Cantor Fitzgerald has initiated coverage of three public companies, DeFi Development Corp., Upexi, and Sol Strategies, that are integrating Solana (SOL) into their treasury management strategies.
These companies aim to emulate the success of Bitcoin-focused treasury models, such as MicroStrategy’s, but are placing Solana at the core of their digital asset holdings.
The investment bank’s research highlights a growing trend of firms considering Solana a strategic blockchain asset, aligned with the future of on-chain financial infrastructure. Cantor Fitzgerald analysts noted that Solana’s developer activity has recently surpassed that of Ethereum (ETH), suggesting this momentum could continue. Despite Ethereum’s larger market capitalization, about 259% more companies are attracted to Solana’s network advantages, including higher speed and throughput, which better suit real-world transactional use cases.
Cantor Fitzgerald frames Bitcoin as the foundational reserve asset of the digital economy, while positioning Solana as the blockchain best equipped to facilitate transactions and marketplaces within this ecosystem. The firm argues that companies holding Solana in their treasuries are betting on a future where finance operates fully on-chain, with Solana’s infrastructure supporting these decentralized financial operations. This perspective challenges Ethereum’s current dominance, suggesting Solana could emerge as the leading platform for decentralized finance.
This shift reflects a broader belief in Solana’s potential to become the primary engine for decentralized financial activity, driven by its technical capabilities and growing developer ecosystem. As more companies align their treasury strategies with Solana, the blockchain’s role in the evolving digital economy is likely to expand significantly.
Cantor Fitzgerald, SoftBank, Tether, and Bitfinex are collaborating on a significant $3 billion Bitcoin investment vehicle called 21 Capital. This publicly traded entity will directly track Bitcoin’s performance and is backed by substantial contributions from its partners, including $1.5 billion from Tether and $900 million from SoftBank. Led by Brandon Lutnick, 21 Capital also intends to raise more capital through convertible bonds and private equity to increase its Bitcoin holdings.
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