TLDR
- BIT Mining nearly doubled its Solana holdings to 44,000 SOL tokens worth $9.9 million after purchasing 17,221 SOL
- Upexi boosted its treasury by 18,000 tokens to over 2 million SOL valued at $456 million, earning $105,000 daily in staking rewards
- Combined corporate Solana treasuries now hold 4.67 million SOL tokens as institutional adoption accelerates
- SOL trades at $226, up 1.2% and approaching its $293 all-time high from 2021
- Both companies offer leveraged crypto exposure through public stock markets as digital asset treasury trend grows
Two major public companies expanded their Solana treasuries this week as corporate crypto adoption continues to accelerate across traditional finance. BIT Mining and Upexi both reported substantial SOL purchases that highlight growing institutional interest in the blockchain network.
BIT Mining announced it nearly doubled its Solana position by acquiring 17,221 SOL tokens. The cryptocurrency infrastructure company now holds 44,000 SOL worth approximately $9.9 million at current market prices. The firm trades on NYSE under ticker BTCM and plans to rebrand as SOLAI Limited.
Chairman and COO Bo Yu emphasized the strategic importance of the purchase, stating it strengthens the company’s position within the Solana ecosystem. BIT Mining operates in-house validators to help secure the network while earning staking rewards from its holdings.
Upexi made an even larger acquisition, adding nearly 18,000 SOL tokens to reach a total treasury of over 2 million SOL. The supply chain company’s crypto holdings are now valued at more than $456 million, representing one of the largest corporate Solana positions among public companies.
Staking Rewards Drive Treasury Strategy
The Tampa-based firm shifted focus to Solana treasury management in April after completing a $100 million private placement. Since then, Upexi has executed three capital raises to fund SOL purchases at an average price of $151 per token, creating unrealized gains of $142 million.
Upexi stakes its entire SOL position to generate additional income beyond price appreciation. The company reports earning approximately $105,000 daily from staking rewards, providing an annual yield of around 8% on staked tokens.
The firm introduced an “adjusted SOL per share” metric to track performance across capital raises, staking income, and discounted token purchases. This metric stands at $4.37, representing a 126% increase since launching the treasury strategy in April.
Growing Digital Asset Treasury Trend
Both companies represent the expanding digital asset treasury trend, where firms buy cryptocurrency through stock or debt sales to offer investors leveraged crypto exposure. Solana treasury companies now collectively hold at least 4.67 million SOL tokens, representing approximately 1.2% of the network’s total supply.
Several other major firms have announced plans for large-scale Solana treasuries. Galaxy Digital, Jump Crypto, and Multicoin Capital are raising $1 billion for a new Solana-focused investment vehicle. Forward Industries completed a $1.65 billion private placement specifically to fund SOL purchases.
SOL is currently trading around $226, up 1.2% on Thursday and continuing its approach toward the all-time high of $293 set in 2021. The token’s strong performance has contributed to rising stock prices for both treasury companies, with Upexi gaining over 5% and BIT Mining up more than 6% following their announcements.
