Will SOL become the new darling of Wall Street?

Once criticized for frequent outages, Solana is now becoming a "strategic asset" in corporate treasuries, with some positioning it as the "third pillar" after BTC and ETH.

**Written by:**SuperEx

Compiled by: Plain Language Blockchain

In recent years, crypto assets have gradually transitioned from being the "rebellious outsiders" to the new face of Wall Street. Cryptocurrencies that were once shunned by institutions are now being actively incorporated into corporate treasury portfolios. Following the widespread acceptance of Bitcoin and Ethereum, a new competitor is emerging in 2025: Solana.

Yes, Solana, which was once heavily criticized for multiple outages, is now becoming a "strategic asset" in corporate treasuries, with some positioning it as the "third pillar" after BTC and ETH. This is not hype - it is a clear trend. More and more publicly listed companies are making large-scale bets on SOL and even plan to build their financial infrastructure on the Solana network.

So, the core question is: why choose Solana? Can it really become the new darling of Wall Street? Let's delve into the logic behind this emerging shift.

A filing that ignites a frenzy: Solana knocks on the door of Nasdaq

It all started with what seemed to be a routine filing: On June 19, Canadian public company SOL Strategies Inc. submitted Form 40-F to the U.S. Securities and Exchange Commission (SEC), preparing to list on NASDAQ under the "STKE" code. This company is deeply integrated with the Solana ecosystem—not just as a passive holder, but as an on-chain validator operator and infrastructure provider.

On the surface, this is just another IPO company. But for industry insiders, this is a strong signal: corporate treasuries are no longer satisfied with merely "holding BTC". They are integrating cryptocurrencies into their core business models by operating infrastructure and participating in ecosystem development.

SOL Strategies is not an isolated case. Companies like DeFi Development Corp and Upexi have also recently announced large-scale strategic allocations to SOL and are building their businesses directly on Solana. We are witnessing the third wave of corporate crypto treasury allocations.

The Evolution of Corporate Treasury: From Holding to Deep Integration

To understand why enterprises choose Solana, we first need to look at the evolution of enterprise crypto treasury strategies in three stages.

Phase 1: Bitcoin - Digital Gold Narrative

The earliest corporate adopters—MicroStrategy, Tesla, Block Inc.—view BTC as "digital gold" and a tool to hedge against inflation and fiat currency depreciation. During the loose monetary period of 2020-2021, Bitcoin was a safe-haven asset. The strategy is simple: buy and hold.

Stage 2: Ethereum - Productive Assets that Generate Returns

As Ethereum transitions to Proof of Stake (PoS), enterprises are beginning to view ETH not just as an asset, but as a source of income. For example, Nasdaq-listed company SharpLink Gaming has acquired over 170,000 ETH and committed to staking 95% of it, aiming to become the "Ethereum version of MicroStrategy." The goal is no longer just asset appreciation, but generating income through on-chain activities. This marks a shift from passive holding to productive deployment.

Stage 3: Solana - Financial Operating System

Now it's Solana's turn, representing the next phase: enterprises are no longer just holding or generating profits - they are building. Companies like SOL Strategies and DeFi Development Corp are using Solana as core infrastructure, operating validator nodes, providing services, and becoming key contributors to the ecosystem.

This is no longer simple asset management, but a strategic business model. They are not investing in cryptocurrencies, but becoming operators of cryptocurrencies.

Why are companies betting heavily on Solana?

The shift of enterprises towards Solana is not simply driven by FOMO(, the fear of missing out ). There are three main driving forces behind this trend:

1. SOL is an asset and a business engine

For companies like SOL Strategies, SOL is not just a line item on the balance sheet—it is the fuel that drives the operation of validation nodes. They operate validation nodes using internal funds, attract others' SOL delegations, and earn income through block rewards and commissions.

This is not speculative trading—this is operational revenue. It transforms the company's treasury from passive investors into active blockchain operators, similar to directly embedding Bitcoin mining equipment within the corporate structure.

2. The technical advantages of Solana are undeniable

Every strategic bet requires a strong technological foundation. Investment bank Cantor Fitzgerald recently stated that Solana "outperforms Ethereum on all technical indicators." This is a bold statement, but it is backed by facts:

• Solana currently supports over 2000 TPS ( transactions per second ), while Ethereum is at 20-30 TPS.
• Average transaction fees are close to zero - only $0.0001 per transaction
• The upcoming Firedancer validator nodes are expected to increase throughput to millions of TPS.
• The protocol is mature and stable, requiring basically no underlying upgrades.

What does this mean? Solana can support high-frequency trading, real-time payments, social applications, and mobile-first Web3 use cases—areas where Ethereum still struggles.

For companies looking to develop on-chain finance, settlement, or consumer applications, Solana is arguably the blockchain closest to Web2 capabilities. Choosing Solana is not just a performance choice—it is also a strategic bet on the Web3 infrastructure for the next 10 years.

3. The Trend of Tokenization: Becoming the Next Nasdaq

Solana co-founder Anatoly Yakovenko has stated that he hopes Solana will become "the decentralized Nasdaq." This vision is rapidly coming to fruition.

We have seen top projects like Worldcoin, Helium, and Jupiter choose Solana for their launch. Regulated real-world asset (RWA) issuers like Superstate are considering issuing tokenized funds on Solana. Even SOL Strategies is exploring tokenizing its own equity on the Solana blockchain.

Yes - you are not mistaken. These companies not only hold SOL but also plan to put their shares on the chain, becoming the foundational layer of the decentralized financial ecosystem.

This is not just participation - this is a declaration: "We are not just using this chain, we are becoming this chain."

Summary

Solana should not be viewed merely as an "alternative to Ethereum" or a speculative asset. Its adoption by enterprises should also not be seen as hype.

The real trend is: corporate treasuries are evolving - from holding cryptocurrencies, to integrating into ecosystems, to operating critical infrastructure. With unparalleled performance, powerful developer tools, a growing ecosystem, and institutional momentum, Solana is becoming the platform of choice for this transformation.

Solana may never personally replace Bitcoin or Ethereum. But in the upcoming wave of on-chain finance, it is becoming an indispensable pillar.

So, if you're still asking, "Is Solana worth buying?" - perhaps a better question is:

Where do you want to stand in the on-chain economy in the next decade? As a holder? A participant? Or a builder?