Web3事件分析

November 22, 2025 – The cryptocurrency industry giant Coinbase announced today that it has reached an agreement to acquire the decentralized exchange (DEX) and social trading application Vector, based on the Solana network. This move is seen by the industry as a key step for Coinbase to solidify its trading business moat and strongly penetrate the trillion-dollar Solana ecosystem.

It is reported that this acquisition is expected to be completed by the end of 2025. After the transaction is completed, the core technology team of Vector, consisting of 13 employees, will be incorporated into Coinbase, and its technology will be integrated into Coinbase's main consumer trading business, while Vector's independent application will subsequently be shut down.

This acquisition comes against the backdrop of explosive growth in the Solana chain's ecosystem, particularly in decentralized trading. Data shows that as of 2025, the trading volume on Solana's DEX has exceeded $1 trillion, becoming the main battlefield for many traders and meme coin enthusiasts.

For Coinbase, acquiring Vector, which originated from Solana, is akin to obtaining a key to quickly open this treasure trove. Vector's technology will greatly help Coinbase optimize its trading experience on the Solana network, achieving faster order routing and asset execution efficiency. More importantly, Vector has the ability to quickly identify and support newly born assets on Solana, which will allow Coinbase to seize opportunities in capturing rapidly changing trading chances like meme coins.

🏦 21Shares Solana ETF officially approved and set to trade

On November 20, 2025, the 21Shares Solana ETF (code TSOL) has officially received regulatory approval and will begin trading. The company is an important issuer in the cryptocurrency investment products sector, and its launch of the TSOL ETF becomes one of the first approved Solana spot ETFs, providing investors with a compliant and convenient channel for Solana allocation.

This ETF not only provides investors with direct exposure to the spot price of Solana but also innovatively integrates staking yield functionality. 21Shares collaborates with professional institutional-grade staking service providers to execute on-chain staking operations on behalf of the ETF, aiming to bring additional compound staking returns to investors and enhance the long-term appreciation potential of the assets.

To promote early adoption of the ETF and market liquidity, 21Shares announced a zero management fee policy for the first $1 billion in assets under management (AUM) for TSOL, which will last for 12 months. In the context of the ongoing development of the digital asset market, the ETF products of the Solana ecosystem demonstrate unique appeal. Data shows that the Solana ETF category has recorded net inflows for 10 consecutive days, and market attention continues to rise.

The launch of TSOL builds an important bridge for traditional capital by combining on-chain native yields (staking rewards) with the liquidity and convenience of traditional exchanges. This move significantly lowers the technical and compliance barriers for institutional investors to allocate Solana, and is expected to further drive the participation depth and asset allocation scale of mainstream financial institutions in the Solana ecosystem.

🚀 Enterprise-level blockchain alliance R3 establishes strategic cooperation with Solana Foundation

In May 2025, the world-leading enterprise-level blockchain software company R3 officially announced a strategic cooperation with the Solana Foundation, aimed at bringing regulated traditional financial institutions and their tokenized real-world assets (RWA) onto the high-performance public chain of Solana. This cooperation marks the first deep integration of enterprise-grade permissioned chains with public blockchains, opening a new channel to public blockchains for on-chain assets valued at over $10 billion. R3's Corda platform has been adopted by more than 300 major financial institutions globally, including HSBC and Bank of America. This collaboration will enable institutions within its ecosystem to directly leverage Solana's high throughput, low latency, and low-cost advantages.

🔗 Technical Integration and Phased Roadmap

· Phase One: Develop a cross-chain protocol connecting Corda and the Solana network to achieve direct confirmation of R3 private chain transactions on the Solana public chain.

· Phase Two: Build enterprise-level permissioned consensus services on Solana's Layer-1 network, allowing regulated financial institutions to access public blockchain infrastructure while maintaining compliance standards.

🏛️ Strategic Background and Institutional Validation

As a leader in the blockchain space for traditional finance, R3's Corda platform is designed specifically for financial institutions, emphasizing transaction privacy and compliance. This cooperation is based on R3's technical assessment of multiple public chains, ultimately choosing Solana for its historical state compression, high scalability, and increasingly mature institutional validator ecosystem. The collaboration also includes Solana Foundation Chair Lily Liu joining R3's board, and may involve undisclosed strategic investments, marking a relationship that transcends ordinary technical cooperation.

🚀 The UK's first Solana ETP supporting staking has landed on the London Stock Exchange
In November 2024, European digital asset investment giant Coinshares launched the UK's first physical ETP supporting staking functionality for the Solana market on the London Stock Exchange. This product groundbreakingly combines physical asset backing with on-chain staking rewards, providing the first investment channel for UK institutions and qualified investors that complies with local regulatory frameworks, marking Solana's formal inclusion into the UK's mainstream financial system. Currently, Coinshares manages assets exceeding $6 billion, and this innovative product design creates a new paradigm for digital asset ETPs in the UK.

🔗 Dual-track operational mechanism and revenue structure
Coinshares CEO Jean-Marie Mognetti revealed at the press conference that this ETP adopts a unique dual-track operational architecture: on one hand, SOL physical assets are strictly stored by a licensed custodian regulated by the UK, while on the other hand, all holdings participate in on-chain staking to generate additional revenue. The expected annualized staking yield is between 5% and 7%, and all earnings will be directly returned to investors through daily net asset value adjustments. Currently, this product is only available to professional investors, and it will gradually open to retail investors depending on the approval progress of the UK's Financial Conduct Authority.

🏛 Compliance layout and strategic intent
As one of the earliest traditional investment institutions involved in cryptocurrency in Europe, Coinshares has been operating multiple crypto asset ETPs through its XBT Provider brand since 2015. The choice of the London Stock Exchange as the debut platform is based on a comprehensive assessment of the maturity of the UK market, institutional demand, and regulatory clarity. All custody solutions comply with UK regulatory requirements and a regular third-party audit mechanism is established to ensure asset transparency.

🏦 WisdomTree Launches First Solana Physically-Backed ETP in Europe

In September 2024, global asset management leader WisdomTree announced the official launch of the Solana physically-backed ETP (Exchange Traded Product) on the Swiss SIX Exchange. This is the first exchange-traded product in the European market that directly holds SOL spot assets, marking Solana's formal entry into the mainstream compliant trading market in Europe.

WisdomTree currently manages over $100 billion in assets globally, and its innovative product structure provides a secure and transparent investment channel for Solana for European institutions and qualified investors.

Will Peck, WisdomTree's Head of Digital Assets, stated at the product launch that the ETP will adopt a fully spot collateral model, with all SOL assets properly custodied by compliant custodians. The product also supports on-chain staking functionality, expected to provide investors with an annualized additional return of 4%-6%. This ETP has been listed first on the Swiss SIX Exchange, and will subsequently be launched on major European trading platforms such as the Deutsche Börse and Euronext Paris, based on regulatory approval progress.

As one of the first traditional asset management firms to enter the digital asset space, WisdomTree has successively launched several digital asset ETP products including Bitcoin and Ethereum since 2021, with its custody and risk control systems having passed rigorous audits by EU financial regulators. The decision to choose SOL as the underlying asset for the new generation ETP is based on a comprehensive assessment of the maturity of Solana network technology, market liquidity, and the European regulatory environment.

🏦 Huaxia Fund (Hong Kong) Launches Asia's First Solana Spot ETF

On October 24, 2025, Huaxia Fund (Hong Kong) announced that it has obtained approval from the Hong Kong Securities and Futures Commission to officially launch Asia's first Solana spot Exchange-Traded Fund (ETF). This move marks Solana as the third-generation digital asset to gain compliant listing status in the mainstream financial market in Asia, following Bitcoin and Ethereum.

As one of China's largest asset management companies, Huaxia Fund manages over $30 billion in assets in Hong Kong. The launch of this innovative product establishes a first-mover advantage for its digital asset layout in the Asia-Pacific region.

Huaxia Fund (Hong Kong) CEO Zhang Hao stated that the ETF will be advanced in two phases: the first phase will open subscription to professional institutions and qualified investors, with official trading expected to commence on the Hong Kong Stock Exchange in early November 2025; the second phase will introduce a linked fund in the first quarter of 2026, further lowering the participation threshold for retail investors. The product adopts a fully spot underlying structure, with all SOL assets stored in cold storage by licensed custodians to ensure asset security.

As one of the earliest domestic financial institutions to enter the digital asset space, Huaxia Fund has successively launched Bitcoin and Ethereum spot ETFs in Hong Kong since 2023, and its custody and risk control systems have passed the strict audits of the Hong Kong Securities and Futures Commission. The choice of Solana as the target for the new generation of digital asset ETFs is based on a comprehensive assessment of network technology maturity, institutional allocation needs, and regulatory compliance pathways.

🏦 Fidelity's Solana Spot ETF FSOL will launch tomorrow

In November 2025, global top asset management company Fidelity announced that its Solana Spot ETF — Fidelity Solana Fund will officially launch for trading on November 19, with the code $FSOL. The management fee for the fund is set at 0.25% (i.e., 25 basis points), which is quite competitive among current Solana ETF products.

It is worth noting that BlackRock did not participate in this Solana ETF competition, making Fidelity the largest traditional asset management company to enter this field. In addition to Fidelity's FSOL, Canary Funds also plans to launch its Solana ETF SOLC on the same day, which will collaborate with Marinade Finance for on-chain staking.

The launch of FSOL marks further recognition of the Solana ecosystem by mainstream financial institutions, following Bitwise's $BSOL (currently with an asset management scale of about $450 million) and VanEck's $VSOL, and provides investors with a new, regulated avenue to access the Solana cryptocurrency asset.

🏦 VanEck Solana ETF officially launched for trading

In November 2025, asset management giant VanEck officially launched and began trading the VanEck Solana ETF (code VSOL). The company is one of the world's leading asset management institutions, and its newly launched VSOL ETF is one of the first Solana spot ETFs approved by the U.S. Securities and Exchange Commission (SEC) after Bitcoin and Ethereum, providing institutional investors with a compliant and convenient access channel for Solana.

This ETF not only provides investors with direct exposure to the spot price of Solana but also innovatively introduces a staking yield mechanism. VanEck collaborates with professional institutional-grade staking service providers to execute on-chain staking operations on behalf of the ETF, aiming to deliver additional compounded staking returns to investors and enhance the long-term appreciation potential of the assets.

To promote early adoption of the ETF and market liquidity, VanEck announced a zero sponsorship fee policy for the first $1 billion in assets under management (AUM) for VSOL, which will last until February 17, 2026. Against the backdrop of capital outflows in the broader cryptocurrency market, ETF products in the Solana ecosystem have demonstrated significant resilience. Data shows that the Solana ETF category has recorded net inflows for 14 consecutive days, with a positive market response.

The launch of VSOL builds an unprecedented bridge for traditional capital by combining on-chain native yields (staking rewards) with the liquidity and convenience of traditional stock exchanges.

🏦 Bitwise Launches First Solana Staking ETP in the US, Opening a New Chapter for Institutional Allocation

In November 2025, renowned cryptocurrency asset management firm Bitwise announced that its Bitwise Solana Staking ETF (Ticker: BSOL) has officially been listed and traded on the New York Stock Exchange. This is the first exchange-traded product in the US to invest 100% directly in spot SOL, and it plans to stake all SOL assets on-chain. Bitwise currently manages over $2.4 billion in crypto assets, and its innovative product architecture provides institutional investors with a new compliant channel to participate in the Solana ecosystem.

Bitwise Chief Investment Officer Matt Hougan stated that the ETP employs a unique dual-yield structure: investors can benefit from the appreciation of the SOL price through product net asset value growth, and also earn stable staking rewards through the built-in staking mechanism. The product will be entrusted to rigorously selected institutional-grade validation nodes for staking operations, with an expected annualized yield between 3%-5%, creating a continuous cash flow return for investors.

As one of the most experienced asset management institutions in the crypto index product field, Bitwise has been deeply involved in the digital asset sector since 2017, and its Bitcoin spot ETF (BITB) has become a benchmark product in the industry. The decision to select SOL as the underlying asset for this next-generation ETP is based on a comprehensive assessment of the stability of Solana network technology, the security of staking economics, and improvements in the regulatory environment. The product uses Coinbase Custody as the asset custodian and has passed the rigorous review of the US SEC.

🏛 Franklin Templeton registers "Franklin Solana Trust" marks a key step towards a spot ETF

On February 10, 2025, global top asset management company Franklin Templeton officially registered the "Franklin Solana Trust" with the authorities of Delaware, USA. This move is widely interpreted by the market as laying the crucial legal and structural foundation for submitting an application for a spot Solana exchange-traded fund (ETF). Franklin Templeton currently manages over $1.6 trillion in assets, and this action signifies its intention to incorporate Solana into standardized investment tools compliant with traditional financial regulatory frameworks, providing compliant exposure to a broader range of qualified investors.

The advancement of the trust will follow a clear regulatory approval pathway. The first phase is to complete the legal entity registration and operational structure of the trust, and the next key phase will require the formal submission of the proposed ETF's 19b-4 and S-1 forms to the U.S. Securities and Exchange Commission (SEC). If approved, the trust will seek to track the price movement of Solana. Franklin Templeton's existing spot Bitcoin and Ethereum ETFs are listed on the Cboe BZX exchange, which also hints at the possible listing path for its Solana trust product.

As one of the traditional asset management giants most actively laying out in the digital asset space, Franklin Templeton has previously successfully operated Bitcoin and Ethereum-related products and possesses a mature compliance and risk management system. The company has publicly praised Solana's ability to overcome "growing pains of technology" and its high transaction throughput multiple times. The choice to register the Solana trust first is a forward-looking decision made after comprehensively assessing the regulatory environment, market demand, and asset characteristics (such as Solana's dominant position in decentralized finance and memecoin activities).

🏛 Franklin Templeton Expands Its On-Chain Money Fund to the Solana Network

In 2025, globally renowned asset management firm Franklin Templeton officially announced the expansion of its well-known on-chain U.S. government money fund to the Solana blockchain. This fund, as one of the first U.S. registered money funds operating on a public chain, marks a significant milestone for mainstream traditional financial products being deployed on the Solana network at scale. Franklin Templeton manages over $1.6 trillion in assets, and its initiative establishes a key position for Solana in the evolution of traditional financial assets on-chain.

Roger Bayston, head of digital assets at Franklin Templeton, stated that this integration will be implemented in phases, with the first phase allowing investors to hold and redeem fund shares on-chain through the Solana network, with plans to expand services to more tokenized asset products in early 2026. The transfer costs of the fund on Solana are extremely low, and transaction settlements can be completed within seconds, significantly enhancing capital efficiency and operational accessibility.

As one of the earliest traditional asset management companies to explore blockchain technology, Franklin Templeton has been deploying this fund on blockchain networks such as Polygon since 2023. Its system utilizes institutional-grade custody solutions like Fireblocks and has passed rigorous SOC 1 audits. The choice of Solana is a strategic expansion after evaluating network throughput, transaction finality, and compliance frameworks.

This development not only validates Solana's capability to support regulated financial products but also greatly accelerates the participation of traditional capital in on-chain yield assets with higher efficiency and lower barriers, solidifying Solana's technical position and compliance image in the next generation of financial markets.

🏦 Fidelity Investments officially includes Solana in its digital asset service system

In October 2025, global asset management giant Fidelity Investments officially announced the inclusion of Solana in its institutional digital asset service system, making it another core cryptocurrency supported by the platform following Bitcoin and Ethereum. Fidelity currently serves over 43 million institutional and individual investors worldwide, managing assets exceeding $12 trillion. This inclusion marks the first time SOL has entered the standardized service system of a traditional mainstream asset management institution.

Fidelity Digital Assets CEO Chris Tyrer stated that the integration will be implemented in phases, with the first phase providing qualified custody services for SOL to institutional clients, and expanding to direct allocation channels for retail brokerage accounts in early 2026. This service system will support institutional-grade staking for SOL, with an expected annualized yield ranging from 6% to 7%, further enhancing its value as an income-generating asset.

As one of the most influential institutions in traditional finance, Fidelity has been laying out its digital asset strategy since 2018. Its custody and trading systems have passed SOC 1 and SOC 2 audit certifications and utilize a multi-layer hot and cold wallet hybrid architecture. The inclusion of Solana in its service system is a strategic decision made after assessing network security, institutional demand, and regulatory compliance.

This move is seen by the industry as a key milestone for Solana entering the ranks of “mainstream assets,” significantly enhancing its compliance and accessibility as an institutional-grade allocation asset, and further opening up the path for traditional capital to participate in the Solana ecosystem through compliant channels, marking a historic recognition of Solana's status in the evolution of financial infrastructure.

🏦 Galaxy and other institutions establish a $1 billion Solana treasury

In August 2025, a consortium consisting of three major cryptocurrency investment institutions—Galaxy Digital, Multicoin Capital, and Jump Crypto—announced plans to raise approximately $1 billion to establish the world's largest dedicated reserve treasury focused on Solana. The consortium has hired the well-known Wall Street financial institution Cantor Fitzgerald as the lead underwriter and plans to complete the structural setup by acquiring a publicly undisclosed Nasdaq-listed entity.

As the main initiator of this joint action, Galaxy Digital was founded by former Goldman Sachs partner Mike Novogratz and is a full-stack cryptocurrency financial institution that integrates trading, asset management, and custody services, currently managing more than $10 billion in assets. Multicoin Capital, an early believer and significant institutional investor in the Solana ecosystem, manages approximately $1.5 billion in crypto assets; Jump Crypto has become a key supporter of the treasury's on-chain strategy and system security due to its technical expertise in market making, validator nodes, and Firedancer client development.

The treasury plans to allocate more than 80% of the raised funds directly to SOL assets, while the remaining portion will be invested in early projects and infrastructure within the Solana ecosystem that have strategic value. At the same time, the treasury will adopt a compound staking strategy, with an annual target yield set in the range of 6.5%–7.5% to achieve continuous asset appreciation.

This initiative has received public support from the Swiss Solana Foundation, and the overall transaction is expected to be completed in early September 2025.

📈 Pantera Capital is preparing a $1.25 billion Solana investment company

In August 2025, it was disclosed that the well-known cryptocurrency investment firm Pantera Capital is preparing a fundraising plan of up to $1.25 billion, aimed at acquiring a Nasdaq-listed company and transforming it into an investment firm specifically holding Solana. The plan will be executed in phases, with the first round raising $500 million and subsequently raising another $750 million through warrants.

Pantera Capital was founded by former Goldman Sachs and Tiger Global Management trader Dan Morehead and currently manages approximately $5 billion in assets, making it one of the largest and oldest cryptocurrency asset management companies. The firm has become one of the most active investors in the cryptocurrency treasury stock space, having invested over $300 million in more than 10 cryptocurrency treasury stocks this year.

Subsequently, the plan made substantial progress. On September 15, 2025, the listed company Helius Medical Technologies (Nasdaq: HSDT) announced that it officially transformed into a SOL treasury company through a private financing round led by Pantera Capital, raising over $500 million; if all attached warrants are exercised, the total amount raised is expected to exceed $1.25 billion. The company later changed its name from Helius Medical Technologies to Solana Company to reflect its focus on accumulating SOL as part of its digital asset treasury strategy.

🏦 VisionSys and Marinade jointly launch a $2 billion Solana ecosystem fund

In October 2025, Nasdaq-listed company VisionSys AI and the leading liquidity staking protocol Marinade Finance in the Solana ecosystem jointly announced the establishment of a specialized Solana ecosystem fund valued at up to $2 billion. The fund aims to systematically allocate capital, focusing on key areas such as tokenized assets (RWA) on Solana and institutional DeFi infrastructure.

VisionSys AI is a technology company focused on AI-powered healthcare and biotechnology solutions. Its CEO Heng Wang stated that this move is a strategic step for the company in the integration of blockchain and artificial intelligence. Partner Marinade Finance is the first liquidity staking protocol on Solana, currently supporting over 154,000 SOL holders and has undergone multiple independent security audits.
According to the announcement, the first phase of the fund will invest $500 million to purchase and stake SOL, to be completed within the next six months. Marinade Finance will serve as VisionSys's exclusive partner for staking and performance management within the Solana ecosystem, responsible for optimizing staking operations and enhancing asset management efficiency.

This collaboration aims not only to strengthen VisionSys's financial reserves and liquidity but also to combine Solana's high-performance blockchain with VisionSys's AI algorithms to explore new DeFi solutions and token economic models.

🏦 Jump Crypto Jointly Promotes $1 Billion Solana Reserve Fund Plan

Recently, the well-known crypto-native investment and infrastructure firm Jump Crypto, along with partners such as Galaxy Digital, announced that they are jointly advancing a Solana special reserve fund plan with a scale of $1 billion. As a leading global market maker and blockchain technology developer, Jump Crypto has committed to investing more than $200 million in this round of the plan, and due to its key role in the underlying technology development of Solana, it has become a dual core in capital deployment and technical architecture for this plan.

In addition to capital deployment, Jump Crypto is leading the development of a new generation high-performance validator client for the Solana network—Firedancer. This client aims to comprehensively enhance the network's throughput, stability, and decentralization. It has already achieved a processing capacity of over 1 million transactions per second in the testing phase. The dual synergy of technical development and capital investment constitutes Jump's unique advantage in this plan.

The plan has received public support from the Swiss Solana Foundation, and the overall deployment is expected to be completed in phases in the first half of 2026. Jump Crypto's deep involvement not only strengthens its systemic importance in the Solana ecosystem but also marks a new stage in which institutional capital is moving from "financial support" to "technical co-construction," further solidifying Solana's network effects and institutional confidence as the next-generation financial infrastructure.

🏦 Multicoin Capital joins the $1 billion Solana reserve fund plan as a core participant

In the third quarter of 2025, as one of the most influential early institutional investors in the Solana ecosystem, Multicoin Capital officially confirmed its participation as a core participant in the approximately $1 billion Solana special reserve fund plan initiated jointly by Galaxy Digital and Jump Crypto. The institution manages approximately $1.5 billion in crypto ecosystem assets and is known for its long-term belief in and deep involvement with the Solana network, with its portfolio including dozens of core projects in the Solana ecosystem such as Jito, Helium Network, and Render Network.

Multicoin has committed to invest over $150 million in this round of the reserve fund plan and will participate in the strategic governance and asset allocation decisions of the fund. Besides financial enhancement goals, the fund will also manage asset compound staking and liquidity strategy through institutional-level validation nodes, with an expected annual target return of 6.5%-7.5%, aiming to achieve continuous appreciation of assets during the holding period.

This initiative has received official support from the Swiss Solana Foundation, and the transaction is expected to be completed in the fourth quarter of 2025. Multicoin's deep involvement not only reflects its ongoing commitment as a key builder of the Solana ecosystem but also further reinforces the core role of institutional capital in shaping the future governance and financial infrastructure of the Solana network.

🏦 Forward Industries Transforms into the Largest Global Solana Public Holding Vault

In November 2025, Forward Industries (NASDAQ: FWD) announced its successful transformation into a digital asset vault company focused on the Solana ecosystem through a strategic financing of up to $1.65 billion. The company was jointly established by Michael Brandt, former head of Goldman Sachs' digital asset team, along with several traditional financial and crypto-native institutions, aiming to create a transparent and efficient institutional-grade Solana asset holding platform.

As of the announcement, the company publicly held approximately 6.82 million SOL, which, based on the current market value, exceeds $1.15 billion, making it the largest known single Solana holding entity in the public market. Its business model revolves around building a scalable Solana asset treasury and continuously enhancing asset efficiency through professional on-chain strategies.

In addition to direct asset holdings, the company collaborates with leading institutional-grade node service provider Figment to stake its held SOL, currently achieving an annualized staking yield stable at around 6.8%, generating on-chain returns while maintaining liquidity. This strategic transformation not only signifies that traditional listed companies are entering the crypto asset space in a large-scale and systematic manner but also further establishes Forward Industries' leading position in institutional-grade asset custody and capital management in the Solana ecosystem.

🏦 Solana Company (HSDT) continues to increase its holdings, with a position exceeding 2.3 million SOL

As of November 2025, the publicly traded entity Solana Company (NASDAQ: HSDT) disclosed that its SOL holdings have reached approximately 2.3 million, having accumulated over 100,000 within a month through a continuous accumulation strategy. The company is led by Wall Street veteran investment banker Joseph Chee and was established in collaboration with top crypto investment firms Pantera Capital and Summer Capital, focusing on the accumulation and management of Solana assets as a publicly listed digital asset treasury (DAT) company.

As the second largest holder of SOL among all publicly traded entities, the company manages SOL assets valued at approximately $388 million and holds over $15 million in cash and stablecoins as strategic reserves to support its future continuous accumulation strategy. Its core business model aims to provide shareholders with a transparent channel to participate in the growth of the Solana ecosystem through capital market operations and efficient on-chain management.

In addition to direct asset accumulation, the company also stakes by operating institutional-grade validator nodes, achieving an average annualized staking yield (APY) of 7.03%, outperforming the industry benchmark and providing continuous compound returns on its holdings. This series of positive capital operations and asset management efforts has significantly consolidated its market position and highlighted the strong confidence of institutional capital in the long-term value of Solana's underlying technology and its ecosystem.