Ark Invest, led by Cathie Wood, backs Nasdaq-listed Solmate to establish a $300 million Solana treasury.
In a significant move for the Solana ecosystem, DeFi Development Corp. (NASDAQ: DFDV) and a new entrant, Solmate, are leading the charge in institutional adoption of the popular blockchain.
DeFi Development Corp. Expands Treasury Program
DeFi Development Corp., under the leadership of CEO Joseph Onorati, has announced an expansion of its Treasury Accelerator program. The goal is to back the most promising treasuries and grow solana price per share for shareholders. The company already operates its own validator infrastructure and earns staking rewards.
Moreover, the corporation plans to deploy between $5 million and $75 million per vehicle into other digital marketing asset treasuries worldwide. Any gains from these investments will be reinvested into more sol, compounding its treasury holdings.
Institutional Confidence in Solana Grows
Corporate treasuries are holding 15.83 million SOL tokens, equivalent to nearly $4 billion, according to data from Strategic Solana Reserve. This constitutes 3% of the total solana price in circulation, indicating that institutions are gaining more confidence in sol.
Solmate's UAE Expansion
Solmate, a solana price-based digital asset treasury (DAT) company, has raised funds in a significant investment round. The round was led by the uae-based Pulsar Group, with support from RockawayX and the Solana Foundation.
Solmate's CEO, Marco Santori, former Chief Legal Officer at Kraken, will lead the company's mission to create a solana price-based DAT and expand crypto infrastructure in the uae. The company aims to play a central role in the uae's digital transformation agenda, according to Pulsar Group CEO Alyazi Al Khattal.
Notable board members include Dr. Arthur Laffer, known for the 'Laffer Curve,' and Viktor Fischer, CEO of RockawayX. The solana price-based Digital Asset Treasury of Solmate is supported by institutions including Alameda Research, Multicoin Capital, and GSR, with additional board members such as Sam Bankman-Fried and Kyle Samani.
Solmate's Middle East Strategy
Solmate plans to support bare metal servers in Abu Dhabi, which are designed to outperform traditional strategies and provide local investors access to solana price's native yields in the Middle East. This strategy could follow the path of SOL Strategies, which recently received NASDAQ-listing approval for a solana price treasury firm.
Impact on Solana Price
Following these announcements, the solana price increased to $246.93, demonstrating the market's positive response to these developments. As these companies continue to invest and grow their treasuries, solana price's future in the institutional space looks promising.
