Public Firms Amass $591M in Solana, Control 0.65% Supply
Four publicly traded firms have collectively acquired over 3.5 million SOL tokens, worth approximately $591 million and representing 0.65% of Solana’s circulating supply. Upexi leads with 1.9 million SOL purchased at an average price of $168.63 since April and fully staked at 8% APY. DeFi Developments Corp holds 1.18 million SOL at an average cost of $137.07, sitting on $36.8 million in unrealized gains. Toronto-based SOL Strategies has accumulated 392,667 SOL via dollar-cost averaging since June 2024, generating $3.9 million in gains. Torrent Capital added 40,039 SOL earlier this year for modest profits. Meanwhile, SOL price has climbed 14% over the past month, trading above $180 and approaching key resistance. This wave of institutional Solana investment underscores growing market confidence, potentially fueling further bullish momentum and long-term stability for SOL.
Bullish
Large-scale purchases by four public firms, totaling 0.65% of Solana’s supply, signal strong institutional confidence. Upexi’s 8% staking yield and DeFi Developments’ $36.8 million unrealized gains highlight demand drivers. The recent 14% price rise and break above $180 resistance reflect bullish sentiment. Combined, these factors may boost short-term momentum and underpin long-term stability for SOL.