Public companies are rapidly accumulating Solana (SOL) to capitalize on lucrative staking rewards, sparking a competitive push among firms seeking yield-generating blockchain assets.
Firms Acquire Millions in SOL for Long-Term Staking
Three companies increased their Solana holdings this week, highlighting a growing interest in staking rewards over passive asset holding.
- Bit Mining announced its first SOL purchase of 27,191 tokens for $4.5 million and has launched a validator to stake its tokens and earn yield.
- Upexi, a supply chain management company, increased its holdings to over 2 million SOL, up from 735,692 at the end of June. The firm raised over $200 million in July to expand its Solana position.
- DeFi Development Corp., formerly a real estate tech platform, now holds over 1.2 million SOL, including a recent purchase of 110,466 tokens.
Top Solana Holders Control $591M in Tokens
According to CoinGecko, the top four public companies holding Solana now control more than 3.5 million SOL, valued at over $591.1 million. This represents nearly 0.65% of the total SOL in circulation, reflecting growing corporate influence in the Solana ecosystem.
Staking Yields Drive Treasury Strategy
Staking yields—reportedly around 8% annually—are a key motivator for these purchases. Upexi’s staked SOL holdings are reportedly generating $65,000 in daily revenue, according to CEO Allan Marshall. The company plans to stake the majority of its holdings long term.
Similarly, DeFi Development Corp. has committed to staking its SOL with various validators, signaling a focus on steady income rather than short-term speculation.
Bit Mining Expands Solana Ecosystem Presence
Bit Mining is planning a strategic expansion into the Solana ecosystem, aiming to raise up to $300 million to build a dedicated SOL treasury. The firm’s executives view this as a long-term bet on Solana’s scalability and decentralization.
Solana Seen as Institutional Asset
A BitGo report noted that corporate adoption of Solana represents the next phase of crypto treasury strategy, especially after Bitcoin’s initial wave of institutional adoption.
Solana offers both asset appreciation potential and income through staking, making it an attractive alternative for companies aiming to stand out in the blockchain space.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.