Is Solana's 'Treasury Moment' Here?
Following Bitcoin and Ethereum, Solana's treasury narrative is accelerating.
📌 1. Capital Entry: Discount Supply + Public Company Accumulation
On August 25, Sharps Technology completed $400 million PIPE financing, aiming to establish the world's largest Solana treasury.
At the same time, it signed an agreement with the Solana Foundation to subscribe for $50 million SOL at a 10% discount based on the 30-day average price.
👉 This model = Foundation discounted supply + Public company accumulation.
📌 2. Institutional Situation: VCs Actively Organizing
Galaxy Digital, Jump Crypto, and Multicoin are negotiating a $1 billion plan to acquire a public company and establish a SOL treasury platform.
Pantera is also preparing a $1.25 billion plan to transform a public company into a Solana investment firm.
These institutions have long held low-cost chips:
Galaxy had previously bought SOL heavily during the FTX auction;
Pantera has acquired over $100 million in locked assets at a discount.
📌 3. Why Isn't the Price Rising?
In the past year:
BTC +150%
ETH +95%
SOL +17.9%
The reason is:
The existing treasury companies have limited scale, and the market's appeal is insufficient.
There is a lack of a “MicroStrategy-style” leader to convert capital investment into market faith.
📌 4. Future Landscape: Opportunities and Risks
Opportunities: ETF expectations + VC involvement → Solana's treasury narrative may become the next hot topic.
Risks: If a large number of locked assets are converted to liquidity through the DAT model, it may instead create selling pressure.
🔥 Summary
Solana's treasury story has just begun.
Capital is concentrating, but what will determine whether it can replicate the effects of BTC and ETH is not just the scale of funds, but —
👉 Who can become Solana's “Saylor”.
