SOL gains 5% as Solana treasuries surpass $1.7B following rising institutional demand
Solana (SOL) gained 5% on Wednesday as corporate treasuries expanded their holdings to 8.27 million SOL, valued at $1.72 billion.
Solana rises as corporate treasuries stack over 8 million SOL
Institutional demand for Solana has climbed in recent months, with the number of corporate SOL treasuries reaching thirteen, according to data from the Strategic SOL Reserve website.
The data suggests that Solana treasury companies have scooped a combined 8.27 million SOL, worth $1.72 billion in the past few months. Their total holdings now constitute 1.44% of Solana's total supply.
Sharps Technology leads the pack with a stash of 2.14 million SOL. The company announced plans to raise $400 million for a Solana treasury on Monday via a private investment in public equity (PIPE) transaction.
Upexi and DeFi Development Corporation came next, holding 2 million SOL and 1.42 million SOL, respectively.
The Solana treasury trend accelerated in April after DeFi Development Corp rebranded from Janovar following a change in its leadership. Since then, the firm, alongside other public companies, has steadily expanded its holdings.
Apart from the thirteen corporate entities listed on the Strategic SOL Reserve website, other companies have shown interest in building Solana-focused treasuries.
Pantera Capital is reportedly seeking to raise $1.25 billion to convert a Nasdaq-listed firm into 'Solana Co.,' a vehicle designed to amass SOL as a treasury asset.
Likewise, Galaxy Digital, Multicoin Capital, and Jump Crypto are allegedly planning a $1 billion offering to establish a Solana treasury, with Cantor Fitzgerald serving as lead banker.
SOL is up 5% in the past 24 hours, trading at around $205 at the time of publication. The fourth-largest altcoin is testing the $209 resistance as it eyes a potential move toward $224.
Source: Fxstreet
