Public companies are making large purchases of Solana to obtain staking rewards from the blockchain, with three companies recently announcing that they have bought more of the token.
Bitcoin mining company Bit Mining stated that it made its first purchase of Solana (SOL) on Tuesday, acquiring 27,191 SOL for $4.5 million, and launched a validator to earn returns by staking the tokens.
On Tuesday, Upexi, a brand owner focused on supply chain management, announced that it had been purchasing Solana for most of July, increasing its holdings from 735,692 tokens at the end of June to now over 2 million SOL.
On Monday, DeFi Development Corp. reported that its cryptocurrency holdings have increased to over 1.2 million SOL, having purchased an additional 110,466 tokens.
CoinGecko noted that Tuesday's purchases highlight the "growing interest in Solana among public companies," with the four companies holding the most Solana controlling over 3.5 million tokens, valued at over $591.1 million, accounting for nearly 0.65% of the circulating supply of SOL.
DeFi Development stated that after its latest purchase, it will stake its SOL holdings with multiple validators.
The company, formerly known as Janover, primarily operates as a real estate financing firm, using an AI-driven online platform to connect lenders and commercial real estate buyers.
The company first purchased 2,858 SOL on April 8, entering the crypto space after being acquired by a former Kraken executive.
Upexi CEO Allan Marshall stated that July "was a game-changing month for the company," as its holdings increased to over 2 million tokens after raising over $200 million for additional SOL purchases.
The company has also staked most of its SOL, with Marshall indicating that it has earned an 8% return, generating $65,000 in daily income.
Bit Mining Chairman and COO Bo Yu stated that the company's first self-operated validator marks the beginning of a broader effort to establish a presence in the Solana ecosystem.
"This demonstrates our confidence in Solana's potential and our commitment to building important infrastructure that supports its growth, security, and decentralization," Yu added.
Bit Mining announced on July 10 that it is strategically transitioning into the Solana ecosystem, planning to raise up to $300 million to establish a reserve of Solana tokens.
In a report on June 18, crypto company BitGo speculated that more companies are adding Solana to their reserves, particularly for staking rewards, standing out as others rush to adopt Bitcoin (BTC).
"Integrating Bitcoin into corporate balance sheets challenges traditional financial thinking, marking the transition of digital assets to a legitimate institutional asset class," BitGo stated.
According to CoinGecko, Upexi currently leads the Solana reserve race, with DeFi Development in second place, and Canadian public company SOL Strategies, focused on Solana infrastructure, rounding out the top three.
Related: SharpLink now holds nearly $2 billion in Ether (ETH) after a $264.5 million purchase.
Original article: “The Solana Reserve Race Heats Up, Institutions Compete for Staking Rewards”
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