In recent weeks, there has been a surge in interest from public companies in Solana, leading to significant investments and the formation of large treasuries.
Who's in the Race?
BIT Mining, a Bitcoin mining company, made its first investment in Solana, acquiring 27,191 SOL worth $4.5 million and launching its own validator.
Upexi, a brand aggregator, increased its SOL holdings from 735,692 to over 2 million tokens, earning approximately $65,000 a day from staking rewards.
DeFi Development Corp, previously focused on real estate, is also accumulating SOL and has started staking across multiple validators.
Institutional Appetite for Yield
The top four public firms now control over 3.5 million SOL valued at $591.1 million, representing about 0.65% of the total circulating supply. BIT Mining noted that the launch of its validator is 'just the beginning' of its strategic expansion into the Solana ecosystem.
Solana vs. Bitcoin
Crypto custodian BitGo pointed out the unique opportunities that Solana provides for treasury diversification. Unlike Bitcoin, which has become a standard addition to corporate balance sheets, Solana offers reward-generating potential that can actively contribute to a firm's revenue.
The growing institutional interest in Solana signifies a shift in paradigms regarding investment approaches in digital assets, where staking is becoming an integral part of investment strategy.
