Once criticized for frequent outages, Solana is now emerging as a "strategic asset" in corporate treasuries.
Over the past few years, crypto assets have gradually transformed from "rebellious outsiders" to a new face on Wall Street. Once shunned by institutions, cryptocurrencies are now being actively integrated into corporate treasury portfolios. Following the widespread acceptance of Bitcoin and Ethereum, 2025 has welcomed a new contender: Solana.
Indeed, Solana—once criticized for multiple network failures—is now becoming a "strategic asset" in corporate treasuries, positioned by some as the "third pillar" after BTC and ETH. This isn't just hype—it's a clear trend. A growing number of public companies are making significant bets on SOL, with some even planning to build their financial infrastructure on the Solana network.
So, the core question remains: Why Solana? Can it truly become Wall Street's new favorite? Let's delve into the logic behind this emerging shift.
A Filing That Ignited the Trend: Solana Knocks on Nasdaq's Door
It all started with a seemingly ordinary filing: On June 19, Canadian public company SOL Strategies Inc. submitted a Form 40-F to the U.S. Securities and Exchange Commission (SEC), preparing to list on Nasdaq under the ticker symbol "STKE." This company is deeply integrated with the Solana ecosystem—not just as a passive holder, but as an operator of on-chain validator nodes and an 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 an isolated case. Companies like DeFi Development Corp and Upexi have recently announced significant strategic allocations to SOL and are building their businesses directly on Solana. We are witnessing the third wave of corporate crypto treasury allocation.
The Evolution of Corporate Treasuries: From Holding to Deep Integration
To understand why companies are choosing Solana, we first need to examine the three-stage evolution of corporate crypto treasury strategies.
Stage 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 currency devaluation. During the loose monetary cycle of 2020–2021, Bitcoin served as a safe-haven asset. The strategy was simple: buy and hold.
Stage 2: Ethereum—Productive Assets Generating Yield
With Ethereum's transition to Proof-of-Stake (PoS), companies began to see ETH not only as an asset but also as a source of yield. For example, Nasdaq-listed SharpLink Gaming acquired over 170,000 ETH and committed to staking 95% of it, aiming to become the "MicroStrategy of Ethereum." The goal was no longer just asset appreciation but earning yield through on-chain activities. This marked a shift from passive holding to productive deployment.
Stage 3: Solana—The Financial Operating System
Now, Solana represents the next stage: Companies are no longer just holding or generating yield—they are building. Firms like SOL Strategies and DeFi Development Corp are using Solana as core infrastructure, operating validator nodes, providing services, and becoming key contributors to the ecosystem.
This is no longer simple asset management; it's a strategic business model. They aren't just investing in cryptocurrency; they are becoming operators within the cryptocurrency space.
Why Are Companies Making Big Bets on Solana?
The shift toward Solana isn't driven purely by FOMO (fear of missing out). Three key drivers are behind 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 that powers validator node operations. They use internal funds to run validator nodes, attract delegations of SOL from others, and generate 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 equipment directly into the corporate structure.
2. Solana's Technical Advantages Are Undeniable
Every strategic bet requires a strong technical foundation. Investment bank Cantor Fitzgerald recently stated that Solana "surpasses Ethereum on all technical metrics." This is a bold claim, but it's backed by facts:
- Solana currently supports over 2000 TPS (transactions per second), compared to Ethereum's 20–30 TPS.
- Average transaction fees are near zero—just $0.0001 per transaction.
- The upcoming Firedancer validator is expected to push throughput into the millions of TPS.
- 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 engage in on-chain finance, settlements, or consumer applications, Solana is arguably the blockchain closest to Web2 capabilities. Choosing Solana isn't just a performance decision—it's a strategic bet on the next decade of Web3 infrastructure.
3. The Tokenization Megatrend: Becoming the Next Nasdaq
Solana co-founder Anatoly Yakovenko has expressed his desire for Solana to become the "decentralized Nasdaq." This vision is rapidly becoming a reality.
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 issuing tokenized funds on Solana. Even SOL Strategies is exploring tokenizing its own equity on the Solana blockchain.
Yes—you read that correctly. These companies aren't just holding SOL; they plan to put their own shares on-chain, becoming a foundational layer of the decentralized financial ecosystem.
This isn't just participation—it's a declaration: "We aren't just using this chain; we are becoming part of this chain."
Conclusion
Solana shouldn't be viewed merely as an "Ethereum alternative" or a speculative asset. Corporate adoption shouldn't be dismissed as hype.
The real trend is this: Corporate treasuries are evolving—from holding cryptocurrencies, to integrating into ecosystems, to operating critical infrastructure. With unparalleled performance, robust developer tools, a growing ecosystem, and institutional momentum, Solana is becoming the platform of choice for this transformation.
Solana may never outright replace Bitcoin or Ethereum. But in the coming wave of on-chain finance, it is positioning itself as an indispensable pillar.
So, if you're still asking, "Is Solana worth buying?"—perhaps the better question is:
In the on-chain economy of the next decade, where do you want to be? A holder? A participant? Or a builder?
Frequently Asked Questions
What makes Solana different from Ethereum?
Solana offers significantly higher transaction throughput and lower fees compared to Ethereum. While Ethereum focuses on decentralization and security, Solana prioritizes scalability and speed, making it suitable for high-frequency applications like trading and real-time settlements.
Why are companies choosing Solana for tokenization?
Solana's high speed, low cost, and growing infrastructure make it ideal for tokenizing assets like equities and funds. Its efficiency allows companies to handle large volumes of transactions seamlessly, reducing operational overhead.
Is Solana secure despite its past outages?
Solana has made substantial improvements to its network stability and security. The upcoming Firedancer validator client is expected to enhance reliability further, making it more resilient against future outages.
How can businesses generate yield with Solana?
Companies can run validator nodes to earn block rewards and transaction fees. Alternatively, they can stake SOL tokens or participate in decentralized finance (DeFi) protocols within the ecosystem to generate passive income.
What role does Solana play in institutional adoption?
Solana is becoming a gateway for institutions entering the crypto space due to its performance and enterprise-friendly features. Its ability to support complex financial applications makes it attractive for traditional finance players exploring blockchain technology.
Can Solana compete with Ethereum in the long term?
While Ethereum remains dominant in certain areas, Solana's focus on scalability and user experience positions it as a strong competitor. The two networks may coexist, serving different needs within the broader cryptocurrency ecosystem. For those looking to explore more strategies in blockchain investment, understanding both platforms is crucial.