DigitalX Bolsters Solana Strategy with Board Overhaul, 83,279 SOL Holdings

DigitalX Limited, an Australian-listed blockchain investment firm, has bolstered its Solana acquisition strategy with a significant board overhaul. The company has added industry heavyweights to its board, aiming to support its rapid expansion into Solana staking and infrastructure. This move marks a pivotal shift for DigitalX, positioning it as a dominant institutional player within the Solana ecosystem.

Since November 2024, DigitalX has been aggressively accumulating SOL, now holding 83,279 SOL, which places it among the top five public holders of Solana globally. In addition to its SOL holdings, the company possesses 319.66 BTC and over AUD 6.44 million in other digital assets. Despite its substantial digital asset portfolio, DigitalX's market capitalization remains at AUD 50.4 million, indicating a potential valuation gap.

The recent board appointments include Leigh Travers and Ieva Guoga as non-executive directors. Travers, with his extensive experience as the former CEO of both Binance Australia and DigitalX, now leads capital markets at Animoca Brands. His operational and strategic expertise across various digital firms listed on ASX, NASDAQ, and CSE will be invaluable. Ieva Guoga, currently working with SOL Strategies Inc., brings a strong background in Solana infrastructure. Her involvement deepens DigitalX’s alignment with Solana’s core infrastructure, particularly its validator ecosystem. Both appointees have been granted 10 million options each, exercisable at AUD $0.10 within five years, further aligning their interests with shareholder value creation.

DigitalX’s strategic moves come at a time when digital asset markets are experiencing a resurgence, with Solana being increasingly viewed by institutions as a foundation for real-world blockchain applications and yield generation. The company’s approach aligns with the trend of diversifying exposure to Bitcoin and high-conviction Layer 1 assets like Solana. Through its partnership with SOL Strategies, DigitalX stakes its SOL holdings with a validator network optimized for uptime and yield, turning its assets into a regulated, revenue-generating staking operation. BitGo, a trusted name in institutional crypto security, handles the custody of these assets.

Additionally, DigitalX’s partnership with SOL Strategies coincides with a tie-up with Superstate’s Opening Bell, which aims to enable SEC-registered public shares to be issued and traded directly on blockchains, starting with Solana. This new product is awaiting regulatory approval and underscores the growing convergence between public markets and digital assets. SOL Strategies became the first company to list its shares via this system, highlighting the potential for tokenized equity in the Solana ecosystem.

DigitalX’s latest acquisition of nearly 19,000 SOL, funded by proceeds from its recently closed DigitalX Fund (DXF), brought its total holdings to over 83,000 SOL as of early May. The company expects to generate a 7–9% annualized yield, translating to approximately AUD $350,000 in additional annual revenue at current prices. Interim CEO Demetrios Christou emphasized that this move represents a strategic shift from passive Bitcoin holdings to yield-generating blockchain participation, reflecting high conviction in Solana’s long-term potential.

Despite holding a high-value digital asset portfolio and generating AUD 2.5 million in annual recurring revenue from its fund management arm, DigitalX continues to trade close to its NAV, a valuation gap that increasingly looks unsustainable. The company’s financials for the half-year ended December 2024 show a 36.3% increase in revenue and a 3% reduction in operational expenses, with a narrowing operating loss and a 24.9% increase in net assets compared to June 2024. These improvements, driven by staking activities and cost discipline, are moving DigitalX closer to breakeven and potential profitability.

With operational costs decreasing, revenue growing, and digital asset holdings expanding, DigitalX is transitioning from a quiet digital asset fund into a key institutional access point to the Solana economy. Its peers, including SOL Strategies, have seen valuations surge on similar strategic pivots. If history repeats, DigitalX may be poised for a re-rating as investor awareness catches up with fundamentals.