Solana’s rally to $200 has created a timely opportunity for Solana treasury companies, Upexi and Defi Development Corp., to expand their $SOL holdings. Both companies announced fresh acquisitions to start the week. On Monday, July 21, Upexi revealed a purchase of 100,000 $SOL, while Defi Development Corp. disclosed a separate acquisition of 141,383 $SOL.
Alongside these moves and the broader market rebound, SOL Strategies announced strategic changes to its board of directors, signaling a continued focus on growth and leadership alignment.
Upexi Becomes Largest $SOL Treasury Company, Gains $91m in 3 Months
Upexi, Inc. has significantly expanded its $SOL holdings by acquiring an additional 100,000 $SOL for $17.7 million on July 17. This brings its total holdings to 1,818,809 $SOL, now valued at approximately $364 million, making it the largest Solana treasury company by holdings. These tokens were acquired at an average cost of $273 million, resulting in an unrealized gain of about $91 million in just under three months. Over half of these tokens were purchased in locked form at a discount, which contributed to the favorable acquisition cost.
The company continues to stake nearly all its holdings, leveraging an estimated 8% annual yield. If current price levels and yield rates remain stable, Upexi projects it could generate roughly $26 million in annual staking revenue. This approach forms a core component of its treasury strategy, designed to maximize asset utility while maintaining long-term exposure to the Solana ecosystem.
Earlier this month, Upexi raised capital through a $200 million equity and convertible notes private placement, and it reports a market capitalization of $402 million based on 53.8 million shares outstanding. Upexi Management also shared adjusted metrics that account for potential equity conversions and repayments, resulting in a fully diluted market capitalization of $705 million.
“Upexi was the first public company to raise a large-scale equity private placement for an altcoin digital asset treasury,” said Allan Marshall, Chief Executive Officer of Upexi. “In just three months, we have successfully closed two additional accretive capital raises, including a highly innovative in-kind convertible note, and grew the treasury to 1.8 million $SOL. With multiple value accrual mechanisms – from intelligent capital issuance to staking and discounted locked $SOL purchases – we are confident we can and will continue to create significant value for shareholders.”
DeFi Dev Corp. 1 $SOL away from 1 Million $SOL Milestone
DeFi Development Corp. also deepened its commitment to Solana with the purchase of 141,383 $SOL between July 14 and July 20, valued at approximately $19 million. The company now holds 999,999 $SOL and $SOL equivalents, up from 857,749 in the prior period. The recent acquisition includes both spot and locked tokens. In addition to purchases, DeFi Dev Corp. earned 867 SOL from staking and onchain validator activity between July 14 and July 20th.
The company continues to fund its treasury through an equity line of credit, having raised $19.2 million month-to-date while using only 0.4% of its $5 billion credit facility with $4.8B remaining available. With most of its $SOL staked to its own validator infrastructure, DeFi Dev Corp. also receives third-party delegated stakes, enhancing its staking revenue stream.
As of July 18, the company had 19.4 million shares outstanding and reported a SOL-per-share metric of 0.0514, worth approximately $9.30.
SOL Strategies Strengthens Board Leadership
SOL Strategies Inc., formerly known as Cypherpunk Holdings, has announced several board-level changes aimed at positioning the company for its next phase of growth. Luis Berruga has assumed the role of Chairman of the Board, while former NBA star, José Manuel Calderón, and Michael Hubbard have joined as new directors. The transition follows the step-down of Tony Guoga, who now serves as a Strategic Advisor.
Berruga brings capital markets expertise from his tenure at Global X ETFs, where he led the firm to over $80 billion in AUM. Calderón, a former NBA player and investor, adds a unique combination of visibility, governance focus, and entrepreneurial experience. Hubbard, the company’s Chief Strategy Officer, contributes technical depth and operational knowledge gained through his leadership within the Solana validator ecosystem.
Outlook for Solana Treasury Firms
The latest acquisition of $SOL by Upexi and DeFi Dev Corp., coupled with the leadership changes at SOL Strategies demonstrate how firms are positioning themselves within the expanding Solana ecosystem. Each company has adopted a distinct approach to treasury management, validator infrastructure, and stakeholder engagement, yet all share a conviction in Solana’s long-term potential.
With anticipation building around the potential approval of a Solana spot ETF, the race to accumulate $SOL has accelerated. Each of these companies is pursuing aggressive acquisition strategies and infrastructure investments, not only to secure long-term value but also to position themselves favorably in a more regulated and institutionally adopted market.
Read More on SolanaFloor
Solana Soars to $102.9B Market Cap as DEX Liquidations Top CEXs and $BTC Dominance Dips to 61%
Upexi Raises $200 Million to Double Solana Stash and Lead Treasury Arms Race
What TradFi Really Thinks of Solana
