Different methods, same purpose.

Written by: Deep Tide TechFlow

Has MicroStrategy increased its BTC holdings again today?

This question seems to have become an important barometer of bullish sentiment in the crypto market. In 2020, this company ignited the trend of traditional companies investing in cryptocurrencies and set a benchmark for many other traditional companies to embrace crypto assets.

However, the current barometer may need to add Solana.

Recently, the trend has been that traditional companies are also starting to increase their SOL holdings in various ways.

From real estate and consumer goods to investment funds, an increasing number of companies from different industries are gradually incorporating "SOL reserves" into their investment considerations.

Since the major drop following TRUMP's coin issuance, the price of SOL once fell to around $95; it has now rebounded to $150. Historically, this is not the first time SOL has shown price resilience.

After experiencing ups and downs, SOL may become the next "Bitcoin" pursued by traditional companies. These companies that are first to take the plunge are actively transforming and positioning themselves in the rising profit expectations.

Janover Inc.: Crypto Team Reshaping Real Estate FinTech

Janover Inc. is a Nasdaq-listed fintech company (stock code: JNVR) headquartered in Boca Raton, Florida, focusing on commercial real estate loan matching. Founded in 2018, Janover connects borrowers (such as real estate developers, property owners, and small business owners) with lending institutions through an AI-driven online platform, providing financing solutions for multi-family residences and commercial properties.

The company's business was previously affected by a downturn in the real estate market, but small business loan revenue has grown for two consecutive years. In July 2023, Janover raised $5.65 million through an IPO, ending the year with cash reserves of $5.1 million and only 26 employees, positioning itself as a small but innovation-driven fintech company.

In April 2025, Janover announced a bold asset allocation strategy, increasing its holdings of 163,651.7 Solana (SOL), valued at approximately $21.2 million, becoming a typical case of traditional industries crossing into the crypto market.

This is actually not the company's first purchase of SOL.

After this transaction, along with some previous purchases, Janover's total SOL holdings reached 317,273 coins, valued at approximately $48.2 million (including staking rewards).

On April 4, the company's board approved the inclusion of SOL into the corporate treasury, and the transaction was completed through market purchases on April 15. Janover plans to stake these tokens to earn an annualized return of 5-7% and is considering operating Solana network validation nodes to participate in ecosystem development.

The funding for this initiative comes from its cash reserves and $42 million in convertible bonds raised from crypto industry institutions such as Pantera Capital and Kraken on April 7.

Behind this move lies a deeper connection with the crypto industry.

News released on Janover Inc.'s official website shows that a team composed of former Kraken members has acquired a majority stake in the company. As part of this transaction, the company name and stock code will change in the future. The new name will be "DeFi Development Corporation."

The company's board has approved a financial decision to allocate major holdings in financial reserves on the balance sheet to digital assets, starting with Solana (SOL). The company will explore acquiring Solana validators and plans to acquire and stake SOL through them. The validator business seeks to acquire external equity and use the corresponding income to acquire more SOL.

Janover's CEO Blake Janover stated: "I am very much looking forward to this transaction creating value for shareholders and promoting the company's future growth. I have spent a lot of time learning about all aspects of the DeFi ecosystem and found that my vision aligns closely with the new leadership." So rather than saying the company has embraced crypto, it is more accurate to say that people from the crypto industry have acquired the company, clearing the threshold for increasing SOL holdings.

SOL Global: Crypto Investment Pioneer

SOL Global Investments Corp. is a Canadian investment company based in Toronto, focusing on uncovering the potential of cryptocurrencies, blockchain, and emerging technologies. Since its establishment in 2017, this company, listed on the Canadian Securities Exchange (code: SOL), is known for its bold alternative investment strategies, managing approximately CAD 150 million in assets, covering medical technology and digital assets.

In 2025, SOL Global further focused on Solana (SOL), consolidating its pioneering position in the crypto market by increasing its holdings by 40,350 SOL (valued at approximately $8.7 million), becoming a benchmark for traditional investment companies embracing the Solana ecosystem.

In January 2025, SOL Global announced a targeted fundraising of $18 million, of which $10 million was directly used to purchase SOL, with the remaining funds directed towards DeFi and NFT projects within the Solana ecosystem. As of March, approximately 60% of the 40,350 SOL held by the company had been staked, locked in the Solana network to earn an annualized return of 6.26%.

Recent news indicates that SOL Global currently holds around 260,000 SOL.

The company's CEO Paul Kania stated in an announcement: "We aim to become a Solana super company, providing public market investors with direct access to opportunities in the Solana transformation."

SOL Global's Solana strategy goes beyond merely hoarding coins. The company's portfolio includes star projects within the Solana ecosystem, such as the decentralized exchange Serum and the NFT platform Magic Eden, demonstrating its ambition for deep involvement in ecosystem development.

SOL Global also plans to launch a Solana-based investment fund by the end of 2025, further amplifying its influence. Unlike traditional investment companies, SOL Global's crypto DNA (with a team largely from the blockchain field) allows it to navigate the Solana boom with ease.

SOL Strategies: Veteran Renamed, Original Intention Unchanged

Sol Strategies Inc., formerly known as Cypherpunk Holdings, is a publicly listed holding company on the Canadian Securities Exchange (code: HODL) that has been deeply involved in cryptocurrency investment since 2018. This investment veteran, established in 1995, initially focused on privacy technologies (such as Tor and VPNs) and shifted to digital assets like Bitcoin and Ethereum after 2018, managing approximately CAD 60 million in assets.

In September 2024, under the leadership of former Valkyrie Funds CEO Leah Wald, the company underwent a dramatic transformation: it was renamed Sol Strategies, fully focusing on Solana (SOL), becoming a pioneering case of leaning towards the Solana ecosystem in the crypto investment field.

In February 2025, Sol Strategies announced it held 189,968 SOL, valued at approximately $40.89 million, making it one of the largest publicly traded Solana investment entities.

The company accumulated SOL through phased purchases from October 2024 to January 2025, funded by its existing crypto asset portfolio (including partial liquidation of Bitcoin) and a CAD 25 million private placement completed in November 2024.

As of now, public data shows that the company holds approximately 260,000 SOL.

Sol Strategies not only hoards coins but also operates multiple Solana network validation nodes, participating in the consensus mechanism, with expected annualized returns of 6-8%. CEO Leah Wald stated: "Solana represents a high-growth opportunity and is a logical extension of our strategy. We offer a more proactive way to participate than ETFs."

Upexi Inc.: A Crypto Adventure for a Consumer Goods Company

Upexi Inc. (Nasdaq: UPXI) is a consumer goods company based in Nevada, focusing on data-driven brand development and distribution, covering areas such as health supplements, pet products, and children's toys.

Founded in 2018, Upexi rapidly expanded through acquisitions and self-built brands, achieving revenue of $83 million in 2024, a 54% year-on-year increase, and securing a place in e-commerce and on Amazon platforms. After going public on Nasdaq in 2023, the company had a market capitalization of approximately $120 million and around 150 employees, positioning itself as a mid-sized player in the consumer goods sector.

In 2025, this company, which was completely unrelated to cryptocurrencies, also invested nearly $100 million to increase its Solana (SOL) holdings, becoming an unexpected star in the traditional industry's crossover into the crypto market.

On April 21, 2025, Upexi announced a $100 million private placement financing, planning to allocate $94.7 million to purchase SOL and establish a Solana corporate treasury, with specific holdings yet to be disclosed. The financing was led by crypto trading giant GSR Markets, demonstrating professional institutions' confidence in Upexi's strategy.

Upexi stated that the SOL investment will be completed through phased market purchases, with the first batch expected to start in May 2025. The company also plans to stake part of its SOL to earn an annualized return of 5-7%. CEO Allan Marshall stated in the announcement: "This strategy will bring long-term value to shareholders, seize growth opportunities in the crypto market, while maintaining the core competitiveness of the consumer goods business."

Upexi's crossover stems from the management's optimism about crypto assets. At the end of 2024, the company appointed a former Coinbase financial advisor to the board, accelerating the formulation of its crypto strategy. Upexi's consumer goods business relies on e-commerce fluctuations, and the SOL treasury is seen as an innovative attempt to hedge against traditional market risks.

WonderFi: Solana Layout of a Digital Asset Platform

WonderFi Technologies Inc. is a leading Canadian digital asset platform operator headquartered in Vancouver, dedicated to providing cryptocurrency trading, custody, and investment services for retail and institutional clients.

Founded in 2019, WonderFi quickly grew into a key player in the North American crypto market by acquiring Coinsquare (one of Canada's largest crypto exchanges) and CoinSmart, managing over CAD 1 billion in assets and registering over 1 million users by 2024.

The company is listed on the Canadian Securities Exchange (code: WNDR), with a market capitalization of approximately CAD 280 million and around 200 employees. In 2024, WonderFi turned its attention to Solana (SOL), consolidating its leading position in the crypto industry through increased holdings and ecosystem integration, becoming an important driver of Solana's mainstream adoption.

As of February 2024, WonderFi held 61,720 SOL, valued at approximately $8.4 million (based on the SOL price of $136 at that time), and planned to stake all tokens to earn an annualized return of 5-7%.

On January 16, 2025, the company further acquired Solana ecosystem tool developer Blade Labs, gaining its validation node technology and developer resources, with an investment of approximately CAD 15 million. WonderFi launched SOL staking services through the Coinsquare platform, allowing users to directly participate in the Solana network, contributing CAD 8.8 million in staking asset revenue by the end of 2024.

WonderFi's Solana strategy stems from its strategic insight into the crypto-native ecosystem. The acquisition of Blade Labs not only enhanced WonderFi's technical capabilities but also made it an active validator on the Solana network, with expected validation earnings of CAD 2 million in 2025.

Different Methods, Same Purpose

The five companies increased their SOL holdings in 2025 through various methods, with reasons ranging from asset diversification to DeFi potential, but their ultimate purpose is quite similar:

Seizing growth opportunities in the crypto market to maximize shareholder value.

The underlying logic here is that companies believe SOL still has room for appreciation; after all, no one wants to make a losing trade.

As Bitcoin gradually becomes a widely recognized consensus, the profit margins from holding Bitcoin are actually being diluted; for smaller or more aggressive traditional companies, holding SOL feels more like an alpha strategy, while holding BTC has turned into a beta.

Compared to the degens in the trenches, holding SOL is certainly a conservative choice; but compared to many traditional businesses that earn hard money, this choice may have a relatively higher payout.

It is believed that more and more market participants will vote with their feet to seize the opportunity to share in the growth profits of the crypto market.

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