Corporations Invest $542 Million in Solana, Following Bitcoin Strategy

Corporations are increasingly investing in Solana, mirroring the Bitcoin accumulation strategy employed by firms like MicroStrategy. A recent report from Coinbase highlights this trend, identifying two non-crypto firms and one crypto firm that made substantial investments in Solana in 2025.

After experiencing volatility earlier in the year, Solana ended April 2025 with bullish momentum. The blockchain's transaction volume has been soaring, and it recently surpassed Ethereum’s staking market cap. Coinbase's latest report primarily focuses on the market comparison between Bitcoin and Ethereum but also points out a significant trend involving Solana.

David Duong, Coinbase’s Global Head of Research, noted that companies such as Janover, a real estate financing firm, and Upexi, a supply-chain management company, are adopting a strategy similar to MicroStrategy by investing in Solana. Janover raised $42 million in convertible notes to establish a Solana reserve treasury, while Upexi secured a $100 million private placement, with over 90% allocated for accumulating and staking SOL.

Coinbase compared these moves to new corporate Bitcoin holders like Twenty One Capital, although on a much smaller scale. Twenty One Capital launched with over 42,000 BTC under management, translating to $3.97 billion at current prices. In contrast, Upexi, Janover, and SOL Strategies, which recently raised $500 million in convertible notes issuance to buy Solana tokens, are relatively small players.

Despite Bitcoin remaining the preferred cryptoasset for major players, interest in Solana is growing. Coinbase, as one of the largest global exchanges, closely monitors emerging market movements and regularly publishes research across key crypto sectors. The entry of corporate players into Solana could signal the beginning of a broader shift, although it is still in its early stages.

It is important to note that the activity so far is limited. A real estate financing firm and a supply chain management company buying Solana do not suggest a major institutional migration. Sustained growth and broader adoption would be needed before Solana’s corporate reserves could meaningfully impact the larger cryptoasset landscape.