Solana is accelerating its push for institutional adoption, with several well-known crypto VCs entering the arena with low-cost chips and substantial capital to actively deploy SOL treasury strategies. Sharps Technology has completed over $400 million in financing and plans to subscribe to $50 million worth of SOL at a discount from the Solana Foundation; Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks to raise approximately $1 billion to establish a digital asset management company; Pantera Capital also plans to transform a publicly listed company into a Solana investment vehicle through a $1.25 billion fund. These institutions not only bring large-scale capital but also possess chip advantages and official support, which are expected to drive ecosystem expansion and enhance market liquidity.

However, the stock prices of current Solana reserve companies and the performance of SOL tokens remain relatively subdued. Reasons include the limited scale of existing corporate holdings, the lack of influential key figures, and the fact that accumulation behaviors have yet to form a scale effect. Although companies like Upexi and DeFi Development hold SOL worth hundreds of millions of dollars, their overall influence still falls short of comparable institutions in the Bitcoin and Ethereum ecosystems. As more giants enter the scene and expectations for a Solana spot ETF heat up, SOL treasury strategies may usher in a new wave of development opportunities. However, attention must also be paid to the market risks posed by large locked-up holdings.

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Summary

Author: Nancy, PANews

After Bitcoin and Ethereum pioneered treasury strategies to unlock growth flywheels, numerous altcoins have followed suit. Currently, Solana is also accelerating into the fast lane of institutional adoption. As more crypto giants announce their entry with low-cost chips and substantial capital, market confidence and capital momentum may experience a new wave of amplification.

SOL Treasury Strategy Set to Accelerate: "Stocking Up" at a Discount from the Foundation

Over the past year, the success of Bitcoin treasury companies like Strategy and Ethereum reserve enterprises like BitMine has attracted a flood of capital. Now, this trend is rapidly extending to the Solana ecosystem, with a new batch of SOL DAT (Digital Asset Treasury) companies preparing to enter the market.

On August 25, publicly listed company Sharps Technology announced the completion of over $400 million in PIPE private financing, aiming to build the world’s largest Solana digital asset treasury. This funding round attracted participation from several renowned institutions, including ParaFi, Pantera, Monarq, FalconX, Phoenix Capital, RockawayX, and Primitive Ventures. Sharps also signed a letter of intent with the Solana Foundation, planning to subscribe to $50 million worth of SOL at a 15% discount to the 30-day average price.

Following Sharps’ move, reports emerged that Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks with potential backers to raise approximately $1 billion to purchase SOL. They plan to acquire an undisclosed publicly listed company to establish a digital asset management firm. According to Bloomberg, these companies have hired Cantor Fitzgerald as the lead underwriter, with the transaction expected to be completed in early September.

Notably, Galaxy Digital was one of the first buyers of locked-up SOL from FTX. Last year, it raised $620 million to establish a dedicated fund for acquiring SOL tokens sold during FTX’s bankruptcy proceedings. This year, it conducted a large-scale asset swap, converting hundreds of millions of dollars worth of ETH into SOL. Jump Crypto and Multicoin Capital are also key supporters of the Solana ecosystem—the former actively provides liquidity support, while the latter, as an early institutional investor, has a portfolio deeply embedded in the Solana ecosystem.

Meanwhile, Pantera Capital is also planning a $1.25 billion initiative to transform a publicly listed company into a Solana investment company. The fundraising will occur in two phases: $500 million initially, followed by a $750 million warrant supplement.

As an early investor in Solana, Pantera holds a large number of low-cost chips. It was previously revealed that in 2024, Pantera invested $250 million to acquire a significant amount of SOL from the FTX Estate at a discounted price of $59.95 (subject to a four-year vesting period). It also purchased approximately 2,000 SOL tokens from the FTX bankruptcy auction at $64 per token. Prior to this, Pantera Capital disclosed that it had invested over $300 million in DAT companies, including Sharplink Gaming, Twenty One Capital, DeFi Development Corp, and Sharps Technology.

It is evident that these major institutional supporters of Solana are集中布局, not only with substantial capital but also with chip advantages and official support from the Solana Foundation. This allows them to maintain strategic flexibility amid market fluctuations while driving ecosystem expansion and attracting new capital, thereby further enhancing Solana’s liquidity and market recognition. However, these institutions hold large amounts of locked-up SOL chips, and it cannot be ruled out that they may use DAT to exchange for liquidity and stock prices, posing potential market risks.

Subdued Stock and Token Performance: Insufficient Accumulation Scale and Influence

Driven by the狂热情绪 surrounding the coin-stock concept, many reserve companies have seen their stock prices soar, with token prices rising in tandem. However, the stock performance of leading Solana reserve companies has been relatively平淡. Over the past month, Upexi’s stock price rose by 29.25%, while DeFi Development fell by 12.59%, Phoenix Group increased by about 6.63%, and SOL Strategies dropped by 29.25%.

Meanwhile, SOL’s token performance has also been lackluster. Over the past year, SOL has risen by only 17.9%, significantly lower than Bitcoin’s 73.2% and Ethereum’s 62.3% gains during the same period. This pales in comparison to its performance during the previous MEME frenzy, indicating that existing Solana reserve companies have had limited impact on boosting SOL.

This situation is primarily due to limited accumulation scale and lack of market influence.

On the one hand, the accumulation scale of existing Solana reserve companies remains relatively limited, and most are emerging players. Although several publicly listed companies have begun deploying Solana strategic reserves, few have holdings exceeding tens of millions of dollars. Public data shows that Upexi holds over 2 million SOL, worth more than $377 million; DeFi Development holds over 1.42 million SOL, worth more than $267 million; Phoenix Group holds over 630,000 SOL, worth nearly $119 million; and SOL Strategies holds approximately 401,000 SOL, worth over $75.597 million. Large-scale accumulation行为和 endorsements from well-known institutions often convey strong market signals, amplifying investor expectations. In other words, the larger the capital scale and the higher the exposure, the more significant the market influence, effectively driving token performance.

Secondly, Solana lacks influential figures like Bitcoin’s Michael Saylor, founder of Strategy, or Ethereum’s Tom Lee, Chairman of BitMine’s board. Saylor and Lee not only possess capital strength but also leverage public speaking, media influence, and personal branding to translate institutional strategy into market confidence, creating a replicable investment effect.

Currently, Solana reserve companies lack individuals or institutional brands with comparable influence and voice, making it difficult to generate confidence premiums. Upexi attempted to enhance its influence by inviting BitMEX founder Arthur Hayes to join its advisory board, leveraging his fame in the crypto space. However, Hayes’ influence remains primarily concentrated in crypto trading, with limited reputation and resources in traditional capital markets, making it difficult to achieve cross-market guidance. In contrast, Galaxy CEO Novogratz, who has successfully listed Galaxy on Nasdaq, is seen as an ideal candidate. With over thirty years of experience in traditional finance, including roles at Goldman Sachs and Fortress, he has accumulated extensive expertise and a broad network of resources.

Nevertheless, the Solana reserve market has yet to form a leading "MicroStrategy," indicating that the entire ecosystem still has significant narrative space, which may attract more institutional investors. Additionally, the increasing probability of a Solana spot ETF approval will boost market confidence in SOL and related reserve companies, amplifying the positive effects of capital inflow.