Solana News Today: Public Companies Boost Solana Holdings to Capture Staking Rewards

Public companies are increasingly allocating capital to Solana’s native token, SOL, as they seek to capitalize on staking rewards within the blockchain’s ecosystem. Three firms—Bit Mining, Upexi, and DeFi Development Corp—have recently disclosed significant purchases of the token, signaling a broader trend of institutional interest in Solana-based returns.

Bit Mining, traditionally a Bitcoin mining firm, entered the Solana space on July 10 by purchasing 27,191 SOL worth $4.5 million and establishing a validator node to earn staking yields. The move represents the company’s strategic shift into the Solana ecosystem, with ambitions to raise up to $300 million to build a dedicated token treasury. According to the firm’s chairman and COO, Bo Yu, the initiative reflects confidence in Solana’s potential to drive growth and decentralization [1].

Meanwhile, Upexi, a supply chain management firm, spent much of July acquiring Solana tokens, increasing its holdings from 735,692 to over 2 million SOL. CEO Allan Marshall described the month as “game-changing,” noting that the firm raised over $200 million to support its purchases. By staking the majority of its holdings, Upexi reported daily earnings of $65,000 at an 8% yield, highlighting the immediate financial incentives behind the strategy [1].

DeFi Development Corp, which previously operated as Janover in the real estate financing space, also joined the trend. After its acquisition by former Kraken executives in April, the firm began acquiring SOL and now holds over 1.2 million tokens. The company plans to stake its holdings through multiple validators, aligning with the Solana network’s consensus mechanism and earning additional tokens as rewards [1].

CoinGecko reported that the top four Solana-holding public companies now control more than 3.5 million tokens, valued at over $591.1 million. This accounts for nearly 0.65% of the circulating supply of SOL, underscoring the growing institutional footprint in the blockchain’s governance and economic structure [1].

According to BitGo, a crypto firm, this trend reflects a broader shift in corporate treasury management. Companies are increasingly viewing digital assets as legitimate institutional investments, particularly after the widespread adoption of Bitcoin. Solana’s staking yields offer an alternative to traditional treasury strategies, enabling firms to generate passive income while supporting blockchain infrastructure development [1].

Upexi currently leads the Solana treasury race in terms of holdings, followed by DeFi Development Corp and SOL Strategies, a Canadian firm focused on Solana infrastructure. This competitive landscape suggests that staking rewards are becoming a key driver in how public companies approach digital asset allocation [1].

The continued growth of Solana’s block capacity—recently up 20%—and proposals for further expansion indicate that the network is gaining momentum, potentially attracting more institutional players to its ecosystem [1]. As companies continue to allocate capital toward staking strategies, the Solana blockchain may see further adoption and integration in corporate finance models.

Source: [1] Solana treasury race heats up as firms hunt staking rewards (https://cointelegraph.com/news/crypto-treasury-companies-buying-solana-staking-rewards)