Quartzsea-U's 15-min chart shows SMA50 turning upward.

According to the 15-minute chart of Quartzsea-U, the moving average of 50 days has turned upward, accompanied by a 20-day moving average turn upward. This indicates a shift in market sentiment, with buyers taking control and driving the price upward in the mid-term.

In a significant development for the cryptocurrency market, SOL Strategies, a publicly traded Solana infrastructure company, has announced plans to raise $1 billion to bolster its treasury with SOL tokens. This move underscores the growing trend of public companies adopting SOL as a treasury asset, echoing the approach taken by companies like MicroStrategy with Bitcoin.

SOL Strategies, formerly known as Cypherpunk Holdings, has been bullish on Solana, with over 3.5 million SOL staked through its validator service. The company recently purchased 122,524 SOL for $18.25 million, increasing its total holdings to 349,322 SOL. This acquisition was made using the initial $20 million of its $500 million convertible note facility.

The company has filed a preliminary prospectus with securities regulators in all Canadian provinces and territories, aiming to issue up to $1 billion in securities over the next 25 months. These securities could be issued in the form of common shares, warrants, debt securities, units, or subscription receipts. However, the company has no immediate plans to issue any securities and has only filed the preliminary prospectus to improve its financial flexibility.

SOL Strategies' CEO, Leah Wald, confirmed that the filing aligns with the company's growth strategy, allowing it to access capital for any opportunities within the Solana ecosystem. The company's bullish stance on Solana is evident in its staking services, which have around 3.5 million SOL delegated to its validators, with more than 5,500 wallets controlled by different corporate institutions staking with it.

Beyond its staking services, SOL Strategies is also working to become the first public company to have registered shares on Solana through the Superstate Opening Bell platform. The company recently completed SOC 2 Type 1 and SOC 1 Type 1 audits for its staking platform, receiving an ISO 27001 certification for its cybersecurity and compliance standards.

The $1 billion plan by SOL Strategies highlights the growing trend of SOL treasury adoption by public companies. Over the past month, two US-based public companies have adopted SOL, including Nasdaq-listed real estate company DeFi Development Corp. and Upexi, which raised $100 million to buy SOL and create a Solana treasury.

This trend reflects a broader shift in the financial landscape, with companies increasingly recognizing the potential of cryptocurrencies like Solana as a strategic asset. As more public companies adopt SOL as a treasury asset, the cryptocurrency's market value and utility could see significant growth.

References:

[1] https://www.cryptopolitan.com/sol-strategies-1-billion-solana-treasury/
[2] https://finance.yahoo.com/news/lam-research-lrcx-just-overtook-133502422.html
[3] https://finance.yahoo.com/news/regeneron-pharmaceuticals-nasdaqgs-regn-reports-171421847.html