Defi Development Corporation bolsters Solana's treasury through a $40 million acquisition

In a significant development for the Solana (SOL) ecosystem, a new report from the Strategic SOL Reserve reveals that 13 companies collectively hold approximately 8.28 million SOL, equating to around $1.72 billion. This corporate hoard represents roughly 1.44% of all Solana in circulation.

Leading the pack are DeFi Development Corp., Upexi, and Sol Strategies, who collectively control more than 6 million SOL, valued at close to $1.2 billion. Among these, Sol Strategies, a Canadian cryptocurrency investment firm exclusively focused on the Solana blockchain, stands out as a major institutional holder. Traded publicly on Nasdaq under the ticker STKE, Sol Strategies holds over 6 million SOL tokens worth about 1.2 billion USD, controlling more than 70% of all SOL held by companies.

Sol Strategies offers validation services and treasury operations within the Solana ecosystem, making it an important gatekeeper for Solana staking and infrastructure investments. Its prominent position in the corporate Solana holding landscape has caught the attention of other institutional players, with ARK Invest, led by Cathie Wood, recently tapping Sol Strategies for Solana staking.

The institutional interest in Solana doesn't stop there. Galaxy Digital, Multicoin, and Jump Crypto are working on a roughly $1 billion Solana treasury initiative, while Pantera Capital is planning to raise about $1.25 billion to convert a Nasdaq-listed company into a Solana-focused treasury vehicle. Together, these three companies make up over 70% of all corporate Solana holdings tracked.

The steady buildup of corporate treasuries could provide lasting support for the SOL market, potentially driving stronger gains over time. This institutional bid for SOL is translating into momentum for the asset, with SOL climbing above $210 mid-week before easing to around $206. As more institutions continue to invest in Solana, we can expect to see this trend of growing corporate support and market momentum continue.

Defi Development Corporation bolsters Solana's treasury through a $40 million acquisition