Institutional Bet on Solana Breaks TVL Barriers, As ETF Hopes and Staking Clarity Fuel Confidence

The Solana ecosystem is witnessing significant institutional adoption and market activity, marked by the listing of SOL Strategies on Nasdaq as STKE and the accumulation of $94 million in Solana (SOL) treasury holdings by Forward Industries. These developments signal growing confidence in Solana’s blockchain infrastructure and its DeFi (Decentralized Finance) ecosystem.

SOL Strategies, which began trading on Nasdaq on September 9 under the ticker STKE, became the first Solana treasury to secure such a listing. The firm also continues to trade on the Canadian Securities Exchange under the ticker HODL. The listing is a milestone for institutional investors seeking exposure to Solana’s high-performance blockchain and its rapidly expanding DeFi protocols. Forward Industries, a Nasdaq-listed firm, raised $1.65 billion in a record treasury deal, with the majority allocated to Solana. This move, supported by major crypto firms including Galaxy Digital, Jump Crypto, and Multicoin Capital, aims to leverage on-chain returns from DeFi platforms.

Solana’s total value locked (TVL) in DeFi has surged to $12.1 billion, with the blockchain breaking its previous all-time high in TVL on September 9. This growth was driven by strong performance across its top protocols, with Jupiter leading at $3.3 billion in TVL, followed by Jito at $3.2 billion and Kamino at $3.1 billion. Over the past 30 days, TVL grew by 15%, indicating increased institutional participation and liquidity. Meanwhile, the weekly decentralized exchange (DEX) volume dipped by 14%, though the 30-day cumulative volume rose to $124 billion.

The Solana price, currently trading at $219, has climbed 8% in recent sessions, buoyed by developments such as Gemini’s expansion into Solana staking and USDC perpetuals in Europe. This move, following regulatory approvals under MiCA and MiFID II, underscores the chain’s global appeal and compliance readiness. Analysts are keeping a close eye on Thursday’s U.S. inflation data, which could influence market sentiment ahead of the Federal Reserve’s September meeting.

Institutional interest in Solana is further supported by the SEC’s recent clarification that liquid staking tokens are not securities by default, clearing a regulatory hurdle for the approval of staking-enabled ETFs. Firms like VanEck and Jito have already filed for such products in the U.S. Additionally, Galaxy Digital is tokenizing its SEC-registered shares on Solana, marking a significant step for real-world assets on-chain and expected to expand liquidity across DeFi venues.

Despite recent gains, the ecosystem has seen both winners and losers. Tokens such as Hive AI (BUZZ) and Jelly-My-Jelly (JELLYJELLY) surged by over 60%, while Uranus (URANUS) and Comedian (BAN) fell by double digits. The Solana ecosystem’s broader market cap has increased by 4% to $283 billion, with trading volume rising to $26 billion.

As institutional participation and regulatory clarity continue to support Solana’s growth, market participants are closely monitoring the impact of major capital inflows and upcoming macroeconomic developments on the price trajectory of SOL.