Solana News Today: Solana Market Cap Surges 6.7% to $100 Billion Amid Corporate Adoption

Mercurity Fintech, a Nasdaq-listed company, recently announced a $200 million Equity Line of Credit Agreement with Solana Ventures. The agreement was purportedly aimed at launching a Solana-based treasury strategy. However, Solana Ventures swiftly denied any involvement in such an agreement, stating that it is not affiliated with any equity line of credit agreements with publicly listed companies or entities.

Mercurity Fintech claimed that the funding would support various initiatives, including SOL accumulation, staking operations, validator nodes, and investments in Solana-based projects. These projects encompass real-world assets and tokenized finance products. Despite Solana Ventures' denial, Mercurity Fintech has not taken down their posts or provided any further clarification on the matter.

According to WuBlockchain, the company mentioned in Mercurity Fintech's press release is not the well-known Solana Ventures but another entity using a similar name. This confusion highlights the complexities and potential risks associated with corporate announcements in the cryptocurrency space.

The incident occurs amidst a broader trend of companies pivoting towards Solana treasuries. DeFi Development Corp., for instance, has emerged as a leading player in this space, holding 999,999 SOL tokens worth approximately $181 million. The company has drawn only a small portion of its $5 billion equity line of credit, indicating a strategic approach to its treasury management.

BIT Mining, another notable player, announced plans to raise $200-300 million for SOL accumulation, marking a shift from its previous focus on mining Bitcoin, Litecoin, Dogecoin, and Ethereum Classic. This move has sparked significant market interest and has led to a surge in the company's stock price. Similarly, Canadian firm Sol Strategies holds over 420,000 SOL tokens and has secured a $500 million convertible note facility for acquiring and staking additional SOL tokens.

NextGen Digital Platforms has also entered the cryptocurrency space, purchasing $1 million worth of Bitcoin as its first crypto acquisition. The company has board approval for up to 80% treasury allocation to digital assets, including Bitcoin, Ethereum, and Solana. This diversified approach reflects a growing trend of corporate acceptance of multiple cryptocurrency treasuries.

However, it is important to note that altcoins carry heightened risks due to volatility, lower liquidity, and experimental technology compared to Bitcoin. Companies are increasingly utilizing convertible debt and equity issuance to build exposure without direct spot market purchases. For example, SharpLink Gaming increased its Ethereum holdings by purchasing 32,892 ETH, worth approximately $115 million, bringing the total accumulation to 144,501 ETH, valued at $515 million, over nine days. The company became the world’s largest corporate holder of Ethereum, with 353,000 ETH worth over $1.2 billion.

This trend of corporate altcoin adoption has triggered significant stock price jumps, with average increases of 150% in one day, 185% in a week, and 226% over a month. Following this adoption trend, Solana’s market capitalization surged past $100 billion for the first time since January 2025, following a 6.7% jump that brought prices to $192.94. This milestone positions Solana as the sixth-largest cryptocurrency, just $9 billion behind Binance Coin.

Adding to the growing momentum, Solana decentralized exchanges processed over $1 trillion in cumulative volume during the first half of 2025, exceeding the volume of the previous two halves combined. This surge in activity underscores the increasing interest and investment in the Solana ecosystem, despite the ongoing disputes and clarifications surrounding corporate announcements.