as observers.
• Cantor Fitzgerald is serving as lead placement agent, while Galaxy Investment Banking acts as co-placement agent and financial advisor.
• Forward Industries CEO Michael Pruitt said the active Solana treasury program reflects conviction in SOL's long-term potential and the firm's commitment to shareholder value by participating in its growth.

President Bukele says El Salvador purchased 21 BTC to mark bitcoin law anniversary

El Salvador bought 21 BTC worth roughly $2.3 million to celebrate the fourth anniversary of its bitcoin law, President Nayib Bukele announced on Sunday.

• The Central American country now holds 6,313 BTC, valued at around $710 million, according to data from its National Bitcoin Office.
• The purchase follows El Salvador's move to split its BTC holdings across 14 addresses last week as an added safeguard against potential quantum threats.
• El Salvador's bitcoin office also continues daily 1 BTC buys, contradicting a statement to the IMF by the country's central bank president and finance minister that the public sector stopped its bitcoin acquisitions in February under a loan deal.

Strategy buys another 1,955 BTC for $217 million amid S&P 500 snub

Michael Saylor's Strategy bought another 1,955 BTC for $217.4 million at an average price of $111,196 per bitcoin last week, according to an 8-K filing with the SEC on Monday.

• The latest purchases were funded by sales of MSTR common stock and Strategy's perpetual preferreds, lifting its total stack to 638,460 BTC worth $71 billion.
• Despite meeting all criteria, Strategy was snubbed from S&P 500 index inclusion on Friday in favor of AppLovin, Robinhood, and EMCOR Group.
• Shares of bitcoin treasury firms remain under pressure, with MSTR down 26% from its summer highs even as Strategy keeps adding to its BTC holdings.
• Meanwhile, Metaplanet also announced Monday it had purchased another 136 BTC for roughly $15.2 million, taking its total holdings to 20,136 BTC.

Nasdaq seeks SEC nod to trade tokenized securities alongside traditional stocks

Nasdaq has filed with the SEC to request approval for trading tokenized versions of listed stocks and ETFs alongside their traditional counterparts on a unified order book.

• The plan requires tokenized shares to carry identical rights as the underlying securities, with the Depository Trust Company targeted for eventual onchain settlement.
• Nasdaq argues that markets can adopt tokenization without waiving core investor protections, flagging concerns about some overseas platforms that market tokenized U.S. equities without conferring shareholder rights.
• The bid comes while Congress is drafting a market-structure bill to define tokenized assets across SEC and CFTC oversight, as Wall Street and crypto firms race to move real-world assets onchain.

Lucky solo bitcoin miner beats one-in-100-year odds to win full block reward

An incredibly lucky solo bitcoin miner with just 200 TH/s in hashpower beat monumental odds on Sunday by solving block 913,593, pocketing the full $347,980 reward.

• The win had just a 1-in-36,000 daily chance — roughly once a century at that scale — with the miner's hashrate equivalent to a single Antminer S21 machine.
• The solo miner's hashpower represents a mere 0.00002% of the Bitcoin network's total estimated 1.04 ZH/s hashrate.

In the next 24 hours

• It's quiet on the economic calendar front.
• Sonic, Movement, and Axie Infinity are set for token unlocks .
• Viena Blockchain Week and ETHBoston get underway.

Never miss a beat with The Block's  daily digest  of the most influential events happening across the digital asset ecosystem.