Corporates Are Pouring Money in SOL as Solana's Fundamentals Continue to Impress
By: coincodex|2025/05/14 15:00:11
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With Strategy (formerly MicroStrategy) creating the blueprint for corporations incorporating Bitcoin into their treasuries, companies are now also looking to accumulate other digital assets as well. DeFi Development Corporation and Upexi are examples of publicly-listed companies that have started to aggressively invest in Solana.Two publicly-traded companies make large SOL investmentsUpexi buys $84 million worth of SOLUpexi Inc. (UPXI), a consumer product conglomerate turned crypto pioneer, has quietly become the largest corporate holder of Solana, with 596,714 SOL tokens. The company invested $84.2 million at an average cost of $141.10 per SOL, translating to a current treasury valuation of $102 million, up $18 million since purchase.“Purchasing discounted locked SOL provides for built-in gains for shareholders,” said CFO Andrew Norstrud, highlighting that staking locked SOL enhances the effective yield.CEO Allan Marshall added:"Solana is the end-game winning smart contract blockchain... We will continue to acquire and HODL Solana to both expand access via the public markets and for the benefit of shareholders."With two Nasdaq-listed firms already holding over 1.1 million SOL combined, it’s clear Solana is gaining traction in the corporate treasury playbook.DeFi Development Corp's $24 million purchaseDeFi Development Corporation (DFDV), formerly known as Janover, is aggressively acquiring SOL to anchor its new digital asset strategy. On Monday, the company announced the purchase of 172,670 SOL at an average price of $136.81, totaling approximately $24 million. This brings the firm’s total SOL holdings to nearly 600,000 SOL, currently valued around $105 million.Here's how DeFi Development Corporation CEO Joseph Onorati described the company's approach."Crossing the $100 million mark in Solana purchases is a major milestone—but it’s just the beginning. Our model is built to accumulate aggressively and opportunistically, and we aim to buy as fast as possible."DFDV's rapid accumulation began just over a month ago and Monday's announcement marked their 10th SOL acquisition. Beyond stacking SOL, the firm has also acquired a Solana validator business, enabling it to automatically stake its tokens and secure passive yield while supporting the network’s proof-of-stake consensus.Solana's fundamentals remain strongAccording to data from DeFi Llama, Solana is now the second-largest blockchain for decentralized finance, trailing only Ethereum in total value locked (TVL). However, when it comes to protocol revenue, Solana is leading the charge.As highlighted in a recent post by CoinBureau, Solana generated $369.5 million in Q1 2025 revenue, already 50% of its total 2024 earnings:INSIGHT: Solana's Q1 '25 revenue is already at HALF of 2024's total!Solana's 2025 YTD revenue ($369.5M) is pacing significantly ahead compared its past performances.Ethereum, while strong, is showing slower growth ($220.8M).Can Solana outpace Ethereum this year? pic.twitter.com/BV8OkKUqC6— Coin Bureau (@coinbureau) April 19, 2025Solana is also dominating in terms of decentralized app (dApp) revenue share. As noted by X user "0xGumshoe", apps on the Solana network are now capturing 50% of all dApp revenue across all blockchains.This is BRUTALSolana went from nothing to EVERYTHINGFrom 0.3% to 50% of all App Revenue.For every $100 app revenue in crypto, $50 is captured by Solana Apps.That's a 166x growth. pic.twitter.com/R0cnb4l20e— gum (@0xGumshoe) May 14, 2025This kind of growth underscores why companies are confident in locking up millions in SOL – not just for speculative upside, but for fundamental, protocol-driven value creation.Solana price prediction: SOL could nearly double by year-endCorporate SOL purchases and strong fundamentals on the Solana network are accompanied by encouraging market conditions. The algorithmic Solana price prediction on CoinCodex is forecasting SOL to reach $359 by late 2025, representing an almost 2x increase from the coin's current price.Kraken: Best crypto exchange for security & reliabilityBuy, sell, and trade 400+ cryptocurrencies with industry-leading securitySpot, Futures & Margin trading – leverage up to 5x for advanced tradersEarn rewards with staking on top cryptocurrencies24/7 customer support and high liquidity for fast tradesRegulated in the US with strong compliance and security measures13+ million users worldwideGet Started on Kraken
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