While Solana’s price has gained upside traction, many treasury companies are beginning to purchase the altcoin at a significant and rapid rate to boost their treasury holdings. One of the treasury companies that has showcased robust confidence in SOL and has gone on a buying spree is Defi Dev Corp.
DeFi Dev Corp Doubles Down On Solana
Solana treasury reserve is ramping up among big institutional firms alongside other notable cryptocurrency assets such as Bitcoin and Ethereum. In a daring move that highlights the growing institutional confidence in SOL, Defi Development Corp, a public firm, has acquired a huge chunk of the altcoin for its treasury reserve.
Defi Development Corp’s strategic purchase of SOL reflects a deepening institutional interest and commitment to the Solana ecosystem. The strategic purchase by the treasury-focused firm shows that major companies may be getting ready for the next wave of blockchain usage.
According to the report from SolanaFloor, Defi Dev Corp recently purchased an additional 110,466 SOL, marking a considerable expansion of its holdings. During the time of purchase, these coins were valued at approximately $18.4 million at an average price of $166.
Following the massive acquisition, the company’s treasury reserve has reached a total of 1.29 million SOL, worth about $209 million. The latest acquisition comes just a week after the firm’s last purchase of $20 million worth of SOL.
New companies are beginning to show interest in owning a Solana treasury reserve as the network sees notable growth. SolanaFloor reported that Artelo Biosciences Inc., a pharmaceutical company, is on the verge of launching its SOL treasury strategy.
The platform noted that the pharmaceutical firm under Nasdaq recently raised $9.47 million through a private placement to launch its SOL treasury strategy. With the purchase, the company is now the first publicly traded pharma firm to adopt Solana as a reserve asset.
In the post, SolanaFloor highlighted that Bartosz Lipiński, a lead investor and former Solana Labs employee, will provide guidance through CUBE, a crypto-based platform, which will manage DeFi execution, staking, and storage. “Artelo joins a growing list of publicly traded companies adopting SOL for treasury management,” the platform added.
SOL Network Leads In On-Chain Revenue
These notable purchases of SOL coincide with a rise in interest in Layer 1 scalability solutions and a revival of developer activity. The network is currently leading in terms of revenue, as users and developers are steadily flocking in.
According to SolanaFloor, SOL continues to lead all Layer 1s and Layer 2s in network revenue for 20 consecutive weeks, reflecting its growing dominance in the blockchain sector. SOL’s revenue metrics have surged past its competitors, including Tron, Ethereum, and Bitcoin.
Data shows that SOL amassed $16.6 million in revenue in one week, particularly between July 28 and August 3. Tron comes in second place with $14.05 million, and Ethereum in third place with $11.4 million in weekly revenue.
Featured image from Pixabay, chart from Tradingview.com
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