The public markets have changed the future of Bitcoin forever. Will the same be true for Solana?
What’s happening:
- Publicly traded companies have been starting to accumulate Solana to hold directly as an asset, which may mark a new paradigm shift for the overlap between the traditional public markets and Solana
Why it matters:
- The traditional public markets have become more relevant than ever for digital assets following the huge success of spot Bitcoin ETFs listing on major stock exchanges in the United States which has led to large capital allocators, institutions and even universities to begin to get exposure to Bitcoin for the first time ever
- The Solana ecosystem has continued to be on the leading edge of innovation in crypto lately, from launching new hardware devices such as mobile phones and gaming consoles to integrating PayPal’s stablecoin onto their blockchain for low fee transactions
Who is making moves:
- Brazil regulators previously approved their second ever spot Solana ETF to be listed on the B3 stock exchange
- Asset management companies VanEck and Canary Capital have both filed applications with the United States Securities and Exchange Commission to launch their own spot Solana ETFs
- Sol Strategies (CSE: HODL) has recently been rapidly accumulating Solana to hold directly as an asset, as well as staking a portion of their holdings to generate yield
- DeFi Technologies (CBOE: DEFI) previously purchased Solana to hold directly as an asset, to add to their overall exposure to digital assets
- Neptune Digital Assets (TSXV: NDA) also owns Solana as part of their core holdings of digital assets and is currently staking all of their Solana holdings to generate a passive yield
By the numbers:
- Sol Strategies currently owns 130,125 Solana
- Neptune Digital Assets currently owns 31,727 Solana
- DeFi Technologies currently owns 12,775 Solana
Going deeper:
- The public markets have begun to play a critical role in the accumulation of digital assets, with companies such as MicroStrategy (NASDAQ: MSTR) leveraging both equity and debt capital raises to continually accumulate more Bitcoin at unprecedented scale
The intrigue:
- Asset management company 3iq also previously applied to list a spot Solana ETF in Canada on the Toronto Stock Exchange, which is where many of the first ever spot Bitcoin ETFs were initially listed prior to ever being approved by regulators in the United States
