Solana’s expanding role in institutional finance is setting the stage for rapid growth among SOL-focused treasury firms, according to a new report by Cantor Fitzgerald. The Wall Street giant initiated formal coverage of Solana-linked firms on Monday with an “overweight” rating, highlighting their strategic advantage in a crypto economy increasingly driven by tokenized securities and staking yields.
In a research note, Cantor Fitzgerald analyst Thomas Shinske underscored that Solana offers key advantages, including low transaction costs, increased liquidity, and staking capabilities, which position it as a high-growth alternative to Bitcoin in the treasury asset space.
“With increased liquidity making it easier to raise capital, Solana treasury companies can follow the ‘Saylor playbook’ and raise capital at a premium to NAV, purchase SOL, and increase SOL-per-share,” said Shinske.
Riding the Solana Wave: $250M Annually for Top Firms
Among the companies flagged for significant upside is DeFi Development Corp., a blockchain-native protocol that operates a SOL-focused treasury. Shinske estimates that the firm could raise $250 million annually, at an average premium of 250% to net asset value (NAV), thanks to its strong U.S. capital markets access and leadership grounded in crypto innovation.
Other potential beneficiaries include:
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Upexi Inc. – A Nasdaq-listed e-commerce company expected to raise a similar $250 million annually, despite having limited exposure to Solana.
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SOL Strategies Inc. – A Canadian firm nearing a U.S. listing that could also raise $250 million per year. Though its approach to acquiring SOL is more passive, Shinske praised its forward-thinking strategy.
The market responded immediately to the report:
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DeFi Development Corp. surged 19% on Monday.
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Upexi jumped 12%.
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SOL Strategies climbed 9.4%.
Staking Mechanics: Solana’s Secret Weapon
Shinske emphasized that Solana’s staking rewards give its treasury companies a long-term edge over Bitcoin-focused peers like MicroStrategy.
Unlike Bitcoin, Solana allows holders to stake their coins directly, earning consistent yields without diluting existing shareholder equity. This staking mechanism, combined with capital inflows, could accelerate SOL/share growth more efficiently than BTC/share growth in Bitcoin-focused firms.
“Combining staking with treasury operations should result in Solana treasury companies growing SOL/share faster than BTC treasury companies growing BTC/share, all else equal,” Shinske added.
Volatility, Valuation & Outlook
Despite Solana’s promising fundamentals, Shinske acknowledged the asset’s volatility and lower total value locked (TVL) compared to Ethereum.
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SOL is trading around $157, down 19% year-to-date.
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Ethereum (ETH) is down 21%, at $2,644.
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Bitcoin (BTC) is the year’s top performer so far, up 14%, trading at $107,597.
Still, Cantor Fitzgerald’s entry into coverage marks a milestone: Shinske is currently the only Wall Street analyst offering formal analysis of Solana treasury firms. As institutional interest grows and Solana-powered financial apps gain traction, these companies could offer a new route for crypto exposure, especially for investors who prefer not to custody assets directly.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
