Will SOL become Wall Street's new favorite?
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Will SOL become Wall Street's new favorite?
Solana, once heavily criticized for frequent outages, is now becoming a "strategic asset" in corporate treasuries.
Navigating Web3 tides with focused insightsAuthor: SuperEx
Translation: Baishuo Blockchain
Over the past few years, crypto assets have gradually evolved from "rebellious outsiders" to Wall Street's new face. Cryptocurrencies once shunned by institutions are now being actively integrated into corporate treasury portfolios. After Bitcoin and Ethereum gained widespread acceptance, 2025 welcomes a new contender: Solana.
Yes, Solana—once heavily criticized for repeated outages—is now emerging as a "strategic asset" in corporate treasuries, positioned by some as the "third pillar" following BTC and ETH. This isn't hype—it's a clear trend. An increasing number of public companies are making large-scale bets on SOL, even planning to build their financial infrastructure directly on the Solana network.
The key question then is: Why Solana? Can it truly become Wall Street’s favorite? Let’s dissect the logic behind this emerging shift.
A Filing That Sparked the Frenzy: Solana Knocks on Nasdaq’s Door
It all began with a seemingly routine filing: On June 19, Canadian publicly listed company SOL Strategies Inc. submitted Form 40-F to the U.S. Securities and Exchange Commission (SEC), preparing to list on Nasdaq under the ticker “STKE.” This company is deeply tied to the Solana ecosystem—not just as a passive holder, but as an on-chain validator operator and infrastructure provider.
On the surface, this appears to be just another IPO. But to industry insiders, it’s a strong signal: Corporate treasuries are no longer content with merely “holding Bitcoin.” They are integrating cryptocurrencies into their core business models by operating infrastructure and participating in ecosystem development.
SOL Strategies is not alone. Companies like DeFi Development Corp and Upexi have recently announced large-scale strategic allocations to SOL and are building businesses directly on Solana. We are witnessing the third wave of corporate crypto treasury adoption.
The Evolution of Corporate Treasuries: From Holding to Deep Integration
To understand why corporations are choosing Solana, we must first examine the three-stage evolution of corporate crypto treasury strategies.
Phase 1: Bitcoin – The Digital Gold Narrative
The earliest corporate adopters—MicroStrategy, Tesla, Block Inc.—viewed BTC as “digital gold,” a hedge against inflation and fiat devaluation. During the loose monetary cycle of 2020–2021, Bitcoin served as a safe-haven asset. The strategy was simple: buy and hold.
Phase 2: Ethereum – A Productive Asset That Generates Yield
With Ethereum’s transition to proof-of-stake (PoS), enterprises began seeing ETH not just as an asset, but as a source of yield. For example, Nasdaq-listed SharpLink Gaming acquired over 170,000 ETH and pledged to stake 95% of it, aiming to become the “MicroStrategy of Ethereum.” The goal shifted beyond asset appreciation—to generating returns through on-chain activity. This marked a transformation from passive holding to productive deployment.
Phase 3: Solana – The Financial Operating System
Now comes Solana, representing the next stage: companies aren’t just holding or earning yield—they’re building. Firms like SOL Strategies and DeFi Development Corp are leveraging Solana as core infrastructure, operating validators, providing services, and becoming key contributors to the ecosystem.
This is no longer mere asset management—it’s a strategic business model. These companies aren’t investing in crypto; they are becoming operators of crypto.
Why Are Corporations Betting Big on Solana?
The corporate shift toward Solana isn’t driven purely by FOMO (fear of missing out). Three major forces are fueling this trend:
1. SOL Is Both an Asset and a Business Engine
For companies like SOL Strategies, SOL isn’t just a line item on the balance sheet—it’s the fuel powering validator operations. They use internal capital to run validators, attract SOL delegations from others, and earn revenue through block rewards and commissions.
This isn’t speculative trading—it’s operational income. It transforms corporate treasuries from passive investors into active blockchain operators, akin to embedding Bitcoin mining rigs directly into the corporate structure.
2. Solana’s Technical Advantages Are Undeniable
Every strategic bet requires solid technical foundations. Investment bank Cantor Fitzgerald recently stated that Solana “outperforms Ethereum across all technical metrics.” A bold claim, yet one backed by facts:
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Solana currently supports over 2,000 TPS (transactions per second), compared to Ethereum’s 20–30 TPS
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Average transaction fees are nearly zero—just $0.0001 per transaction
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The upcoming Firedancer validator client is expected to scale throughput into the millions of TPS
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The protocol is mature and stable, requiring minimal underlying upgrades
What does this mean? Solana can support high-frequency trading, real-time payments, social applications, and mobile-first Web3 use cases—areas where Ethereum still struggles.
For companies looking to launch on-chain finance, settlement, or consumer-facing applications, Solana offers blockchain capabilities closest to Web2 today. Choosing Solana isn’t just about performance—it’s a strategic bet on the Web3 infrastructure of the next decade.
3. Tokenization Trend: Becoming the Next Nasdaq
Solana co-founder Anatoly Yakovenko once said he wants Solana to become the “decentralized Nasdaq.” This vision is rapidly materializing.
We’ve already seen top projects like Worldcoin, Helium, and Jupiter choose Solana for their launches. Regulated real-world asset (RWA) issuers like Superstate are considering launching tokenized funds on Solana. Even SOL Strategies itself is exploring tokenizing its own equity on the Solana blockchain.
Yes, you read that right. These companies aren’t just holding SOL—they plan to put their own shares on-chain, becoming foundational layers of the decentralized finance ecosystem.
This isn’t just participation—it’s a declaration: “We’re not just using this chain; we are becoming part of the chain.”
Conclusion
Solana should not be seen merely as “an alternative to Ethereum” or a speculative asset. Corporate adoption should not be dismissed as hype.
The real trend is this: corporate treasuries are evolving—from holding crypto, to integrating into ecosystems, to operating critical infrastructure. With unmatched performance, robust developer tools, a growing ecosystem, and strong institutional momentum, Solana is emerging as the platform of choice for this transformation.
Solana may never fully replace Bitcoin or Ethereum. But in the coming wave of on-chain finance, it is becoming an indispensable pillar.
So if you're still asking, “Is Solana worth buying?”—perhaps a better question is:
In the on-chain economy of the next ten years, where do you want to stand? As a holder? A participant? Or a builder?
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