Original author: TechFlow
Did MicroStrategy increase its BTC holdings today?
This question seems to have become an important indicator of bullish sentiment in the crypto market. In 2020, the company ignited a wave of traditional companies investing in cryptocurrencies, and also set a benchmark for other more traditional companies to cross-border embrace crypto assets.
However, the current weather vane may need to add Solana.
The recent popular trend is that traditional companies have also begun to increase their holdings of SOL through various means.
From real estate, consumer goods to investment funds, more and more companies from different industries are beginning to gradually incorporate SOL reserves into their corporate investment considerations.
Since the big drop after TRUMP issued the coin, the price of SOL once fell to around US$95; and it has now rebounded to US$150; historically, this is not the first time that SOL has shown price resilience.
After experiencing ups and downs, SOL may become the next Bitcoin pursued by traditional companies. And these companies that are the first to try it are also actively transforming and planning in the face of rising profit expectations.
Janover Inc.: Crypto team reinvents real estate FinTech
Janover Inc. is a Nasdaq-listed fintech company (ticker: JNVR), headquartered in Boca Raton, Florida, that specializes in commercial real estate loan matching. Founded in 2018, Janover connects borrowers (such as real estate developers, property owners, and small business owners) with lenders through an AI-driven online platform to provide financing solutions for multi-family residential and commercial properties.
The companys business was previously affected by the downturn in the real estate market, but small business loan revenue has increased for two consecutive years. In July 2023, Janover raised $5.65 million through an IPO, with cash reserves of $5.1 million at the end of the year and only 26 employees, positioning itself as a small but innovation-driven FinTech company.
In April 2025, Janover announced a bold asset allocation strategy, increasing its holdings of 163,651.7 Solana (SOL), worth approximately US$21.2 million, becoming a typical case of traditional industries crossing over to the crypto market.
This is actually not the companys first purchase of SOL.
After this transaction, plus some previous purchases, Janovers total SOL holdings reached 317,273, worth approximately $48.2 million (including staking rewards).
On April 4, the companys board of directors approved the inclusion of SOL in the corporate treasury, and the transaction was completed through market purchases on April 15. Janover plans to stake these tokens to obtain an annualized return of 5-7%, and is considering operating a Solana network verification node to participate in ecological construction.
The funding for this move comes from its cash reserves and $42 million in convertible bonds raised on April 7 from crypto industry institutions such as Pantera Capital and Kraken.
Behind this incident, there are more origins with the encryption industry.
A news release on Janover Inc.’s official website shows that a team of former Kraken members has acquired a majority stake in the company. As part of this transaction, the company’s name and stock code will be changed in the future. The new name will be “DeFi Development Corporation”.
The companys board of directors has approved the financial decision that the major holdings of the financial reserves on the balance sheet will be allocated to digital assets, starting with Solana (SOL). The company will explore the acquisition of Solana validators and plans to acquire and stake SOL through them. The validator business seeks to acquire external equity and use the corresponding revenue to acquire more SOL.
Janover CEO Blake Janover said: I very much look forward to this transaction creating value for shareholders and promoting the companys future growth. I have spent a lot of time learning all aspects of the DeFi ecosystem and found that I am highly aligned with the vision of the new leadership. So it is not so much that the company embraced encryption, but rather that people in the encryption industry acquired the company and cleared the threshold for increasing SOL holdings.
SOL Global: A Pioneer in Crypto Investment
SOL Global Investments Corp. is a Canadian investment company headquartered in Toronto, Canada, focused on exploring the potential of cryptocurrency, blockchain and emerging technologies. Since its inception in 2017, the company listed on the Canadian Stock Exchange (symbol: SOL) has been known for its bold alternative investment strategies, with assets under management of approximately 150 million Canadian dollars, covering medical technology and digital assets.
In 2025, SOL Global further focused on Solana (SOL), consolidating its pioneering position in the crypto market by increasing its holdings by 40,350 SOL (worth approximately US$8.7 million), becoming a benchmark for traditional investment companies to embrace the Solana ecosystem.
In January 2025, SOL Global announced that it would raise funds through a private placement of $18 million, of which $10 million would be used directly to purchase SOL, and the remaining funds would be invested in DeFi and NFT projects in the Solana ecosystem. As of March, about 60% of the 40,350 SOLs held by the company have been staked and locked in the Solana network to obtain an annualized return of 6.26%.
The latest news shows that SOL Global currently holds around 260,000 SOL.
The company’s CEO Paul Kania said in the announcement: “We aspire to become a Solana super company, providing public market investors with direct access to Solana’s transformation opportunities.”
SOL Globals Solana layout is far more than just hoarding coins. The companys investment portfolio includes star projects in the Solana ecosystem, such as decentralized exchange Serum and NFT platform Magic Eden, showing its ambition to deeply participate in ecological construction.
SOL Global also plans to launch a Solana-based investment fund by the end of 2025 to further amplify its influence. Unlike traditional investment companies, SOL Globals crypto genes (most of the team members come from the blockchain field) enable it to handle the Solana craze with ease.
SOL Strategies: The veteran changed his name, but his original intention remained unchanged
Sol Strategies Inc., formerly known as Cypherpunk Holdings, is a holding company listed on the Canadian Stock Exchange (code: HODL) that has been deeply involved in cryptocurrency investment since 2018. Founded in 1995, this investment veteran focused on privacy technologies (such as Tor and VPN) in the early days, and turned to digital assets such as Bitcoin and Ethereum after 2018, with an asset management scale of approximately 60 million Canadian dollars.
In September 2024, under the leadership of Leah Wald, former CEO of Valkyrie Funds, the company completed a dramatic transformation: it was renamed Sol Strategies and fully focused on Solana (SOL), becoming a pioneering case in the crypto investment field leaning towards the Solana ecosystem.
In February 2025, Sol Strategies announced that it held 189,968 SOL, worth approximately US$40.89 million, becoming one of the largest Solana investment entities in the public market.
The Company accumulated SOL through phased purchases from October 2024 to January 2025, with funds coming from its existing crypto asset portfolio (including a partial liquidation of Bitcoin) and a C$25 million private placement completed in November 2024.
As of now, public data shows that the company holds about 260,000 SOLs.
Sol Strategies not only hoards coins, but also operates multiple Solana network validation nodes and participates in the consensus mechanism, with an estimated annualized return of 6-8%. CEO Leah Wald said: Solana represents a high-growth opportunity and is a logical extension of our strategy. We provide a more active way to participate than ETFs.
Upexi Inc.: A consumer goods company’s crypto adventure
Upexi Inc. (Nasdaq: UPXI) is a Nevada-based consumer products company focused on data-driven brand development and distribution in the healthcare, pet products and childrens toys sectors.
Founded in 2018, Upexi has expanded rapidly through acquisitions and self-built brands, with revenues of $83 million in 2024, up 54% year-on-year, and a presence on e-commerce and Amazon platforms. After listing on Nasdaq in 2023, the company will have a market value of approximately $120 million, employ approximately 150 people, and be positioned as a mid-sized consumer product player.
In 2025, this company, which has nothing to do with cryptocurrency, also invested nearly 100 million US dollars to increase its holdings in Solana (SOL), becoming an unexpected star in the traditional industrys crossover to the crypto market.
On April 21, 2025, Upexi announced that it would raise $100 million in private placement financing, and plans to allocate $94.7 million to purchase SOL to establish the Solana corporate treasury. The specific holdings have not yet been disclosed. The financing was led by crypto trading giant GSR Markets, showing the confidence of professional institutions in Upexis strategy.
Upexi said that SOL investment will be completed through batch market purchases, with the first batch expected to start in May 2025. The company also plans to pledge part of SOL to obtain an annualized return of 5-7%. CEO Allan Marshall said in the announcement: This strategy will bring long-term value-added to shareholders, seize growth opportunities in the crypto market, while maintaining the core competitiveness of the consumer products business.
Upexis cross-border move stems from managements optimism about crypto assets. At the end of 2024, the company hired a former Coinbase financial advisor to join the board of directors, accelerating the formulation of its crypto strategy. Upexis consumer goods business relies on e-commerce fluctuations, and the SOL Treasury is seen as an innovative attempt to hedge against traditional market risks.
WonderFi: Solana’s Layout for Digital Asset Platforms
WonderFi Technologies Inc. is a leading Canadian digital asset platform operator headquartered in Vancouver, providing cryptocurrency trading, custody and investment services to retail and institutional clients.
Founded in 2019, WonderFi has rapidly grown into a key player in the North American crypto market through the acquisition of Coinsquare (one of Canadas largest crypto exchanges) and CoinSmart, with assets under management exceeding 1 billion Canadian dollars and more than 1 million registered users in 2024.
The company is listed on the Canadian Stock Exchange (code: WNDR), with a market capitalization of approximately 280 million Canadian dollars and approximately 200 employees. In 2024, WonderFi will set its sights on Solana (SOL), consolidate its leading position in the crypto industry through increased holdings and ecological integration, and become an important promoter of Solanas mainstreaming.
As of February 2024, WonderFi holds 61,720 SOL, worth approximately $8.4 million (based on the SOL price of $136 at the time), and plans to stake all tokens to earn an annualized return of 5-7%.
On January 16, 2025, the company further acquired Blade Labs, a developer of Solana ecosystem tools, and obtained its verification node technology and developer resources, with an investment amount of approximately 15 million Canadian dollars. WonderFi launched the SOL staking service through the Coinsquare platform, allowing users to directly participate in the Solana network. By the end of 2024, the service contributed 8.8 million Canadian dollars in staking asset income.
WonderFis Solana layout stems from its strategic insight into the crypto-native ecosystem. The acquisition by Blade Labs not only enhances WonderFis technical capabilities, but also makes it an active validator of the Solana network, with expected verification revenue of 2 million Canadian dollars in 2025.
Different methods, same purpose
The five companies have different ways of increasing their holdings of SOL in 2025, with reasons ranging from asset diversification to DeFi potential, but the purpose is actually similar:
Seize growth opportunities in the crypto market and maximize shareholder value.
The implicit logic here is that companies believe that SOL still has room to grow. After all, no one wants to do business at a loss.
As Bitcoin gradually becomes a consensus recognized by the outside world, the profit growth that can be brought by holding Bitcoin is actually gradually diluted; and for traditional companies with smaller scale or more aggressive style, holding SOL is more like an alpha strategy, while holding BTC becomes Beta.
Compared to the Degens in the trenches, holding SOL is certainly a conservative option; but compared to more traditional businesses that make hard-earned money, this option may have relatively higher odds.
I believe that more and more market participants will vote with their feet and seek the opportunity to share in the growth benefits of the crypto market.
