Slowly, Solana (Sol) begins to integrate the story of reserve assets. This is a trend reflected in the fact that 13 companies currently already have more than 1,000 units of this cryptocurrency in the Ministry of Finance.
To put it in perspective, Over 3.5 million suns are in the hands of institutions cited in the stock market. Upexi, Defi Developments Corp, Sol Strategies and Torrent Capital are companies that concentrate most of this volume.
And this week, the plans for Panther Capital, the American compensation fund and venture capital, were known, so everything shows that this is just beginning, Raising $1,250 million to form the Sun’s Treasury Department. What’s impressive in this case is that the company will buy a company in Nasdaq and prepare for the cryptocurrency strategically.
Including digital assets in your company’s balance is nothing new, but it was the beginning of the strategy (MSTR) led by Michael Saylor in August 2020. Since then, the company has deployed mechanisms through convertible bonds or debt emissions, earning fast money and financial Bitcoin purchases (BTC). Therefore, the strategy created a new business model. It is a company whose stock prices are directly linked to BTC prices.
The same thing is happening with Ether (ETH), Ethereum’s native cryptocurrency. The most iconic case is the case of Bitmine Immersion, a company dedicated to Bitcoin mining, which has since June 30, 2025, started with an aggressive ETH accumulation strategy. Currently, it is a company with more ETH in the Ministry of Finance, with a total of 1.7 million ETH units.
In this regard, financial market analyst Mike Faye points out: “Digital assets that have yet to see the massive capital stream of public companies in recent months, with the surge in BTC and ETH Treasury companies still being Sol, are undoubtedly, perhaps the most notable ones, upexi.
And this impulse can come not only from the investments planned by Panther Capital, but also from Galaxy Digital, Multicoin Capital and Jump Crypto. $1 billion to form the Sun’s Treasury Department, As reported by Cryptonoticia.
For analysts, this is the first time in history that will raise the price of the sun above the $300 threshold.
“As of August 27, there are 3.44 million suns in the hands of public companies, which is only 0.6% of the 570.7 million solar supply. Conversely, public companies have 4.7% of the circulating supply of BTC and 3.6% of the circulating supply of ETH. I explain.
If ether is made, why?
To size the potential impact of this type of movement on the price of the sun, Fay proposes observing the rebound that ETH has had since the end of June and using it as a reference to outline preliminary theory.
“ETH was already very recovering from the minimum April in April, but true fireworks did not begin until July. In the previous table, we can see that there were 4.2 million ETHs through funds cited in the stock market (ETF) on June 30th.
He adds: «In less than two months since, we found that ETH maintained by ETFs increased by 58%, and that ETH explodes absolutely 263% through DAT. Another thing to consider is that it was 1.2 million currencies maintained through DAT at the end of June, less than 1% of the currency. Today, SOL has a similar dynamic presence. ”
However, it is worth clarifying so far that there are no cash solar ETFs available in the US in the market. It should be noted that the Bag and Securities Commission (SEC) must respond to requests submitted by Grayscale, Vaneck, 21Share, Canary, Canary, Bitwise, Franklin Tempton, Withustree, Coinshare and Invesco before the deadline established on October 17th.
For this reason, Fay makes it clear as follows: “If we assume that 44% of the 80% ETH price rise over the last two months is driven by the ETF and the rest comes from DAT, I don’t think it’s odd to wait for a 45-50% increase in solar prices depending on the new DAT participants.”
Analysts say companies that incorporate the sun into the Treasury have greater advantages than retail buyers. They can get a mass in a planned, regulated way without generating a sudden price movement.
However, this argument hides another hypothesis. Fay points out that a limited increase in solar prices due to the lack of ETFs can be mitigated by the fact that most of the offers are staking.
In Faye’s case, not everything is the colour of roses. It maintains an upward perspective on the sun, but also recognizes certain questions about the use of the network.
In his argument, he emphasizes that. The amount of Stablecoins transfers in Solana is still limited. In July, the network registered a $220 million stubcoin transfer, well below the $1.3 billion that moved from Base, the Ethereum Layer 2 managed by Coinbase in the same month. This shows that despite Solana having almost triple the supply of Stablecoins and roughly $120 million in circulation, the network still hasn’t turned capacity into a critical activity.
In conclusion, the analyst emphasized: “Despite concerns about Solana use, the chances of the sun coming to its historic maximum this year are pretty important and I think it could create something new.”
Fay also points out that Sol Staking is an additional incentive for businesses to add this asset to their finances. The current yield reaches about 5% per year (paid under the sun), but only represents the actual profit If solar inflation does not erode the value of the currency obtained through this mechanism. Finally, he states:
“When I last featured Solana in March, I wanted to see a positive story about the amount of metastasis in stablecoins before I became more optimistic. I haven’t seen that yet. So this update is not based on a fundamental change in network utilities. Rather, I hope that the currency will receive treatment data.”
Mike Fay, financial market analyst.